Smart Money Wizard
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Updated for June 2026

SoFi vs. Earnest:
Which Is Better in 2026?

Compare SoFi and Earnest by starting APRs, discounts, cosigner questions, borrower protections, and the federal benefits you give up when refinancing federal student loans.

SoFi

The Perk King

Earnest

The Flexibility King

The Wizard's Verdict

Bottom Line Up Front: Prequalify with both lenders, compare your offered APRs and terms, then decide. SoFi may fit borrowers who value member benefits and official autopay/member discount language. Earnest may fit borrowers who want flexible repayment features and a skip-payment option, subject to eligibility.

The 2026 Comparison Matrix

Feature SoFi (The Perk King) Earnest (The Flexibility King)
Starting fixed APR From 3.99% APR From 4.45% APR
Starting variable APR From 5.74% APR Check current Earnest disclosures
Published discounts 0.25% autopay; 0.125% member/SoFi Plus discount 0.25% autopay discount
Term Options 5, 7, 10, 15, 20 Years 180+ Custom Terms
Skip-payment option Use current SoFi hardship/disclosure language Eligible borrowers can request a 1-month forbearance
Federal loan warning Federal protections are lost after private refinancing Federal protections are lost after private refinancing

Strategic 2026 Wizard Insights

Precision Pricing

Earnest is the better fit to investigate if repayment flexibility is a priority. Final payment options still depend on your approved rate, term, loan type, and underwriting.

The "Skip-a-Payment" Perk

Eligible Earnest refinance borrowers can request skip-a-payment after six consecutive on-time monthly payments. For student refinance loans, Earnest processes it as a one-month forbearance, and another 12 months of on-time payments are required before the next request.

Protection Trade-Offs

Private refinancing does not preserve federal loan protections. If you refinance federal loans with SoFi or Earnest, you can lose PSLF, income-driven repayment, PAYE/SAVE-style programs, federal deferment and forbearance, and other federal relief options.

Better Fit For: Member Benefits

SoFi

The Career Choice

Compare SoFi if member benefits, autopay discount language, and SoFi Plus/member discount eligibility matter alongside your quoted APR.

Check My SoFi Rate
Better Fit For: Flexibility

Earnest

The Budget Choice

Compare Earnest if repayment flexibility and the official skip-payment option matter, while checking current eligibility rules before applying.

Check My Earnest Rate

Still Unsure?

Calculate your specific potential savings over the lifetime of the loan.

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Frequently Asked Questions

Last Updated: June 26, 2026
Will I lose my federal benefits if I refinance?
Yes. Refinancing federal loans into a private SoFi or Earnest loan means losing federal protections and benefits, including PSLF, income-driven repayment, PAYE/SAVE-style programs, federal deferment and forbearance options, and other federal relief programs.
Does Earnest or SoFi have lower rates in 2026?
As of June 26, 2026, SoFi shows fixed APRs starting at 3.99% and variable APRs starting at 5.74%. Earnest shows fixed APRs starting at 4.45%. Your actual offer depends on credit, income, loan term, loan type, and underwriting.
Does Earnest allow skip-a-payment on refinanced student loans?
Eligible student refinance borrowers can request skip-a-payment. Earnest processes it as a one-month forbearance for student refinance loans, requires six consecutive on-time payments before the first request, and requires another 12 months before the next one.
Can I remove a cosigner from a SoFi or Earnest refinance loan?
Do not assume cosigner release is automatic. SoFi refinance borrowers should verify current cosigner-release rules directly with SoFi, and Earnest borrowers should review Earnest's current cosigner release process and eligibility rules before applying.
Is SoFi or Earnest better for student loan refinancing?
Neither is automatically better. SoFi may be better if member benefits and official discount language matter; Earnest may be better if flexible repayment features and skip-payment eligibility matter. Prequalify with both and compare the actual APRs and terms.
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