We offer a 0.25% interest rate discount to our clients that opt into, and maintain, automatic payments for their private student loan. The discounted rate is available for Full Principal & Interest, Fixed Payment, and Interest-Only repayment plans while enrolled in Auto Pay. The deferred payment option is also eligible for the discount, once you enter full repayment after your grace period. You will have the option to select your repayment plan if your application is approved and during the loan finalization process.
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 also means that for multi-party loans, only one individual may enroll in Auto Pay.
If your loan has already been disbursed and your first billing cycle has passed, you can enroll in Auto Pay directly from your online dashboard by following these steps:
- Log into your Earnest account.
- Click the “Manage Loan” button.
- From the Summary Page, scroll to the "+Details" section and click “Enroll in Auto Pay.”
- Confirm or add your bank account.
- Read over the Auto Pay authorization, and then hit “Submit.”
- A confirmation will appear showing when your Auto Pay will begin (you'll also receive an email).
Please refer to your confirmation email for all your Auto Pay details. Finally, enrolling in Auto Pay may take 1-2 billing cycles to activate, during which time you'll need to make your payments manually. For information on payment processing times, please refer to this article.