Each Private Loan has Unique Options

Interest-Only Repayment Program

Description:

• Reduces the Monthly Payment Amount to as low as the amount of interest that accrues each month.

• May be combined with the Extended Term Program.

• Interest-only payments are typically offered in six-month increments.

• Depending on eligibility, longer term interest-only periods may be available.

• Program time is limited.

• Your Monthly Payment Amount increases after the program period ends and the Standard Repayment Plan resumes.

• Your estimated loan payoff date may be extended by the length of your Interest-Only Repayment program, depending on program eligibility. If your loan payoff date is not extended, you may experience a larger Monthly Payment Amount increase when your loans return to a Standard Repayment Plan.

• Forbearance may be used in connection with the program to bring delinquent loans current.

Consequences:

• Your total loan cost will typically be greater over time than the Standard Repayment Plan.*

• You may be required to demonstrate your intent to repay your loan by making one or more payments prior to approval.

• Use of the Interest-Only Repayment Program may delay eligibility for cosigner release.

• Accruing interest during forbearance continues to remain your responsibility on private loans. Unpaid Interest may be capitalized (added to the Unpaid Principal), as often as quarterly during the forbearance and again at the end of the forbearance. Capitalization may increase your Monthly Payment Amount and total loan cost. See the Forbearance section for more important information.

How to Apply:

• Call us at 888-272-5543 (Toll Free).

Extended Term Repayment

Description:

• Term extension that may be combined with Standard Repayment, Interest-Only Repayment, or Rate Reduction Programs.

• Reduces the principal and interest payment by extending the loan repayment terms.

• Repayment term extended up to 30 years*, depending on outstanding balance.

• Typically results in lower Monthly Payments made over a longer repayment period.

• Forbearance may be used in connection with the program to bring delinquent loans current.

Consequences:

• Your total loan cost will typically be greater over time than the Standard Repayment Plan.*

• Longer time to pay off loans.

• You may be required to demonstrate your intent to repay your loan by making one or more payments prior to approval.

• Accruing interest during forbearance continues to remain your responsibility on private loans. Unpaid Interest may be capitalized (added to the Unpaid Principal), as often as quarterly during the forbearance and again at the end of the forbearance. Capitalization may increase your Monthly Payment Amount and total loan cost. See the Forbearance section for more important information.

How to Apply:

• Call us at 888-272-5543 (Toll Free).

Rate Reduction Program

Description:

• Program for borrowers experiencing difficulty but who can afford to pay a reduced amount.

• A reduced interest rate is provided for a six-month period, which also reduces the Monthly Payment Amount.

• May be combined with the Extended Term Program.

• Eligibility is dependent on the borrower's and cosigner's financial information.

• Proof of income may be required.

• Available program time is limited.

• Your contractual interest rate will eventually resume at the end of the Rate Reduction Program. Monthly Payment Amount increases after the program period ends.

• Forbearance may be used in connection with the program to bring delinquent loans current.

Consequences:

• Your total loan cost will typically be greater over time than the Standard Repayment Plan.*

• Three qualifying payments may be required prior to entering into the program.

• Accruing interest during forbearance continues to remain your responsibility on private loans. Unpaid Interest may be capitalized (added to the Unpaid Principal), as often as quarterly during the forbearance and again at the end of the forbearance. Capitalization may increase your Monthly Payment Amount and total loan cost. See the Forbearance section for more important information.

• Loans may be removed from the program in certain conditions, including entry into a deferment or forbearance status, graduated repayment program, or delinquency.

• Any Auto Pay interest rate reduction cannot be combined with the Rate Reduction Program.

How to Apply:

• Call us at 888-272-5543 (Toll Free).

Deferment

Description:

• Temporarily reduces or postpones Monthly Payments.

• Deferment options are limited on private loans and differ from federal loan deferment. Eligibility requirements and deferment length vary by loan program, your loan agreement, type of deferment, and lender discretion. Examples of private loan deferment types include in-school, internship, residency, or fellowship program deferment.

• You have the option of making a payment at any time during the deferment period. You may also shorten or cancel your deferment and return to making Monthly Payments.

Consequences:

• You should consider your current and longer-term situation, the likelihood of any changes, and whether a reduced repayment option, if available, is a better option for you than deferment.

• Unlike federal loans, all accruing interest during deferment continues to remain your responsibility on private loans. Unpaid Interest may be capitalized (added to the Unpaid Principal), as often as quarterly during the deferment and again at the end of the deferment. Capitalization may increase your Monthly Payment Amount and total loan cost.

• Use of deferment may cause the loss of borrower benefits – such as repayment incentives that can lower your interest rate.

• The Auto Pay interest rate reduction (if eligible) will be suspended during periods of deferment when no payments are due.

• Deferment may also delay eligibility for cosigner release.

