Instead of the traditional monthly payment schedule, our biweekly Auto Pay option allows you to make payments every two weeks, aligning them with your pay period if you receive compensation on a 14-day cycle. Not only does this synchronization help you stay on top of your finances, but it can also reduce the accumulation of interest over time. It’s important to note, we currently do not offer the ability to enroll in semimonthly Auto Pay.
What is the difference between biweekly and semimonthly payments?
The main distinction between biweekly and semimonthly payments lies in the frequency and impact of loan repayment. Biweekly payments occur every two weeks, resulting in 26 payments per year. This schedule can help clients pay off their loans faster and reduce overall interest costs. On the other hand, semimonthly payments involve making two payments per month, totaling 24 payments annually.
When can I enroll in biweekly payments?
We offer a 0.25% interest rate discount to our clients who opt into and maintain automatic payments for their student loans. Enrollment in Auto Pay can be completed from your online dashboard once your loan has entered full repayment and you have added your desired payment account. It's important to keep in mind that if you selected the deferred repayment plan, the interest rate reduction will only take effect once your loan enters full repayment.
When enrolling in biweekly payments, you can select a start date up to 15 days before the monthly due date. Additionally, when switching to biweekly payments, please be aware that it is common for one or two biweekly payments to be processed before the next due date. To mitigate any potential financial strain, you may have the option to utilize Skip-A-Payment or Forbearance.
Can I choose the start date for my biweekly payments?
Yes, you will be provided with a range of start dates for your biweekly payments. The date range, which can be anywhere from the 1st to the 31st of the month, will depend on where you are in the current billing cycle.
How do I enroll in biweekly auto payments through my dashboard?
To add a new bank account:
- Sign in to your Earnest account.
- Select “Payment Methods” from the left-side navigation menu.
- To add an account, click “Add New Account,” choose account type (checking or savings), enter the routing and account numbers, and select “Save.”
- You can now view this account as an option for future payments under “Your Accounts.”
If you’re currently not enrolled in autopay:
- Sign in to your account.
- Select “View Loan Details” from the loan card.
- Scroll down to the “More ways to save” section and select "Enroll In Biweekly Auto Pay.”
- Choose a bank account. Check the payment frequency to ensure that it is set to “Every 2 Weeks.”
- From here, you may select the starting date for your biweekly payments from the highlighted date range. Please note that whichever day of the week you select (Monday - Sunday) will become the day your payment debits every 2 weeks.
- Once you have selected a day that works best for you, review and confirm.
If you’re currently enrolled in monthly autopay:
- Sign in to your account.
- Select “View Loan Details” from the loan card.
- Click “Change Auto Pay Settings” and select “Edit Frequency.”
- From here, update your frequency to “Every 2 Weeks” and select the starting date for your biweekly payments. Please note that whichever day of the week you select (Monday - Sunday) will become the day your payment debits every 2 weeks.
- Once you have selected a day that works best for you, review and submit.
Can I move from biweekly back to monthly if I need to?
Yes! Sign in to your account, select “View Loan Details” from the loan card, click “Change Auto Pay Settings,” and select “Edit Frequency” to return to a monthly payment schedule. Here are some things to keep in mind:
- The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay and will be removed if terminated. Your minimum payment amount may increase to account for the higher interest rate. Re-enrollment in auto pay allows the interest rate reduction to resume. It’s important to note that interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. This means that only one individual may enroll in Auto Pay for multi-party loans.