We offer a 0.25% interest rate discount to clients who opt into and maintain automatic payments for their student loans. You can enroll in Auto Pay from your online dashboard once your loan has entered full repayment and you have added your desired payment account. Please note: if you have selected the deferred repayment plan, you will be eligible for the discount once your loan enters full repayment. You can enroll in Auto Pay directly from your online dashboard by following these steps:
Adding a Payment Account
To add a payment account to your profile, you'll need to:
- Sign in to your Earnest account.
- Select “Payment Methods” from the left-side 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 will then be able to view this account as an option for future payments under “Your Accounts.”
Once your desired payment account has been added, you may enroll the account in Auto Pay by following the steps below.
Enrolling in Monthly Auto Pay
Once your desired payment account has been added, you may enroll the account in Auto Pay by following these steps:
- Sign in to your Earnest account.
- Select your loan from the left-side menu.
- Underneath the More Ways to Save banner, select the “Enroll in Auto Pay” hyperlink.
- Once you have chosen a bank for automatic withdrawals, click “Continue" then “Confirm changes.”
- A confirmation will appear showing when your Auto Pay will begin.
Enrolling in Biweekly Auto Pay
- Sign in to your Earnest account.
- Select your loan from the left-side menu.
- Underneath the More Ways to Save banner, select the “Enroll in Biweekly Auto Pay” hyperlink.
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Choose a bank account, the payment frequency (Biweekly), and start date, then click "Continue."
- Please note that your payment will be debited on whichever day of the week you select (Monday through Sunday) every two weeks.
- Click “Confirm changes."
Once you are enrolled in Auto Pay, you can easily switch between monthly and biweekly payments. To do so, locate the "Edit Frequency" button under the Change Auto Pay Settings option and save your changes.
Important Details to Keep in Mind
- Enrollment will appear online within five calendar days. Until then, please refer to your confirmation email for Auto Pay details.
- The interest rate reduction is available only while your loan is enrolled in Auto Pay. If Auto Pay is terminated, the discount will be removed, and your minimum payment may increase. Re-enrollment in Auto Pay will reinstate the .25% discount.
- Auto Pay incentives cannot be combined with certain private student loan repayment programs that also offer an interest rate reduction.
- For multi-party loans, only one individual may enroll in Auto Pay for the discount.