Earnest Repayment Options and Borrower Protections | Earnest
Earnest Repayment Options and Borrower Protections
Refinancing your federal loans with a private lender doesn’t mean losing out on repayment protections
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Frequently Asked Questions
Your guide to private refi repayment options
When your Earnest loan enters repayment, it will automatically be placed into a Standard Repayment Plan. However, we service a variety of private student loan programs with flexible alternatives to fit your changing financial circumstances.
Standard Repayment Plan
Deferment
Interest-Only Repayment Program
Skip-a-Pay
Forbearance (Unemployment & Hardship Protection)
Loan Forgiveness and Discharge
Extended Term & Rate Reduction Programs
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How federal loan protections stack up to Earnest protections
Interest rates
Federal loans
Set by Congress
Earnest Refinancing
Based on your credit
Forgiveness options
Federal loans
PSLF, IDR Forgiveness
Earnest Refinancing
Available for death and full disability
Repayment plans
Federal loans
Income-Driven repayment
Earnest Refinancing
Set your exact monthly payment
Hardship protections
Federal loans
- Up to 36-month deferment
- Up to 12-month forbearance
Earnest Refinancing
- Up to 36-month in-school deferment
- Up to 12-month forbearance
- Annual Skip-a-Pay benefit
Refinancing
Federal loans
Not available
Earnest Refinancing
Refi again after 30 days for more potential savings
| Federal loans | Earnest Refinancing | |
|---|---|---|
| Interest rates | Set by Congress | Based on your credit |
| Forgiveness options | PSLF, IDR Forgiveness | Available for death and full disability |
| Repayment plans | Income-Driven repayment | Set your exact monthly payment |
| Hardship protections | - Up to 36-month deferment - Up to 12-month forbearance |
- Up to 36-month in-school deferment - Up to 12-month forbearance - Annual Skip-a-Pay benefit |
| Refinancing | Not available | Refi again after 30 days for more potential savings |
Are federal protections worth putting off refinancing?
Many federal borrowers hold out for forgiveness, however, if you don’t currently qualify for an income-based repayment plan, your loans may be costing you more than you think. If you're looking to lower your rate and make monthly payments more affordable, refinancing could be the answer.
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Decision Guide
Answer 3 questions. Get clarity.
Planning to qualify for PSLF?
If you work for a government agency, nonprofit, or qualifying public service employer and are making qualifying payments—refinancing would forfeit your PSLF eligibility entirely. Stay federal.
Expecting stable or growing income?
Income-driven repayment caps payments as a percentage of your income. If your income is variable or uncertain, that flexibility has real value. If it's stable, you likely don't need it.
Relying on IDR to make payments affordable?
If you're on standard repayment and can afford your payments, you're not using the protections people fear losing. If you don't expect to need those safety nets, refinancing could lower your rate.
Disclaimer: This page provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.