Earnest Scholarship 2022: All You Need To Know + Tips

Filed in BLOG by on April 16, 2022

There are many different types of scholarships that students can apply for, but what is an earnest scholarship? This type of scholarship is usually awarded to students who have demonstrated a strong work ethic and a dedication to their studies.

This type of scholarship can be used to cover expenses related to tuition, books, and other educational costs. Students who receive this type of scholarship often have a high GPA and are active in their school or community.

Earnest recognized friends and family who struggle to pay for college, and it came to be evident that to change the system, it needed to build something new. The Earnest Scholarship was launched to give every student a chance at college and university. 

High school, undergraduate, and graduate students who are legal residents and citizens of the United States are eligible to apply for this $5,000 Earnest Scholarship. 

The application process has been designed for convenience, with clear language and intuitive design to help guide applicants. 

This article aims to explain in detail what the Earnest scholarship entails, how to apply, tips to win, and the benefits of the Earnest scholarship. 

 

ABOUT EARNEST SCHOLARSHIP

Earnest was co-founded by Louis Beryl, a former partner at Silicon Valley VC firm Andreessen Horowitz, and Benjamin Hutchinson. The latter was Head of Commercial Finance at BBC and was a finance executive at the U.K. HM Treasury during the banking meltdown in 2013.

Beryl got the company’s impression when he attended Harvard to obtain his M.B.A. and a degree in Public Policy. He needed a loan and was turned down despite his earning capability. He worked on Wall Street for a few years and earned a degree in financial engineering from Princeton University. He realized that conventional banks took an inflexible perspective of loan applications and felt they were too complicated and costly for many Americans.

Earnest received $15M in seed funding from several VC firms, including Andreessen Horowitz, First Round Capital, Maveron, Collaborative Fund, and Atlas Venture in 2014, a combination of equity and lending capital. 

Earnest first initiated a personal loan product in Boston, Massachusetts, as a test market, due to the great attention of young professionals in the area. The company officially launched in March 2014, and it allocated $8M in loans and, by the end of the year, had a growth rate of 70%.

Earnest declared Series A equity funding of $17M led by Maveron and launched student loan refinancing for undergraduate and graduate students on private and federal loans, with variable interest rates as low as 1.92% on January 27, 2015.

In 2016, Earnest was included on the Fast Company World’s 50 Most Innovative Companies list.

Earnest is a collective of engineers, financial professionals, designers, and storytellers. Its leaders are experts in technology and passionate about changing student lending, one loan at a time.

 

OVERVIEW OF EARNEST SCHOLARSHIP

Earnest Scholarships have awarded $625,000 to 135 deserving students through the Earnest Scholarship Fund since 2019. It believes it should give back, so a portion of its profits is used to fund $5,000 scholarships for 50 students. It is made available for Students in the United States who attend colleges and Universities. 

 

FIELD OF STUDY

The Earnest Scholarship is open to High school students in the United States who are enrolled as full-time students

 

SCHOLARSHIP WORTH

The Earnest Scholarship is worth $5,000

 

HOST

The Earnest LLC hosted this scholarship. 

 

HOST NATIONALITY

This scholarship is hosted in the United States. 

 

ELIGIBLE NATIONALITY

Citizens and permanent residents of the United States are eligible for this scholarship. 

 

ELIGIBILITY

High school students enrolled as full-time students are eligible for this scholarship. 

 

ELIGIBILITY CRITERIA

Applicants of this scholarship must: 

  • Be enrolled, or soon to be registered, as a full-time student at an accredited U.S. college or university in Fall 2022. 
  • If they are or will be enrolled as a full-time student, High School Students.
  • United States citizen or Permanent Resident 
  • Must be a legal resident of and physically located within the 50 United States or the District of Columbia

 

SCHOLARSHIP REQUIREMENTS

This Scholarship requires:

  • An online application form
  • Applicants’ details such as:
    • Full name
    • Address
    • Email address
    • Phone number
    • School year
    • Your major
    • The name of the 4-year college or university you will attend in Fall 2022.

Note: All applicants are limited to one entry per person/email address. 

 

HOW TO APPLY

To apply, Visit the Earnest Scholarship application portal to begin your application process. 

 

EARNEST STUDENT LOANS

Earnest Student loan is an online organization that has refinanced $16.4 billion in student loans since 2013. It also renders in-school loans for undergraduate, graduate, and professional students. 

Industry veteran Navient acquired it in 2017 and still maintains its creative practices. 

Earnest student loan refinance enables borrowers, including parents, to refinance federal and private student loans. It is known for its flexibility, allowing customers to choose their repayment terms, measures, and due dates.

Earnest student loans are a good fit for borrowers with stable financial history who won’t need to apply for refinancing with a cosigner’s help and prefer setting the terms of their repayment. It’s not an option for transferring federal parent PLUS Loans from the parent to the former student. 

 

EARNEST STUDENT LOANS WORTH

The minimum loan amount is $5,000, the maximum is 500,000, and loans of up to 100% of the school’s certified cost of attendance are available. 

 

LEVEL OF STUDY

The Earnest Scholarship is available to undergraduate and graduate students. 

 

HOST

Earnest hosted the Earnest Student loans. 

 

HOST NATIONALITY

These student loans were hosted in the United States.

 

ELIGIBLE NATIONALITY

The Earnest Student loans are available for United States citizens and legal residents. 

