Redesigning Earnest's Student Loan Calculators
Refinancing calculators are an essential tool for the student loan industry. They are often a student's first interaction with a brand.
Earnest's calculator was underperforming and had a very high bounce rate.
I successfully revamped and redesigned the student loan calculator, leading to significant improvements in the bounce rate along with other key success metrics.
Refinancing calculators are an essential tool for the student loan industry. They are often a student's first interaction with a brand.
Earnest's student loan calculator was underperforming and had a very high bounce rate. I successfully revamped and redesigned Earnest's calculator, leading to significant improvements in the bounce rate along with other key success metrics.
Refinancing calculators are an essential tool for the student loan industry. They are often a student's first interaction with a brand.
Earnest's student loan calculator was underperforming and had a very high bounce rate. I revamped Earnest's calculator and delivered significant improvements in the bounce rate along with other key success metrics.
30
%
Bounce Rate Improvement
50
%
Click-through Rate (CTR) Improvement
86
%
Increase in Satisfaction Rate
30
%
Bounce Rate Improvement
50
%
Click-through Rate (CTR) Improvement
86
%
Increase in Satisfaction Rate
30
%
Bounce Rate Improvement
50
%
Click-through Rate (CTR) Improvement
86
%
Increase in Satisfaction Rate
Context
Calculators are a crucial tool in the student loan industry, especially for Earnest. Earnest's student loan calculator serves as the first point of contact with the brand for a vast number of students who are looking for ways to simulate their loan conditions before they commit to refinancing solutions.
The Problem
The bounce rate on previous Earnest's student loan calculator was very high. My assumption was that the calculator was very complicated and not visually appealing, leading users to leave the page even before using it.
The bounce rate on previous Earnest's student loan calculator was very high. My assumption was that the calculator was overly complicated and not visually appealing, leading users to leave the page even before using it.
Understanding Data and Behavior
In collaboration with PMs, I analyzed the data and watched numeorus hours of Hotjar videos trying to understand what was driving the bounce rate of the previous calculator to be so high. I learned a few key things: 1) Search engines were leading users to the wrong calculators. 2) People were confused about the features of specific calculators, so they were switching between them. 3) Most of the calculators weren't user-friendly and made it hard to interpret the results.
Understanding Data and Behavior
In collaboration with PMs, I analyzed the data and watched numeorus hours of Hotjar videos trying to understand what was driving the bounce rate of the previous calculator to be so high. I learned a few key things: 1) Search engines were leading users to the wrong calculators. 2) People were confused about the features of specific calculators, so they were switching between them. 3) Most of the calculators weren't user-friendly and made it hard to interpret the results.
Data and User Behavior
In collaboration with PMs, I analyzed the data and watched numeorus hours of Hotjar videos trying to understand what was driving the bounce rate of the previous calculator to be so high. I learned a few key things: 1) Search engines were leading users to the wrong calculators. 2) People were confused about the features of specific calculators, so they were switching between them. 3) Most of the calculators weren't user-friendly and made it hard to interpret the results.
Concept Development and Testing
I created 3 concept options for the calculator that were evaluated with target users to understand which one resonated most. In partnership with the research team, I conducted a research session where 12 users interacted with the prototypes. The first concept was the most basic one with a straightforward approach that requested minimal information from users as they did the calculations.
Concept Development and Testing
I created 3 concept options for the calculator that were evaluated with target users to understand which one resonated most. In partnership with the research team, I conducted a research session where 12 users interacted with the prototypes. The first concept was the most basic one with a straightforward approach that requested minimal information from users as they did the calculations.
Concept Development and Testing
I created 3 concept options for the calculator that were evaluated with target users to understand which one resonated most. In partnership with the research team, I conducted a research session where 12 users interacted with the prototypes. The first concept was the most basic one with a straightforward approach that requested minimal information from users as they did the calculations.
Concept #2
The second concept leveraged the dynamic of product flows that were already widely used with proven results. This concept goes deeper when gathering information from users and offers more valuable insights as a result.
Concept #2
The second concept leveraged the dynamic of product flows that were already widely used with proven results. This concept goes deeper when gathering information from users and offers more valuable insights as a result.
Concept #2
The second concept leveraged the dynamic of product flows that were already widely used with proven results. This concept goes deeper when gathering information from users and offers more valuable insights as a result.
Concept #3
The third concept had a visual approach with motion design and visual cues to help users understand the benefits of student loan refinancing. The visual cues were used to educate users about information like breakdowns and grab their attention in an effort to reduce the bounce rate.
Concept #3
The third concept had a visual approach with motion design and visual cues to help users understand the benefits of student loan refinancing. The visual cues were used to educate users about information like breakdowns and grab their attention in an effort to reduce the bounce rate.
Concept #3
The third concept had a visual approach with motion design and visual cues to help users understand the benefits of student loan refinancing. The visual cues were used to educate users about information like breakdowns and grab their attention in an effort to reduce the bounce rate.
Research Insights
After the user study, we prepared a research report. There were three key insights:
Research Insights
After the user study, we prepared a research report. There were three key insights:
Research Insights
After the user study, we prepared a research report. There were three key insights:
Users prefer to see all essential information above the scroll for rapid engagement and outcomes.
Visual cues and motion help grab users' attention. They also help users understand the breakdown and the benefits of refinancing.
The more visual prototype helped users associate the Earnest brand with values of being simple, modern, and cool.
Users prefer to see all essential information above the scroll for rapid engagement and outcomes.
Visual cues and motion help grab users' attention. They also help users understand the breakdown and the benefits of refinancing.
The more visual prototype helped users associate the Earnest brand with values of being simple, modern, and cool.
Users prefer to see all essential information above the scroll for rapid engagement and outcomes.
Visual cues and motion help grab users' attention. They also help users understand the breakdown and the benefits of refinancing.
The more visual prototype helped users associate the Earnest brand with values of being simple, modern, and cool.
Incorporating Feedback
The third concept offered a collection of research insights I was able to leverage to make refinements. I optimized this concept to be simple and straightforward for ease and to be visually appealing enough to captivate users.
Incorporating Feedback
The third concept offered a collection of research insights I was able to leverage to make refinements. I optimized this concept to be simple and straightforward for ease and to be visually appealing enough to captivate users.
Incorporating Feedback
The third concept offered a collection of research insights I was able to leverage to make refinements. I optimized this concept to be simple and straightforward for ease and to be visually appealing enough to captivate users.
Final Version
The final result was a dynamic, highly effective student loan calculator that enabled students to easily calculate their refinancing savings and evaluate their student loans. This calculator had a significant impact and emerged as the design reference for all other calculators and related products at Earnest.
Final Version
The final result was a dynamic, highly effective student loan calculator that enabled students to easily calculate their refinancing savings and evaluate their student loans. This calculator had a significant impact and emerged as the design reference for all other calculators and related products at Earnest.
Final Version
The final result was a dynamic, highly effective student loan calculator that enabled students to easily calculate their refinancing savings and evaluate their student loans. This calculator had a significant impact and emerged as the design reference for all other calculators and related products at Earnest.
Raphael Socrates
Lives in New York, NY
email: raphaelsocrates@gmail.com
Raphael Socrates
Lives in New York, NY
email: raphaelsocrates@gmail.com
Raphael Socrates
Lives in New York, NY
email: raphaelsocrates@gmail.com