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How do I make a principal-only payment towards my loan?

While Earnest does not have a principal-only payment menu option, you can schedule a payment to ensure that the funds are applied towards the principal balance of your loan. If you're enrolled in autopay, you can do this by logging in to your Earnest account and either increasing the amount of your upcoming monthly payment or scheduling an extra payment to be debited the same date as your regular monthly payment. (Please note that payments must be scheduled at least 2 business days ahead of time.) The extra amount will go directly to principal, since the interest accrued is applied from the monthly payment.

Please note that we are unable to offer extra payments on weekends. If your autopayment date falls on a weekend, you would need to increase the autopayment amount, rather than schedule an extra payment amount, in order to have 100% of the extra funds applied towards the principal of your loan.

If you have accumulated more than a payment period's worth of interest on your loan as a result of a grace period, deferment, forbearance, or skipped payment, some of the extra or increased payment may go towards interest.

Finally, if you are not enrolled in autopay, you can choose to pay more than your minimum monthly amount, but will not be able to schedule an extra payment.

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