How to Apply:

• Download and complete a Request for In-School Deferment   this document will open in a new window form and return it to us.

• Download and complete an Internship, Fellowship, or Residency Deferment Request   this document will open in a new window form and return it to us.

• Supporting documentation may be required.

Forbearance

Description:

• Temporarily postpones or reduces Monthly Payments.

• Forbearance options are limited on private loans and differ from federal loan forbearance.

• Available forbearance time is also often limited and varies by forbearance type.

• Eligibility may be dependent upon the borrower's and cosigner's financial information.

• You have the option of making a payment at any time during the forbearance period. You may also shorten or cancel your forbearance and return to making Monthly Payments.

Consequences:

• You should consider your current and longer-term situation, the likelihood of any changes, and whether a reduced repayment option, if available, is a better choice for you than forbearance.

• All accruing interest during forbearance continues to remain your responsibility on private loans. Unpaid Interest may be capitalized (added to the Unpaid Principal), as often as quarterly during the forbearance and again at the end of the forbearance. Capitalization may increase your Monthly Payment Amount and total loan cost.

• Use of forbearance may cause the loss of borrower benefits – such as repayment incentives that can lower your interest rate.

• The Auto Pay interest rate reduction (if eligible) will be suspended during periods of forbearance when no payments are due.

• Forbearance may also delay eligibility for cosigner release.

• You may be required to demonstrate your intent to repay your loan by making one or more payments prior to approval of a forbearance.

How to Apply:

• Call us at 888-272-5543 (Toll Free).

Skip-A-Payment (available only to Earnest In-School Private Loans)

Description:

• Allows eligible customers the ability to forgo a Monthly Payment through a single one-month administrative forbearance during a 12-month period.

• To qualify, the loan must have entered full repayment, and at least six months’ worth of consecutive payments of full principal and interest payments must have been made.

• Once exercised, this option becomes available again after another 12 months of consecutive payments of full principal and interest payments.

• Your loan must be current on all payments at the time of this request.

• Review your current and long-term financial situation, including the likelihood of any changes before applying. Consider whether a reduced payment option, if available, may be a better choice than Skip-A-Payment.

Consequences:

• Interest will continue to accrue on a daily basis at the interest rate set in the Final Disclosure.

• Loans enrolled in Auto Pay will continue to earn the 0.25% interest rate discount during this period.

• Following the expiration of the Skip-A-Payment, the loan will immediately enter repayment with an increased minimum monthly payment amount to account for the interest accrued.

• You will not be allowed to adjust payment dates or the auto pay frequency during the Skip-A-Payment period.

How to Apply:

• Download and complete the Request for Skip-A-Payment form   this document will open in a new window and return to us.

• If the loan has a cosigner, both the borrower and cosigner must sign the form.

Cosigner Release

Many private student loans were granted because a creditworthy cosigner also agreed to repay the loan.

It's a good idea to talk about repayment options with your cosigner since eligibility may be based on both parties' financial circumstances. Additionally, the loan may appear on the cosigner's credit report.

Description:

The terms and conditions of private student loans provide for the potential release of a cosigner. This is contingent on the satisfaction of certain criteria and submission of a completed Application to Request Release of Cosigner(s) from Private Education Loans form which is available for download.

Please note, only the primary borrower can apply. Additionally, approval of a cosigner release is subject to MOHELA’s evaluation process, which is applied uniformly to all customers and involves an assessment of the borrower’s credit history and ability to repay prior to granting a release.

The borrower must consider the following required criteria when requesting cosigner release:

Loans must be current and cannot have been more than 15 days past due during the previous 12 months.

The borrower must have made 12 consecutive on-time principal and interest payments (or an amount equal thereto) prior to applying.

• The borrower should check their payment history to determine whether they've met the consecutive on-time payment requirement.

• Payments that are interest-only or less than a payment amount under a Standard (Level) plan do not count toward cosigner release eligibility (If you would like to resume a Standard Repayment plan, please call us).

• Payments must be made by the borrower – not by a cosigner, employer, or other third party.

Must be a U.S. citizen, permanent resident, Deferred Action for Childhood Arrivals (DACA) recipient, or Asylee and meet the age of majority in their state (U.S. Citizenship/Immigration status may be considered solely for purposes of determining the creditor's rights and remedies).

Must satisfy a credit history check, as evaluated by MOHELA.

Must provide income verification and demonstrate an ability to repay the loan, as evaluated by MOHELA. Acceptable proof of income includes:

• Current year W-2 or 1099-MISC

• Copy of a paystub issued within the last 60 days

• Current year SSI/disability award letter

• Current year statement of retirement income or annuities, or most recent Federal tax return

Must provide proof of graduation or successful completion of a course of study (documentation of a degree, diploma, or certificate from the school and/or program that the loan was used to finance).

