Finance the career of your dreams or refinance your existing student loans with Towpath CU's partner, Earnest*.
Towpath CU has Partnered with Earnest to Bring You Student Loans
Towpath Credit Union has partnered with Earnest to bring you solutions for both covering the cost of higher education (after financial aid and federal loan options have been exhausted) as well as refinancing your student loans.
Lower Rates Through Better Data: Earnest's data-driven application process gives extra credit for financial responsibility. Unlike other lenders, we look beyond income and credit score to assess a borrower’s full potential and offer lower rates
Flexible Terms With Precision Pricing: Earnest is the only lender to offer Precision Pricing, allowing clients to customize their payments to their own budget rather than predetermined 5, 10, 15, or 20-year terms
In-House, Lifetime Service: Earnest makes managing loans easy and straightforward. Unlike other lenders, we will never pass clients off to third-party loan servicers. Instead, our clients have access to our on-site customer support team and self-serve dashboards for the life of their loan
Hardship Assistance and No Fees: Earnest has no prepayment, origination, or disbursement fees. We forgive loans in all cases of death or total and permanent disability. You can also request loan deferment and forbearance in cases of unemployment, illness, and financial or other hardship
Two-Minute Rate Check: Clients can get a rate estimate on our site in under 2 minutes, which won't affect their credit score or put them under any obligation
Education Loans
Higher education can be costly, so make sure you've done your homework when it comes to the cost of college and options for student aid. You should exhaust every option for financial aid and federal student loans before you consider a private student loan. Read more about how financial aid works and or fill out your FAFSA form.
Going Merry - Scholarships and FASFA Application
Before you utilize student loans, make sure you've exhausted your options for scholarships by utilizing a free service, Going Merry. This tool will allow you to search for scholarships you may be eligible for and apply, all in one easy-to-use online service.
The borrowing process for higher education always begins with the Free Application for Federal Student Aid (FASFA) at the U.S. Department of Education website, studentaid.gov. Make sure you submit your FASFA before the annual deadline for the academic year in which you would like to attend school. You may also use the Going Merry service to help submit your FASFA!
Once you have completed your FASFA and utilized federal options for aid and student loans, through our partnership with Earnest, Towpath CU can help fill any remaining funding needs for your higher education!
Student Loan Refinancing
Looking to refinance existing student loans? We can help with that too. You may save money and lower your monthly payments with Earnest student loan refinancing.
Student loan refinancing can help individuals with existing federal or private loans consolidate under a single lender, lower their interest rate, change their original loan terms, and potentially save money.
Plus, get a $100.00 bonus*! for refinancing your student loans with Earnest if you start your application by clicking from our website.
Education Loan Eligibility criteria: Eligible students must: 1) For college Freshmen, Sophomores and Juniors, attend, or be enrolled to attend, a Title IV school full-time. For college Seniors and Graduate students, attend, or be enrolled to attend, a Title IV school at least half-time; and 2) be pursuing a Bachelor’s or Graduate degree. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of loan amount, and school certification. Terms and Conditions apply. Earnest reserves the right to modify or discontinue the terms of this program at any time without notice. Before applying for private student loans, it's best to maximize your other sources of financial aid first. It's recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don't have to pay back, like scholarships, grant and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans. Federal student loans do not require a credit check or cosigner, and offer various protections if you're struggling with payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2.
Refinance Loan Eligibility criteria: Your debt is from paying for education at a Title IV accredited school. The debt is from your education or your child’s. The debt you’re refinancing is for a completed degree or one that will be completed at the end of this semester. You are currently the primary borrower on the student loans you would like to refinance, and you will remain the primary borrower after refinancing. You must reside in the District of Columbia or one of the 47 states Earnest Operations LLC is authorized to lend in (all but Delaware, Kentucky, and Nevada). This is strictly a student loan refinance product. There is no opportunity to borrow more than your outstanding qualifying student loan amount. You must be the age of majority in your state or older at the time you apply, as well as be a United States citizen or Permanent Resident Alien without conditions. Refinancing is subject to credit qualifications. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.
Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest’s Loan Cost Examples: These examples provide estimates based on principal and Interest payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $118.28) and a 11.69% APR would result in a total estimated payment amount of $21,290.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $126.82) and a 13.03% APR would result in a total estimated payment amount of $22,827.79.These examples provide estimates based on interest only payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $145.41) and a 11.69% APR would result in a total estimated payment amount of $26,173.03. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $156.59) and a 13.03% APR would result in a total estimated payment amount of $28,186.67. Your actual repayment terms may vary. Other repayment options are available.These examples provide estimates based on fixed $25 payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $169.92) and a 11.69% APR would result in a total estimated payment amount of $30,584.74. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $188.42) and a 13.03% APR would result in a total estimated payment amount of $33,915.55. Your actual repayment terms may vary. Other repayment options are available.These examples provide estimates based on deferred payments. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $174.79) and a 11.69% APR would result in a total estimated payment amount of $31,462.16. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $193.75) and a 13.03% APR would result in a total estimated payment amount of $34,874.28. Your actual repayment terms may vary. Other repayment options are available.
*To receive $100.00 bonus, you must refinance at least $10,000.00 in student loans with Earnest by utilizing the "Learn More" links on this page, and then the "Learn More and Apply" links on the following page, when you initially apply. Earnest will provide the bonus to you, subject to their terms, conditions, and restrictions. Does not apply to education loans.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. nmlsconsumeraccess.org © 2022 Earnest LLC. All rights reserved.