When applying for a loan with Fortify, it’s important to understand the fees you may be charged. Here’s what you need to know:

Fortify does not charge any upfront fees or costs when you apply for a loan. This allows you to explore your loan options without any financial commitment.

Once you decide to accept your loan and sign it, Fortify may charge an origination fee as part of your loan. This fee varies depending on your state of residency, your educational institution, and specific loan details. Typically, Fortify’s standard loans include a 5% origination fee.

When you apply for a Fortify loan, the total amount you borrow includes both the requested loan amount and any origination fee. For instance, if you apply for a $10,000 loan, your total borrowing amount could be $10,500.

If your origination fee is included in the loan amount, the fee will be factored into the Annual Percentage Rate (APR), spreading its cost across the term of your loan.

Fortify charges an origination fee to cover the administrative costs of processing and setting up your loan. This includes costs for underwriting, verification, and ensuring compliance with regulatory requirements. This fee ensures we can maintain our services and support for borrowers. Remember, you'll only incur this fee if you sign your loan document; there are no fees for applying.

While many lenders increase profits by charging higher interest rates, our aim is to provide you with the lowest feasible rate that we can.

Let's say you get approved for $10,000 of tuition through Fortify, with a 5% origination fee. This means you'll be charged a $500 origination fee (5% of $10,000). After including the $500 fee, your total loan amount becomes $10,500 ($10,000 + $500).

Including the origination fee in the loan amount may increase your APR. For instance, if the APR without the origination fee is 8%, the APR would be higher to reflect that the loan includes an origination fee.

Origination fees will affect your monthly loan payments. Spreading an origination fee over the loan term would incrementally increase each payment, so you can cover the additional amount borrowed due to the origination fee.

If you have any additional questions, please contact us and we'll be happy to help.