Earnest

Earnest is a financial technology company headquartered in San Francisco that provides education-financing products in the United States. Its principal offerings are student-loan refinancing and private student loans, supplemented by tools intended to help students identify scholarships and other forms of financial aid before borrowing. The company is best known for using a broader underwriting approach than a conventional credit-score-only model. Its application process has incorporated information such as income, education, financial history, employment and cash-flow characteristics alongside traditional credit metrics. The company was co-founded in 2013 by Louis Beryl and Benjamin Hutchinson. Beryl developed the concept after experiencing difficulty obtaining financing despite having promising future earning potential. The founders argued that conventional lenders often assessed applicants through a narrow view of credit history and did not adequately account for education, income trajectory or other indicators of repayment capacity. Earnest initially pursued personal lending and formally launched in March 2014 after raising seed capital from investors including Andreessen Horowitz, First Round Capital, Maveron, Collaborative Fund and Atlas Venture. Its early operations were launched in Boston, Massachusetts, and the company reported distributing $8 million in loans during 2014. Earnest shifted toward education finance as it developed its refinancing product. In January 2015, it announced a $17 million Series A round led by Maveron and launched refinancing for undergraduate and graduate borrowers. Later that year, it raised $75 million led by Battery Ventures and obtained a $200 million warehouse credit facility from New York Life. These funds supported lending capacity, product development and workforce expansion. In 2016, the company received recognition from Fast Company as one of the world's most innovative companies. In October 2017, Navient Corporation agreed to acquire Earnest for $155 million. The transaction combined Earnest's technology and underwriting platform with Navient's student-loan servicing capabilities. Earnest continued to operate as a separate consumer-facing brand after the acquisition. The company also formed distribution and ecosystem partnerships, including relationships with Credit Karma and TurboTax in 2017. Louis Beryl left the chief executive role in January 2018, and Susan Ehrlich became CEO. Earnest expanded its lending range in April 2019 by launching a private student-loan product. Earnest's refinancing business subsequently reached borrowers across most of the United States. In 2021, it offered refinancing in 48 states and the District of Columbia. That year, the company acquired Going Merry, a financial-aid and scholarship platform, extending its proposition beyond post-graduation refinancing into pre-loan discovery of grants and scholarships. Susan Ehrlich retired as CEO in April 2021, and David Green, who had previously held operating and product leadership roles at Earnest, became chief executive. During 2023, Earnest adopted a remote-first operating model and reorganized portions of its engineering organization. It consolidated international engineering work into a nearshore Latin American team through a partnership with Howdy.com. The company also partnered with Nova Credit to support lending to international students using cross-border credit information. In July 2025, Earnest Operations LLC agreed to a $2.5 million settlement with the Massachusetts attorney general concerning allegations related to lending practices. Earnest denied wrongdoing but agreed to governance and compliance changes, including written policies for the use of artificial intelligence in lending, stronger fair-lending procedures, discontinuation of certain underwriting variables and recurring compliance reporting. Earnest remains positioned as a technology-led education lender operating within Navient's b…

