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What if I cannot make a payment on time?

We offer our student loan refinancing clients the ability to skip a payment. After making 6 months of on-time payments, you may request to skip one month’s worth of payments. You may request to use this feature again after 12 months of on-time payments. Please be aware that any skipped payments will be re-amortized and spread among your remaining payments, and using this feature does count towards the forbearance limits outlined in your loan agreement. Forbearances are granted for a maximum of three (3) months per request with a total of twelve (12) months of forbearance for the life of your loan.

If this option doesn't fit your particular situation regarding payments, please contact our Client Happiness team immediately to discuss. In certain situations you may qualify for forbearance, a protection offered by Earnest for clients who are experiencing a documented and verifiable hardship. In most cases, these would include circumstances such as:

  • Involuntary decrease in income (e.g. reduction in hours, unpaid leave or change from full-time to part-time employment)
  • Involuntary loss of employment (defined as termination at no fault of the client)
  • Significant increase in costs that are essential to the home or family (e.g. increase in medical expenses, emergency home repairs or child care)

Please note that voluntary resignations from employment, outside of extenuating circumstances, would not qualify for forbearance. During all servicing requests, simple daily interest continues to accrue on your loan.

All forbearance requests must be received by Earnest at least five (5) business days prior to the date the forbearance begins.

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