This article provides options for those with a refinanced student loan. If you are looking for your options on a Private Student Loan, check here.
Repayment Plans
Standard Repayment: This plan is designated to you as part of your loan agreement with Earnest.
Having Difficulties Making Payments?
If you're unable to make your payments, there may be options available to you. Please note that these options may require a review of your (and any cosigner’s) financial situation and ability to pay, have eligibility requirements, and require supporting documentation. It’s important to note, that if the primary account holder is unable to make payments, the responsibility for payments will fall to the cosigner.
If the options listed below do not meet your unique circumstance or you need additional support, there may be alternative repayment and relief options available to you through our MOHELA partners. To discuss personalized repayment options with their team, feel free to call them at 855-203-4596 Monday through Friday, 5 a.m. to 4 p.m. PT. While you decide which option is best for you, below are some things to keep in mind:
- Your total loan cost will typically be greater over time than the standard repayment plan.
- You may be required to demonstrate your intent to repay your loan by making one or more payments prior to approval.
- Forbearance may be used in connection with the program to bring delinquent loans current.
- Accruing interest during forbearance continues to remain your responsibility.
- Utilizing forbearance will not count against your maximum repayment term.
In school or enrolling in school?
If you attend a Title-IV accredited, not-for-profit undergraduate or graduate school program at least half-time, you may be eligible for deferment. This will postpone your loan payments for a period of time, but the loan will continue to accrue interest. It’s important to note that we are only able to offer deferment if you are the primary borrower returning to school, not the cosigner. You can check here for more information.
In the military?
We offer military deferment and SCRA benefits to eligible service members. Check here for further information.
Short-Term Interest-Only
This program will allow you to make a lower (interest-only) payment on your loan in 3-month increments, up to 24 months. Paying just the interest that accrues will prevent the post-program monthly or biweekly payment(s) from significantly rising by extending the term of your loan by the same number of months this program is utilized (up to 24 months). Making a payment, even a reduced one, is always the best long-term as interest continues to accrue. You can find more information on Short-Term Interest-Only payment relief here.
Skip-A-Payment
Unexpected life events can affect your budget, so we offer you the ability to skip one payment through a single, one-month forbearance during a 12-month period. Your first request to skip a payment can be made once you've made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. During Skip-A-Payment, simple daily interest continues to accrue on your loan. You can find more information on Skip-A-Payment here.
Forbearance
In certain situations, you may qualify for forbearance, a relief offered for clients who are experiencing temporary financial hardship. During forbearance, simple daily interest continues to accrue on your loan. More information on forbearance can be found here.
Loan forgiveness and discharge
In the unfortunate event of the primary borrower's death or total and permanent disability, Earnest will discharge all student loans.
We're here to help you find the most suitable option. To contact us, click "Get In Touch" at the bottom of this article.