 

ELIGIBILITY

Undergraduate and Graduate students in the United States are eligible for these loans. 

 

ELIGIBILITY CRITERIA

To apply for this student loan, applicants must meet the following criteria to qualify before applying. 

Applicants must: 

  • Be good at managing money.
  • Be a United States citizen or possess a 10-year, non-conditional green card.
  • Have a stable source of income.
  • Not have any record of bankruptcy.
  • Have attended a school authorized to receive federal aid
  • Have at least two months of savings in the bank.
  • Not have more than two credit card debt
  • Have only a 650 credit score

Note: This Earnest Student loan is not for Delaware, Kentucky, and Nevada borrowers. Variable rates aren’t available to borrowers in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas.

 

AVAILABLE EARNEST STUDENT LOANS

Earnest offers the following student loans. They are

  • Undergraduate student Loan Refinancing 
  • Graduate student Loan Refinancing
  • Earnest Private Students loans 

 

Undergraduate Student Loans

This student loan option is made available for undergraduate students. Full-time or part-time undergraduate students can get Earnest student loans independently or with a cosigner.

Repayment years are always from 5-13 years, with interest rate assigned based on repayment term, credit history, and your cosigner.

 

Graduate Student Loans

Earnest’s graduate student loans are for students who have accomplished their undergraduate programs, ready to kick start a graduate degree program like MBA, medical, or law school.

 

Earnest Private Student Loans

Earnest is also giving undergraduate and graduate private student loans, which have highly competitive rates and terms for undergraduate loans and flexible repayment plans.

Earnest private student loans offer a nine-month grace period after you graduate before you have to start making payments – one of the longest we’ve seen.

 

Other student loan options available from Earnest include:

  • Undergraduate refinancing
  • Graduate refinancing
  • Business, medical, or law school loans
  • Business, medical, or law school refinancing
  • Parent loan refinancing

 

EARNEST STUDENT LOANS REQUIREMENTS

The following are required of applicants to apply for the student loans. 

  • Applicant’s name, address, and phone number.
  • The highest degree is achieved when you graduate and the school you attended.
  • Annual income; monthly rent or mortgage payments; and the sum of your cash, retirement, and investment accounts.
  • Email address to create an account.
  • Your Social Security number and consent for Earnest to make a soft credit inquiry. 
  • Indicate whether you’re currently employed or not. 

 

HOW TO APPLY 

Application for Earnest Student loans is to be completed online. Visit Earnest Student loans to apply. 

 

APPLICATION DEADLINE

The deadline for application is currently not available. 

 

APPLICATION DEADLINE

Applications open on March 1, 2022. 

The deadline for applying for the Earnest Scholarship is June 31, 2022. 

 

TIPS TO WIN THE EARNEST SCHOLARSHIP

You may want to consider some general tips to simplify your application and selection for this scholarship. 

  • Make sure you meet the eligibility requirements such as nationality and residence. 
  • Read all guiding rules and regulations on the scholarship page. 
  • Fill in your application details correctly during the application process. 
  • Submit all scholarship requirements as and when due. 

 

BENEFITS OF EARNEST SCHOLARSHIP

  • Earnest Scholarship provides financial aid to high school students. 
  • Earnest Scholarships grants $5,000 to deserving students who are considered qualified. 
  • Earnest Scholarships can be used for tuition in accredited colleges or universities in the United States. 

 

SUMMARY

To give a detailed summary of the Earnest Scholarship these are the few things you need to take note;

 

IMPORTANT RESOURCES

Register link: visit Here

Earnest Scholarship login link: Visit Here

Formal winners of Earnest Scholarship: N/A

Previous Finalist of Earnest Scholarship: N/A

All the scholarships offered by Earnest Scholarship: N/A

Twitter profile link: visit Here

Contact Information: visit Here

  

BRIEF DESCRIPTION

Sponsors: Earnest LLC

Department: N/A

Course Level: High school, undergraduate, and graduate students. 

Award: Varies

Number of Awards: N/A

Access Mode: Online

Nationality: United States 

Language Requirement:  There is no language requirement for this scholarship. 

Supporting Documents: Visit the scholarship page to learn more about the supporting documents. 

 

KEY TAKEAWAYS

How to Apply: Application for the Scholarship is an online process. Visit the Earnest scholarship portal to apply. 

Supporting Documents: Visit the scholarship page to learn more about the supporting documents. 

Admission Requirements: This scholarship requires an online application process and applicants’ details. 

Language Requirement: There is no language requirement for this scholarship. 

 

FREQUENTLY ASKED QUESTIONS

Can graduate students apply for Earnest Scholarship?

Yes, applications are welcome from both undergraduate and graduate students.

Is there a minimum GPA requirement?

There are no major or GPA requirements to apply for the Earnest Scholarship.

Can I nominate a student for this scholarship?

If you know of a deserving student, you can share the Earnest Scholarship page with someone.

Can international students apply?

This Scholarship is not available for international student applicants.

 

CONCLUSION

Earnest LLC partners founded the Earnest Scholarship in 2013 to give financial support to students who wish to attain their educational goals by providing $5,000 worth of awards for deserving students.

High school, undergraduate, and graduate students who are legal residents and citizens of the United States can apply for this $5,000 Scholarship. 

To apply for this Scholarship, applicants should visit the application portal, complete an online application process, fill in their complete details, and submit their application on or before the stated deadline. 

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