Earnest and SoFi are the two largest student-loan refinance lenders. Earnest's Precision Pricing lets you customize the exact monthly payment. SoFi has stronger member-ecosystem benefits + Unemployment Protection.
Earnest LLC (Marcus by Goldman Sachs subsidiary)
Customizable terms — pick exact monthly payment for the loan length you want.
Pros
SoFi Bank, N.A.
Largest student-loan refi lender — broad credit-box, member benefits.
Pros
Pick Earnest Student Loan Refinance if: Borrowers who want fine-grained control over their monthly payment vs total interest tradeoff.
Pick SoFi Student Loan Refinance if: Professionals with 680+ FICO who want competitive rates plus the SoFi member ecosystem.
Apply at Earnest LLC (Marcus by Goldman Sachs subsidiary) →Apply at SoFi Bank, N.A. →
Earnest's Precision Pricing lets you set your target monthly payment first, then Earnest returns the loan term that achieves that payment — rather than offering pre-set 5/7/10/15/20-year terms. This means you can pick a payment to the dollar, which is useful when budgeting against a specific cash-flow constraint. SoFi offers standard fixed terms in increments; Earnest's flexibility is the key structural differentiator.
Rates depend on your credit profile, income, and loan term — both lenders offer soft-pull pre-qualification so you can check both without credit-score impact. SoFi and Earnest are frequently within a narrow range for the same credit profile. The rate difference is usually less important than the structural difference: Earnest for payment precision, SoFi for broader member benefits (career coaching, Unemployment Protection, banking products).
SoFi's Unemployment Protection pauses loan payments while you look for a new job if you lose employment involuntarily. Forbearance periods are available in 3-month increments, up to 12 months total, during which interest continues to accrue but the loan doesn't default. This is a meaningful benefit that Earnest doesn't offer — for borrowers with any job-security risk, SoFi's protection is a real differentiator.
Both Earnest and SoFi are private lenders. Refinancing federal student loans into a private loan permanently removes federal protections — including income-driven repayment plans (IDR), Public Service Loan Forgiveness (PSLF), federal deferment and forbearance, and any future federal forgiveness programs. The CFPB strongly advises weighing this trade-off before refinancing federal loans: consumerfinance.gov/paying-for-college/repay-student-debt. Refinancing makes the most sense for borrowers with stable income, no plans to pursue PSLF, and a rate meaningfully lower than their current federal rate.
Both use a soft credit pull for the initial rate pre-qualification — this does not impact your credit score and lets you compare rates risk-free. A hard pull is only initiated when you formally submit the full loan application. The CFPB explains the difference between hard and soft credit inquiries at consumerfinance.gov. You can check rates from both lenders in the same session without any impact on your score, then apply with the better offer.
Both lenders generally require: U.S. citizenship or permanent residency, a minimum credit score (typically 650–680 FICO; verify at each lender), and sufficient income to service the loan. Earnest emphasizes cash-flow stability and free cash flow; SoFi factors in employment and career trajectory. Degree completion is preferred at both but is not universally required — SoFi has historically allowed non-completers in some cases. Verify current eligibility requirements at earnest.com and sofi.com before applying.
Yes, both Earnest and SoFi allow refinancing of federal Parent PLUS Loans — either in the parent borrower's name or, in some cases, transferring the obligation to the student. Refinancing into a private loan removes federal Parent PLUS benefits including income-driven repayment plans and Public Service Loan Forgiveness eligibility. Weigh the rate savings against the loss of federal protections before proceeding. Source: U.S. Department of Education at studentaid.gov; earnest.com; sofi.com.
Both Earnest and SoFi offer a 0.25 percentage point interest rate discount for enrolling in automatic monthly payments (autopay). The discount is applied when autopay is active and is suspended if autopay is canceled or a payment fails. Always compare APRs with the autopay discount applied — lenders quote rates with and without it. Source: earnest.com; sofi.com; Federal Reserve Regulation Z disclosure requirements at federalreserve.gov.
SoFi offers Unemployment Protection — when a member loses their job through no fault of their own, SoFi may pause monthly payments in three-month increments, up to 12 months total, while the member job-searches. Interest continues to accrue during the pause. Earnest offers hardship forbearance (typically up to 12 months of reduced or suspended payments) plus a Skip-a-Payment feature allowing one skipped payment per year. Both options accrue interest during the pause period. Verify current forbearance policies at earnest.com and sofi.com.
Both Earnest and SoFi offer fixed and variable rate options for refinanced student loans. Variable rates typically start lower but can rise with market benchmarks (usually the 30-day SOFR). Fixed rates are predictable but may start higher. For borrowers planning rapid payoff (under 5 years), a variable rate may reduce total interest paid. For longer timelines or those who prefer payment certainty, a fixed rate is lower-risk. Compare current rate ranges at earnest.com and sofi.com. Source: CFPB student loan guide at consumerfinance.gov.
Independent editorial comparison. ClearValue Lending is not the issuer of any product compared here; affiliate links may pay a referral commission at no cost to you — selection is independent of compensation.