Earnest was established in 2013 by Louis Beryl and Benjamin Hutchinson as a financial technology company focused on improving access to education finance. Beryl's difficulty obtaining a loan despite anticipated earning potential helped shape the business concept. The founders believed that traditional lending models placed excessive weight on established credit scores and insufficiently considered education, income prospects, financial behavior and other indicators of repayment ability. Earnest initially developed a personal-loan product and formally launched in March 2014. Its early operations were associated with Boston, Massachusetts, while the company later became headquartered in San Francisco. Seed investors included Andreessen Horowitz, First Round Capital, Maveron, Collaborative Fund and Atlas Venture. Earnest reported distributing $8 million in loans during 2014 and described rapid growth during its first year. The company moved decisively into education finance in 2015. In January it announced a $17 million Series A led by Maveron and introduced student-loan refinancing for undergraduate and graduate borrowers. In November, Battery Ventures led a further $75 million financing, and New York Life provided a $200 million warehouse line of credit. These transactions supplied capital for product development, lending capacity and staffing. Earnest's technology differentiated it from more conventional lenders by combining traditional credit information with data relating to income, education and financial history. Fast Company recognized the company in 2016 on its list of the world's most innovative companies. Earnest expanded its footprint in 2017, announcing plans for an office in Salt Lake City and forming partnerships with Credit Karma and TurboTax. In October of that year, Navient Corporation agreed to acquire the company for $155 million. Navient presented the transaction as a way to combine Earnest's technology and underwriting platform with its established student-loan servicing operations. Earnest continued under its own brand following the acquisition rather than disappearing into the parent company's identity. Leadership changed in January 2018, when co-founder Louis Beryl stepped down as CEO and Susan Ehrlich took over. Earnest broadened its product range in April 2019 by launching private student loans, complementing its refinancing business. By 2021, refinancing was available in 48 states and the District of Columbia, giving the company a broad U.S. footprint. In September 2021, Earnest acquired Going Merry, a platform focused on scholarships and financial aid. The acquisition extended the business upstream in the student-finance journey: instead of assisting only after a borrower had existing debt or needed a loan, Earnest could also help prospective students search for grants and scholarships before borrowing. In April 2021, Ehrlich announced her retirement from the CEO position and David Green became CEO on April 16. Green had previously served in several senior roles at Earnest, including chief operating officer and chief product officer. Earnest changed its organizational model in early 2023 by moving toward remote-first operations and restructuring parts of its engineering workforce. Its international engineering resources were consolidated into a Latin American nearshore team through Howdy.com. In the same year, a partnership with Nova Credit sought to improve lending access for international students by using cross-border credit data, addressing a segment that may lack a conventional U.S. credit history. The company's underwriting practices later attracted regulatory scrutiny. In July 2025, Earnest Operations LLC agreed to a $2.5 million settlement with the Massachusetts attorney general concerning allegations about lending practices. Earnest did not admit wrongdoing, but agreed to governance and compliance measures, including written policies for artificial-intelligence use in lending, enhanced fair-lending procedures, removal of certain underwriting variables and periodic compliance reports to the attorney general's office. Earnest's history therefore combines fintech innovation and expansion in education lending with the continuing regulatory demands associated with algorithmic underwriting, consumer credit and fair-lending compliance.

1. 2025Massachusetts lending-practices settlement

   Earnest Operations agrees to a $2.5 million settlement and compliance reforms concerning lending practices.

   Source
2. 2023Remote-first and international engineering restructuring

   Earnest adopts a remote-first model and consolidates international engineering work into a Latin American nearshore team.

   Source
3. 2021Going Merry acquisition

   Earnest acquires a scholarship and financial-aid platform, expanding into pre-loan assistance.

   Source
4. 2019Private student loans introduced

   Earnest adds private student loans to its refinancing and education-finance portfolio.

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5. 2017Navient acquisition announced

   Navient agrees to acquire Earnest for $155 million while retaining the business as a separate brand.

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6. 2015Student-loan refinancing launches

   The company introduces refinancing for undergraduate and graduate borrowers following a $17 million Series A financing.

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7. 2014Formal launch and seed financing

   Earnest formally launches with a personal-loan product after raising $15 million in seed funding.

   Source
8. 2013Earnest is founded

   Louis Beryl and Benjamin Hutchinson co-found Earnest as a financial technology company seeking to broaden how lenders assess education-finance applicants.

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A technology-led education lender that evaluates borrowers using financial and non-financial information beyond conventional credit scores, with an emphasis on flexible underwriting and digital application processes.

• Student Loan RefinancingEducation finance2015

  Earnest's refinancing product is designed for borrowers seeking to replace existing student loans with a new loan. It was launched in 2015 for undergraduate and graduate borrowers and became the company's principal offering. Earnest's underwriting approach considers information beyond a conventional credit score, including income, education and financial history. By 2021, the product was available in 48 U.S. states and the District of Columbia.

• Private Student LoansEducation finance2019

  Earnest introduced private student loans in 2019 to finance education costs for eligible students. The product complements refinancing by serving borrowers before or during their education rather than only those managing existing student debt. It reflects the company's broader strategy of applying digital underwriting and data-driven credit assessment to education lending.

• Going MerryScholarship and financial-aid platform

  Going Merry is a scholarship and financial-aid platform acquired by Earnest in 2021. Its role is to help students identify grants, scholarships and other aid before taking on debt. The acquisition expanded Earnest's proposition from lending and refinancing into earlier stages of the education-finance decision process.

• 2017Credit Karma and TurboTax partnerships

  United States

  Earnest partnered with Credit Karma and TurboTax to extend its presence within consumer-finance and tax-related digital ecosystems.

