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How do I skip a payment and when am I eligible to do so?

We know that unexpected life events can affect your budget, so we offer student loan refinancing clients the ability to skip one payment every 12 months. Your first request to skip a payment can be made once you've made at least 6 months of consecutive on-time payments, and your loan is in good standing. The maturity date of your loan will be extended by the length of the skipped payment period. In addition, the extra interest you'll accrue will result in a slight increase in your minimum payment amount.

We require a completed request form to process a Skip-A-Pay request. The form is available at the bottom of this article. To apply, first download and complete the form. Then, upload the completed form to your Earnest profile.

The request form includes specific instructions for uploading the form to your profile. Please note that we're currently unable to process requests received via email. Instead, please sign in to your Earnest dashboard and select My Profile > Uploads. Choose "Other" as the type of document."

A few important restrictions apply to skipped payments. They are outlined in the request form, and include (but are not necessarily limited to) the following:

  • Requests must be received no less than five (5) business days prior to the due date of the payment you want to skip.
  • A skipped payment counts towards the forbearance limits outlined in your loan agreement.
  • Skipping a payment is not guaranteed and is at Earnest's discretion.
  • Personal loans and coding bootcamp loans are ineligible for the skip-a-payment feature.
  • Re-refinancing an existing Earnest loan to new terms re-sets the payment clock. After re-refinancing, you'll have to make six months of consecutive on-time payments before being eligible for Skip A Pay again. 

Finally, if you are unable to make your upcoming payment or are experiencing financial hardship, it may be a better idea to apply for hardship forbearance. Please let us know as soon as you're experiencing the difficulty, and click here for more information.

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