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How do I skip a payment and when am I eligible to do so? | Repaying Your Loan

We know that unexpected life events can affect your budget, so we offer clients with a private student loan or student loan refinance the ability to skip a payment through a single, one-month forbearance during a 12-month period. You can request your first skip-a-payment once you've made at least 6 months of consecutive on-time, full principal and interest payments, and your loan is in good standing. 

We require a completed request form to process a Skip-A-Payment 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:

  1. Sign in to your Earnest account. 
  2. Click “Refer a friend” from the left-side navigation menu. 
  3. Under "Documents & Uploads," find the "Offer Letter, Statement, or Other Document to Upload" section.
  4. Drop your file into the box, select the document type of "Other," and click "Upload." Please note that the maximum file capacity is 10MB.
  5. Review and click the green box labeled "Save Changes" at the bottom.

Since we are not automatically notified when documents are uploaded, we ask that you reach out to your servicer to let them know.

  • For Earnest clients: Send us a quick email to let us know you've uploaded the document.
  • For NaviRefi clients: Give us a call at 844-381-6621 Monday-Friday 8:00 AM - 8:00 PM ET (5:00 AM - 5:00 PM PT).

A few 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 before 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 boot camp loans are ineligible for the Skip-A-Payment feature.
  • Student loans are not eligible for Skip-A-Payment requests while in deferred, $25 fixed or interest-only repayment schedules. 
  • 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, full principal and interest payments before being eligible for Skip-A-Payment again. 
  • If you are requesting to skip bi-weekly payments, all payments must be within the same billing period. You can find your billing period at the top of your most recent monthly billing statement.

Important note, the final payoff date of your loan will be extended by the length of the skipped payment period. Also, the interest accrued during the skipped month will result in a slight increase in your minimum payment amount to keep your payments pacing appropriately to pay off. Any unpaid accrued interest may capitalize (added to the principal balance) at
the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. For Student Loan Refinance Only: Interest will not be capitalized on loans originated to Michigan residents under the Regulatory Loan Act of 1963.

Finally, if you are unable to make your upcoming payment(s) or are experiencing financial hardship, you may want to consider applying for a hardship forbearance. Please let us know as soon as you're experiencing the difficulty, and click here for more information on student loan refinance options or click here for options on private student loans.

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