Earnest Student Loan Reddit

Earnest Student Loan Reddit

Earnest Student Loan Reddit – Ernst has agreed to be acquired by financial technology startup giant Navient for $155 million in cash, the companies said Wednesday.

Ernst, an online lender focused on student loan refinancing, will remain its own brand and will be led by its current management team, including founder and CEO Louis Berel.

Earnest Student Loan Reddit

Earnest Student Loan Reddit

The acquisition will pave the way for Naviento to begin servicing its student loans. Since splitting from Sallie Mae in 2014, it has focused on servicing and collecting nearly $300 billion in nonperforming private and federal student loans.

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“Together, we will create and deliver consumer-focused education loan products for the digital age,” said Navient CEO Jacques Raimondi, who described Ernst’s “best-in-class” data science and technology capabilities. Referred.

Ernst was founded in 2013 and provides student loan refinancing to young borrowers using tens of thousands of data points in their credit files, many of which are non-traditional. For example, it analyzes a user’s saving and spending habits based on their bank and credit card account history. It also looks at the earning capacity of the applicant and whether he is paying his rent on time.

The San Francisco-based company has raised $120 million in funding from heavyweight investors including Andreessen Horowitz, Atlas Venture and Collaborative Fund. However, like other online lenders, it has struggled to raise enough funds to repay its loans.

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The acquisition allows Ernst to support a larger company. “By combining Earnest’s technology, innovation and data-driven approach with Navient’s capabilities and resources, we can affect change at an incredible scale,” Barillon said in a company blog post. He noted that he started talking to Navient a year ago.

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Earnest, a smaller SoFi competitor, is expected to take on about $1 billion in student loan refinancing loans in 2017. It has partnered with sites like Credit Karma to market its loans to consumers, and this year joined forces with TurboTax. Taxpayers refinance their student loans at lower interest rates. Consumers who pay their taxes to TurboTax owe $135 billion in student debt.

According to a non-compete agreement with Sallie Mae, Navient wanted to make student loans and begin doing so in 2019. The company wasn’t shy about its plans to do so in a presentation last year, noting its intention to “re-enter the back-to-school market” in January 2019.

Navient sued the Consumer Financial Protection Bureau earlier this year, alleging that it made it difficult for borrowers to pay off their loans “at every step” of the process. Nivin denied the allegations.

Earnest Student Loan Reddit

Borrowers can expect their rates, terms and benefits to remain unchanged, the companies said. The deal is expected to close in the fourth quarter of this year.

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