Absolutely! Once your loan has been disbursed, you have the flexibility to make extra payments at any time through your dashboard. There are no prepayment penalties or fees, so paying more than the required amount can help reduce your total finance cost and shorten your repayment term.
If you have an Earnest Student loan Refinance or a Private Student Loan that is in a full principal and interest, interest-only, or fixed $25 per month repayment plan, you can also increase your monthly Auto Pay amount. If you have a deferred repayment plan, you will not be able to enroll in Auto Pay while your loan is in school or grace status; however, you can make extra payments manually. Earnest in school loans that are in a deferred repayment plan can enroll in Auto Pay at the end of the loan’s 9-month grace period. During deferment, interest will continue to accrue, and depending on your repayment plan selected, it can increase your total repayment amount. Scheduling extra payments while in school or during your grace period can help reduce interest costs and help you pay off your loan faster.
If you have an Earnest Personal loan, you will not be able to change your monthly Auto Pay amount.