The interest rate displayed during the loan application process includes the 0.25% Auto Pay discount, while the interest rate in the loan agreement and final disclosure does not. This distinction is made for transparency, ensuring you understand the terms of the Earnest loan in the event you were not to take advantage of the Auto Pay program.
Auto Pay is a feature offered by Earnest that enables clients to manage their required monthly or biweekly payments from a selected bank account on their due dates each billing cycle. This discount lowers the interest rate on loans by 0.25% when clients set up automatic payments from their bank accounts.
Setting up automatic payments is a straightforward process and can lead to savings over the life of the loan. If you're looking to enroll your refinanced loan in Auto Pay, check out this article here. If you're looking to enroll your private student loan in Auto Pay, check out this article here.
Auto Pay Discount: You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.