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What protections does Earnest offer me?

We know new circumstances may affect your ability to make payments, so we provide a range of protections should your financial situation change.

For personal loans, we may be able to work with clients who are experiencing difficulty making their monthly payment. Please contact our Client Happiness team via email at hello@earnest.com if you would like to review your options.

For student loan refinancing, deferment may be available to clients pursuing graduate education and while serving active military or Peace Corps duty. Generally, interest accrues during the deferment period.

Forbearance is a protection that may be offered by Earnest for clients who are experiencing an inability to make their monthly payment due to a documented and verifiable hardship such as:

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

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

Please note that a voluntary resignation from employment, outside of extenuating circumstances, would not qualify for forbearance. During forbearance, interest continues accruing on your loan. We do report periods of forbearance to credit agencies, but this does not affect your credit score.

For coding bootcamp loans, we extend the option to defer your loan until after you complete the course, if your course offers a deferment. Your loan will still accrue interest at a simple daily rate (interest rate divided by 365) while your loan is in deferment. Please contact our Client Happiness team via email at hello@earnest.com if you would like to review your options.

In the unfortunate event of death or total and permanent disability, Earnest will discharge all student loans. For personal and bootcamp loans, the executor of the decedent's estate may formally request relief which will be granted at Earnest's discretion.

 

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