Earnest Offers Relief to Clients During COVID-19
When the pandemic hit in March, Earnest’s leadership team acted quickly to ensure a smooth transition to work from home and continues to give employees the flexibility to balance work with personal life with schools and daycare closing.
Recognizing that many clients have been financially impacted by COVID-19, Earnest brought in employees across the organization who previously worked on the Client Happiness team (the company’s in-house customer service team) to help handle the added volume.
The team quickly created a central COVID-19 information page to offer immediate assistance and sent proactive emails, making clients aware of their options. Since March, Earnest has offered short-term coronavirus forbearance to qualified clients who request it – enabling them to temporarily postpone monthly payments. The company continues to actively explore other relief options for clients impacted. In addition, for clients who can pay a reduced amount monthly, Earnest is offering a short-term interest-only payment option, which extends for 90-days and allows clients to pay the monthly accrued interest balance on the loan. This option reduces the overall impact on the loan repayment journey.
Earnest prides itself on offering a personalized experience for students and graduates – through its private student loan and student loan refinancing services – and worked tirelessly to get clients the answers they needed to keep their financial lives on track during this time of uncertainty.
Since its founding in 2012, Earnest has refinanced over $10.5 billion student loans and served 126,000+ clients. The company introduced its private student loan offering last year and continues to see strong traction.