Auto Pay Authorization

I certify that I am the holder of the bank account listed above and the student loan borrower or cosigner identified above (or on the previous screens). I authorize Earnest Operations LLC (“Earnest”) and its successors or assigns, or their service providers, to initiate recurring electronic ACH debit entries to my bank account (“Auto Pay”) for the payment amounts and frequency described in my credit agreement and Final Disclosure for the loan listed above (or on the previous screens), based upon the bank account information I have entered into this website. I also authorize the financial institution (“BANK”) for the bank account listed above to debit these entries from my bank account.

I understand each Auto Pay withdrawal will occur on the scheduled monthly payment due date (or the next business day in the event of a weekend or holiday) for the loan listed above (or on the previous screens).
The exact monthly payment amount and due date will appear on my billing statement. Prior to my first billing cycle, I can refer to my Final Disclosure (provided after I signed my loan agreement) for my estimated monthly payment. My due date is subject to change depending on when my loan is disbursed, if I request a due date change, and my use of options such as deferment and forbearance to postpone payments. Available due dates are currently the third (3rd ) through the twenty-second (22nd ) day of the month.
I acknowledge that Earnest may recalculate the monthly payment amount owed on my loan to ensure my loan is repaid on time according to the terms of my loan agreement. My monthly payment amount may also change pursuant to the terms of a repayment plan. I authorize Earnest to adjust my Auto Pay amount to ensure that no less than my monthly payment amount is withdrawn each month.
I understand that Earnest, in its discretion, may give me the option to select between monthly and biweekly frequency for Auto Pay. If I select biweekly frequency, Auto Pay will occur every other week on the day of the week I selected (or the next business day in the event of a weekend or holiday). For biweekly Auto Pay, the amount extracted from my bank account every two weeks will be approximately one-half of my monthly payment amount. Further, if I previously authorized an additional Auto Pay amount above my monthly payment amount, approximately one-half of the additional amount will be extracted from my bank account every two weeks. I acknowledge that biweekly Auto Pay results in 26 biweekly payments per year, equivalent to 13 monthly payments.
My payments will be credited to the loan effective as of the scheduled payment date, even if the withdrawal occurs on a later date as a result of banking holidays or processing times.
I understand that if a payment is returned or unpaid, there may be a fee charged by my lender for this returned payment, as permitted by law and the terms of my loan agreement, in addition to any fee I may be charged by BANK.
I acknowledge and agree that I’m responsible for overdraft, insufficient funds, and other service charges that BANK may impose in connection with the bank account listed above.
I understand that any changes to the Auto Pay amount deducted from BANK will be implemented after I have received at least ten (10) days’ notice from Earnest. I will refer to the back of my billing statement for information on how payments are applied and allocated.
I understand that Auto Pay will occur in the amount and frequency described above, even if other payments toward the loans have been made and/or a monthly payment amount has been otherwise satisfied partially or in full.
I acknowledge that if my loan is in a “Pay Ahead Status,” I may lose this status while I am enrolled in Auto Pay. “Pay Ahead Status” is when extra payments made toward the loan have advanced the next due date into the future.
I acknowledge that, if a required payment is not made before this Auto Pay request is processed, the loan may become past due. If the loan is now past due or becomes past due while Auto Pay is being processed, I authorize Earnest, at its discretion, to grant a voluntary forbearance to cover all of my past due payments before Auto Pay begins. Any unpaid interest may be added to the unpaid principal (capitalized), as permitted by law and the terms of my loan agreement, which may increase the total loan cost and my payment amount. Voluntary forbearance will not be granted if the loan payment is current and paid up to date when Auto Pay is processed.
Auto Pay will be temporarily suspended during any future periods when payments are fully postponed, such as deferment or forbearance periods, and resume when I become due for payments again.
I understand that this authorization will remain in effect until Earnest receives notification from me (the bank account holder) of its termination or until the loans have been paid in full.
I may log in to my online account to make such changes or contact Earnest by phone or in writing to give such notification. Earnest will cancel Auto Pay if the request is received at least three (3) business days before the date of the next scheduled automatic withdrawal.
If I wish to cancel Auto Pay on an expedited basis, Earnest recommends cancellation by phone to ensure that a request to cancel Auto Pay is received with sufficient time to be processed before the next scheduled automatic withdrawal.
Earnest may terminate Auto Pay without warning if payments are returned unpaid or upon any notification from BANK that payments are not authorized or the bank account is closed, or any other notification requiring similar action under the rules of the ACH network. Earnest will send notice in writing if Auto Pay is terminated.