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What happens after I sign my loan agreement? | Student Loan Refinancing

After you sign your loan agreement, we are legally required to wait three days in case you decide to change the terms of your loan (such as the amount). Earnest will then begin to send the payoff funds to your loan servicer(s). We'll send you an email once we have confirmation that your old loan servicer(s) have our payoff. Please note, although we have confirmation that your servicer(s) have the payoff funds it does not technically mean they have applied the funds to your account. This can typically take an additional 1-3 weeks. We recommend continuing to make all required payments to your old servicer(s) until your loan balance is $0. 

Worried that continuing to make payments will overpay your loan?

Your lender will send the overpayment amount back to us or to you. Most of the time, loan servicers send the funds back to us and once received, we'll apply those funds to the principal balance of your loan. This process can take 30-45 days. 

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