  Outcome. The partnerships supported distribution and awareness for Earnest's education-finance products, although the available reference does not quantify their commercial results.

  Source

• 2025Implement lending-governance reforms after Massachusetts settlementOther

  Massachusetts authorities raised allegations concerning Earnest's lending practices, including the use of underwriting variables and compliance processes.

  What changed. Earnest Operations agreed to a $2.5 million settlement and committed to written policies for artificial-intelligence use in lending, enhanced fair-lending procedures, removal of certain underwriting variables and regular compliance reporting.

  Aftermath. The company denied wrongdoing but accepted formal governance and monitoring obligations.

  Settlement payment. $2.5 million (July 2025)

  Source
• 2023Adopt a remote-first operating modelStrategy

  Earnest reorganized parts of its engineering organization while pursuing a more geographically distributed operating structure.

  What changed. The company moved to remote-first operations and consolidated international engineering work into a Latin American nearshore team through Howdy.com.

  Aftermath. The change was intended to support a global operating model, but the available reference does not provide quantified effects on employment or costs.

  Source
• 2021Acquire Going MerryM&A

  Earnest sought to extend its education-finance offering beyond loans and refinancing into scholarship and financial-aid discovery.

  What changed. Earnest acquired Going Merry, a scholarship and financial-aid platform.

  Aftermath. The transaction added pre-loan tools intended to help students identify grants and scholarships before borrowing.

  Source
• 2017Agree to acquisition by NavientM&A

  Earnest had developed digital underwriting and lending technology, while Navient operated a large student-loan servicing business.

  What changed. Navient agreed to acquire Earnest for $155 million and combine its technology with Navient's servicing capabilities.

  Aftermath. Earnest continued operating as a separate brand within Navient's broader organization.

  Acquisition price. $155 million (October 2017)

  Source
• 2015Enter student-loan refinancingProduct launch

  Earnest began as a personal lender but sought a larger role in education finance and a product aligned with its data-driven underwriting model.

  What changed. The company launched refinancing for undergraduate and graduate borrowers.

  Aftermath. Student-loan refinancing became a central part of Earnest's business and later expanded across most of the United States.

  Source

• 2025Massachusetts lending-practices settlementControversy

  Earnest Operations LLC agreed to a $2.5 million settlement with the Massachusetts attorney general over allegations related to its lending practices. The company denied wrongdoing. The agreement required changes including written artificial-intelligence lending policies, stronger fair-lending controls, discontinuation of certain underwriting variables and regular compliance reporting.

  Source

• 2023Earnest adopts remote-first operating model and reorganizes engineering

  Earnest moved to a remote-first model and consolidated international engineering work into a Latin American nearshore team through Howdy.com.

  Other
  Source
• 2023Earnest partners with Nova Credit for international-student lending

  The partnership was intended to help evaluate international students using cross-border credit information.

  Other
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• 2021David Green becomes CEO after Susan Ehrlich's retirement

  Susan Ehrlich retired from the CEO role, and David Green succeeded her after serving in operating and product positions at Earnest.

  Leadership change
  Source
• 2021Earnest acquires Going Merry

  The acquisition added scholarship and financial-aid discovery capabilities to Earnest's education-finance offering.

  M&AProduct generation
  Source
• 2019Earnest launches private student loans

  Earnest broadened its education-finance portfolio by introducing a private student-loan product.

  Product launch
  Source
• 2018Louis Beryl steps down as chief executive

  Co-founder Louis Beryl left the CEO position and Susan Ehrlich was appointed to lead the company.

  Leadership change
  Source
• 2017Navient agrees to acquire Earnest

  Navient agreed to purchase Earnest for $155 million to combine the fintech's underwriting technology with Navient's servicing capabilities.

  M&A
  Source
• 2015Earnest launches student-loan refinancing after Series A financing

  The company announced a $17 million Series A round and introduced refinancing for undergraduate and graduate borrowers.

  Product launch
  Source
• 2015Earnest raises $75 million and secures warehouse credit facility

  Battery Ventures led a $75 million financing, while New York Life provided a $200 million warehouse line intended to support lending and expansion.

  Other
  Source
• 2014Earnest raises seed funding and formally launches its lending business

  Earnest launched with a personal-loan product and raised $15 million in seed funding from a group of venture investors.

  Other
  Source

1. Earnest (company)