With any financing plan, it's important to know about your rights to cancel it if you have second thoughts, or if you find better terms elsewhere. Here's what you need to know:
Timeframe
Federal regulations generally give you three business days after you receive your final disclosure (which you'll see in your documents) to cancel your agreement without any penalties. Please check your final document in order to see your specific cancellation window.
Given the time-sensitive nature of your cancellation rights, it's important to act promptly if you wish to exercise this option. Delaying your cancellation request beyond the stipulated time frame could result in losing your ability to cancel.
How to cancel your plan
If your cancellation date has not yet passed: To cancel your loan or payment plan, you must notify Fortify in writing by emailing [email protected] within the written cancellation window. If you encounter any issues, please contact Fortify support and we’ll be happy to help.
Please follow any instructions given by Fortify.
If your cancellation date has already passed: you may still qualify for a partial or full refund of tuition, depending on your school's refund policies. Fortify can help you to work with your school's financial aid office to understand their refund policy and ensure they know about your withdrawal or cancellation.
Consequences of cancellation
If you decide to cancel your loan or payment plan within your specified cancellation window, some important outcomes will occur:
No financial penalty: you will not be charged any additional fees or penalties for cancelling your financing plan.
Non-disbursement of funds: If you cancel within three business days of receiving your final disclosures, no funds will be disbursed to your school on your behalf. This means you will not be responsible for repaying any portion of the loan amount.
Can I cancel outside of the cancellation period?
You may still be able to obtain a full or partial refund on your loan or payment plan, even if your cancellation window has expired. Please note that this generally requires coordinating with your school. To find out if this is possible, please contact Fortify support, and we’ll be happy to help you.
Partial and full refunds
In some cases, you may qualify for a full or partial refund, even if the loan was disbursed. If this occurs, the situation will be handled according to specific protocols:
Your school’s refund policy: The refund of disbursed funds will depend on your school's refund policy. Each institution has its own guidelines for how much of the loan can be refunded based on the timing of your withdrawal. These guidelines are also influenced by state laws, so it’s important to be aware of any regulations that might apply to your specific situation.
Coordination with Fortify: Fortify will work closely with your school to manage the return of any disbursed funds. This helps to ensure that funds are returned appropriately and that we make the necessary adjustments to your loan balance.
Reduction of your loan balance: Amounts returned by the school in a refund will be applied to reduce your loan balance. This helps ensure you are not responsible for repaying funds which were not used for your education.
Questions
If you have more questions, please reach out to us, and we'll do our best to help.