If your loan funds have been fully or partially returned, it usually indicates that we received an update from the school’s financial aid office. This could be due to a request you made or an action taken by the financial aid office. Common reasons for this include changes in enrollment status (such as being enrolled less than half-time or not enrolled), the loan no longer being needed, failure to meet state minimum requirements for disbursement, incorrect school details on the application, or a request to cancel the disbursement.
If the school sends the refund directly to you, you can choose to keep the funds and maintain your original loan balance or return the funds to us by making a payment toward your loan. If you choose to return the excess funds, please submit the refund within 60 days of the original disbursement date.
Any partial or full refunds sent directly to Earnest will be applied to your loan’s balance. However, when funds are returned, our system posts them as a standard payment. Because of this, we ask that you contact us within 60 days of the original disbursement date so we can confirm the nature of the payment or returned funds and ensure your account is updated correctly.
You can contact our Client Happiness team by clicking the "Get In Touch" button found below this article. Our office hours are 6 a.m. to 5 p.m. PT, Monday through Friday, excluding holidays.
Once the refund has posted to your account, and if you’ve reached out to us within 60 days of your disbursement date, our team will submit a request to adjust it to reflect the original disbursement date. Any interest accrued on the refunded amount will be adjusted. If you have chosen the full principal and interest repayment plan, you’ll also have the option to request re-amortization. Re-amortization recalculates your loan so that your minimum monthly payment reflects the new balance and repayment terms.
If you contact us after 60 days from the date of your disbursement date, the payment will be effective as of the date it was received. However, you may still request to have the loan re-amortized at any time.
If you choose not to reamortize or if you have chosen one of the deferred, fixed, or interest-only repayment plans, your monthly payment will remain the same, and the refund will simply reduce your principal balance.