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What are my repayment options and what if I cannot make a payment? | Student Loan Refinance

Repayment options

Standard Repayment Plan 

This plan is designated to you as part of your loan agreement with Earnest.

 

Having difficulty making payments?

If you're unable to make your payments, there may be options available to you. Some of the following options may have eligibility standards and documentation may need to be provided. 

Skip-a-payment

Unexpected life events can affect your budget, so we offer you the ability to skip one payment every 12 months. Your first request to skip a payment can be made once you've made at least 6 months of consecutive on-time payments, and your loan is in good standing. You can start your request for a skip-a-payment here

Forbearance

In certain situations, you may qualify for forbearance, a protection offered by Earnest for clients who are experiencing a documented and verifiable hardship. During forbearance, simple daily interest continues to accrue on your loan. More information on forbearance can be found here

In grad school or enrolling in grad school?

If you’re going back to grad school at least half-time, you may be eligible to deferment, which postpones your Earnest loan payments for a period of time. During deferment, your loan will continue to accrue interest. 

In a disability rehabilitation program?

You may have deferment options available to you. Please reach out to us if you would like more information.

In the military?

We offer military deferment and SCRA benefits to eligible servicemembers. Check here for further information.

Loan forgiveness and discharge

In the unfortunate event of death or total and permanent disability, Earnest will discharge all student loans.

 

Rate Reduction Program

The Rate Reduction Program is an alternative payment program for Earnest Student Loan Borrowers experiencing difficulty but who can afford to pay a reduced amount. The program provides a reduced interest rate for a 6-month period. As a result, the monthly payment amount is also temporarily reduced.

By making reduced payments for a period of time, your total loan cost may be higher compared to a standard repayment schedule. That’s because, during the program, your principal balance may be paid down at a slower rate compared to a standard repayment schedule.

Eligibility for the program is dependent upon your financial profile.

Term and Rate Modification Program

The Term and Rate Modification program combines an extended repayment term with the Rate Reduction Program. 

We're here to assist and help find the option most suitable for you. Contact us by clicking "Get In Touch" found at the bottom of this article.

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