If the borrower has previously provided us proof of graduation or successful course completion and/or proof of citizenship, and there have not been any changes from prior submission, this documentation does not need to be submitted again.

Please note that additional information may be necessary in evaluating a cosigner release request. See the instructions contained in the application for details.

NOTE: College Ave refinance loans and National Education Servicing (NES) loans are not eligible for cosigner release.

For Earnest In School Private Loans Only

In addition to being able to request cosigner release, Earnest In School Private Loans may also be eligible for automatic cosigner release, under which your cosigner may be released without submitting an application. To qualify, you must meet the following criteria:

• Borrower must be a U.S. citizen, permanent resident, Deferred Action for Childhood Arrivals (DACA) recipient, or Asylee and meet the age of majority in their state (U.S. Citizenship/Immigration status may be considered solely for purposes of determining the creditor's rights and remedies).

• 50% of the original principal balance amount has been paid, plus any interest that is capitalized (added to the principal loan balance). Payments made toward the 50% original principal balance do not need to be made by the borrower.

• The primary borrower has made at least 36 months of required payments after the end of the grace period with all payments being made by the primary borrower. If you selected the full principal and interest repayment option, your loan will enter repayment of principal and interest immediately, and these payments made will count towards required payments.

• No occurrences of being 30+ days past due within the previous 36 months.

Once these criteria are met, we will automatically review your account and credit report to determine if you meet our minimum credit requirements. If eligible, we will notify you and your cosigner of this option, and you will have the opportunity to opt out. If we do not hear from you within 30 days of the notification of automatic cosigner release, we will automatically remove the cosigner from the Earnest In School Private Loan and the borrower will become solely responsible for the loan.

Consequences:

• If your cosigner is released, you, the primary borrower, will be solely responsible for your loan.

How to Apply:

• Download and complete an Application to Request Release of Cosigner(s) from Private Education Loans   this document will open in a new window and return it to us.

• Supporting documentation is required.

• If you have any questions about our cosigner release process, call us at 888-272-5543 (Toll Free).

School Misconduct Discharge

Description:

• While MOHELA services your loans, Navient owns and administers the School Misconduct Discharge program. Navient, as your lender or on behalf of your lender, reviews each application to determine eligibility for discharge. You may be eligible to receive a discharge of your applicable private student loans if the school you attended committed certain misconduct and you experienced harm as a result. Student loans potentially eligible for Navient’s School Misconduct Discharge are direct-to-school loans to attend for-profit schools.

  Earnest In-School Private Loans, refinance loans and direct-to-consumer loans are not eligible for this program.

Consequences:

• You should consult your tax advisor concerning the income tax consequences of any loan forgiveness or discharge.

How to Apply:

• If you believe the school you attended committed certain misconduct and experienced harm as a result, please call us to validate loan eligibility. If deemed eligible, a Navient School Misconduct Discharge application will be sent to you.

• To apply, complete the application thoroughly and accurately.

• You can submit your documents by using one of the following methods (please be sure to write your account number on all documents):

  • Fax to 570-821-4556

  • Mail to MOHELA, P.O. Box 4200, Wilkes-Barre, PA 18773-4200

  • Email us **

What to expect:

• Your application will be reviewed and Navient will let you know once their decision has been made (may take up to 60 days). It is important to understand that each application is subject to review by Navient’s Legal Department using a variety of criteria and approval is discretionary. Criteria for evaluation of your application will include (but is not limited to) the sufficiency of the alleged school misconduct, your narrative explanation of the alleged misconduct, your alleged harm, your narrative explanation of alleged harm, your supporting evidence of alleged harm, your evidence that the alleged misconduct caused your alleged harm, the length of time since the alleged misconduct occurred, and the length of time since you became aware of it.

• Unless you opt out within your application, we will process a forbearance on your applicable private loans while your application is under review. Interest will continue to accrue on your loans but will not be capitalized (added to your Unpaid Principal) at the end of this forbearance. You can shorten or cancel this forbearance at any time.

Loan Forgiveness and Other Discharges

Description:

• We work with borrowers and families in the event of disability, loss of life, and certain other circumstances.

• You will no longer be required to repay all or part of your outstanding loan balance if you are eligible for forgiveness or discharge.

• Eligibility requirements and limitations on the amount of the loan balance available to be forgiven vary.

• If you have a Total and Permanent Disability (TPD), you may qualify for a TPD discharge of certain private student loans.

• Private loans are eligible for discharge due to death of the primary borrower.

Consequences:

• You should consult your tax advisor concerning the income tax consequences of any loan forgiveness or discharge.

How to Apply:

• Loan forgiveness and discharge options are limited on private loans and differ from federal loans. Please call us to discuss eligibility for forgiveness or discharge options for private loans.

• Complete a forgiveness or discharge application and return it to us.

• Supporting documentation is required.