In the unfortunate event that the primary borrower or student passes away or becomes totally and permanently disabled, the Earnest student loan may be fully discharged. This is covered in Section H of your loan agreement, which outlines Deferment, Forbearance, and Loan Discharge.
In the unfortunate event that the cosigner passes away or becomes totally and permanently disabled, they may be removed from the remainder of the loan if they meet specific criteria, following a review. However, the loan will remain the responsibility of the primary borrower.
How do I Report a Death or Total and Permanent Disability?
If a primary borrower or cosigner on your student loan passes away, or if you need to report a total and permanent disability, it’s important to notify us as soon as possible. Please contact us immediately at (888) 601-2801 during our office hours – 6 a.m. to 5 p.m. PT, Monday through Friday, excluding holidays. Our team is here to assist you through the process.
When reporting a death, please be prepared to provide the following required information:
- Role of the individual in relation to the loan (primary borrower, cosigner, or student)
- Name of the individual who passed away
- Date of passing
- Death certificate
What Happens When a Report is Submitted?
Death
Death notices are typically processed within five business days of receiving the death certificate (assuming the death certificate has all the required information to review the request). Upon notification that the primary borrower or student has passed away, an Administrative Forbearance will be placed on the loan for 60 days. During this period, we will verify that the primary borrower or student is deceased via proper documentation (e.g., a death certificate or other reliable documentation or source). Notification will be sent once the information has been verified.
Total and Permanent Disability
Upon receipt of the completed Total and Permanent Disability Request Form, the loan will be placed into an Administrative Forbearance for no more than 365 days while the application is evaluated. You will then be notified once the evaluation has been completed.
If you are navigating the loss of a loved one or facing the challenges of a disability, please know that we are here to support you every step of the way. Our Client Happiness Team is available to answer your questions and provide guidance. Please contact us by clicking the “Get In Touch” button at the bottom of this article.