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How do I Change My Auto Pay Account? | Student Loan Refinancing

In order to change your bank account, it must be after the first 30-day billing period from the time your loan was disbursed. After this time period, you may update your Auto Pay account by following these steps:

  • Sign in to your Earnest account.
  • Select “Loan Details” and navigate to the hamburger menu in the top right corner. 
  • Click on “Bank Accounts” and "Add New Account." 
  • Select account type (checking or savings) enter the routing and account numbers, and select “Save.”

If you are directed to a new window after selecting “Bank Accounts”: Navigate down to the “+Details” section on the Summary tab, and click on the green pencil icon next to Bank Accounts. This will open the Manage Accounts pop-up box to edit existing accounts.

You should now be able to select this account as an option for future payments. If you want to enroll this account in Auto Pay, we recommend that you complete the following steps within the same browsing session:

  • Return to the dashboard by clicking the green Earnest logo and select Loan Details.
  • Click Change Auto Pay Settings and Edit Bank Account.
  • Select your desired payment account from the options presented.
  • Confirm and save the changes.

After changing the account, you shouldn’t experience any lapse in your Auto Pay discount, but you may need to schedule a manual payment for the upcoming month while the system updates. If you complete the steps to unenroll from Auto Pay and attempt to enroll at a later date, then the system will update in such a way that will require you to make manual payments and lose the 0.25% discount for 1-2 billing periods.

Lastly, your auto-payments can’t be changed within 3 business days of your payment date. This means if you change your payment account within 3 business days of a withdrawal, the payment may still be processed from the previous bank account. To ensure the payment debits from the new bank account, we advise that you update your preferred payment account right after your auto-payment date.

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