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How do I Change My Auto Pay Account? | Private Student Loans

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:

  1. Sign in to your Earnest account here.
  2. Click Manage Loan and expand the +Details tab.
  3. Select the green pencil icon next to Bank Accounts. 
  4. Click "Cancel Auto Pay" next to your current Auto Pay account.

Once the account has been removed from Auto Pay, you will need to add your desired bank account and enroll in Auto Pay by following these steps:

  1. While within the Manage Bank Accounts box, click "Add another bank." 
  2. Select account type (checking or savings), and enter the routing and account numbers. If the account was added successfully, the screen should display the following message: "This bank account has been added." You should now be able to select this account as an option for future payments.
  3. Finally, enroll the newly added bank account into Auto Pay by returning to the +Details section. Click on the green "Enroll in Auto Pay" button and select your desired payment account 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 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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