Earnest and Nova Credit Launch International Private Student Loans

SAN FRANCISCO, July 17, 2023 - Earnest, a fintech company dedicated to making higher education accessible and affordable for everyone, and Nova Credit, a modern credit bureau bridging consumer credit data around the world, today announced their partnership and the launch of International Private Student Loans.

During the 2021/2022 school year, nearly 950,000 foreign-born students were enrolled at U.S. colleges and universities, representing 4.7 percent of the total U.S. student population, according to OpenDoors. Beyond being accepted to these institutions, financing their study overseas is the most challenging step for students pursuing education abroad. While 50 percent of students fund their education through personal savings, family funds, or alternative methods, such as work-study programs, there is increasing demand for private loans to offset education costs. However, access to loans is limited, in large part due to a need for cross-border credit reporting across international markets.

Earnest’s International Private Student Loans will leverage Nova Credit’s Credit Passport® solution for consumer-permissioned, cross-border credit data, helping international students in the U.S. improve access to financial opportunities. Credit Passport® seamlessly and securely integrates into Earnest’s loan application so borrowers can share home-country credit information when applying for a private loan. This solution then provides Earnest with the student’s credit history and an equivalent score to support application evaluation. Eligible international students will have access to Earnest’s highly-rated, in-school loans without needing a cosigner, enabling them to focus on achieving their academic aspirations without financial stress.

"Earnest is committed to making higher education accessible to everyone while empowering them to make smart financial decisions," said David Green, CEO of Earnest. "To support the relentless pursuit of this mission, we listen intently to the needs of students, their families, and recent grads to identify where they need support. Our insights are what led us to make this offering possible. We’re excited about our partnership with Nova Credit and the impact it will have.”

Misha Esipov, CEO of Nova Credit, stated, "We believe that access to credit should be borderless, and financial barriers should never hinder someone's pursuit of education or opportunity. The U.S. is home to nearly one million international students who not only fill our universities with the brightest minds from around the globe but also bring those lessons to accelerate our economy for generations. By partnering with Earnest, we can provide more students the financial access they need to arrive and thrive."

Eligible international students from India, Mexico, Canada, and South Korea pursuing a Master in Business Administration (MBA), Master of Laws (LLM)/Juris Doctorate (JD), or Master of Science (MS) in Engineering program at select schools may now access flexible loan options, competitive interest rates, and personalized repayment terms tailored to their needs. Earnest Private Student Loans can pay for tuition, housing, living expenses, and other education-related costs.

To learn more and apply for a loan, visit http://www.earnest.com/intl.

About Earnest:

Earnest is a fintech lender focused on education finance, whose mission is to make higher education accessible and affordable for everyone. Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest's lending products empower anyone seeking higher education to reduce the total price tag of their education, supercharge their ability to pay down student debt, and get on the right financial track fast. Learn more at earnest.com.

Earnest is a subsidiary of Navient (Nasdaq: NAVI).

About Nova Credit:

Nova Credit is a consumer-permissioned credit bureau with two products that help businesses make more fair and informed decisions on millions of ‘thin file’, no credit history, or new-to-country applicants. The Credit Passport® unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations. The Cash Atlas™ provides greater insight into the cash flows of any applicant, including verifying their income with greater precision than alternatives. Businesses use these products to approve more applicants without taking on more risk, and consumers are empowered to put their best foot forward in their applications. Learn more at novacredit.com or reach out to connect@novacredit.com.

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 complete list of licensed states. For California residents: Loans will be arranged or made according 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.

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MEDIA CONTACT:

Gina Fasolo MERGE (312) 865-9333 earnest@mergeworld.com