At Fortify, we understand that financial difficulties can happen unexpectedly, making it hard to keep up with payments.
If you find yourself in a situation where you can't make an upcoming payment to Fortify, it's important to know that you have options to help manage your financial hardship. Here's what you can do:
Reach out to us
The most important thing to do is to contact your servicer to request modifications to your repayment plan. This might seem like it won’t make a difference, but here’s why it does:
Our loans offer flexibility to accommodate your financial situation, and communicating with your servicer gives them time to come up with a solution that works for you.
Communicating about missed payments in advance can sometimes prevent negative hits to your credit score, which is important for future loans you take out, such as for a house or a car. Having a higher credit score is important because it can mean lower interest rates and less fees in the future, which saves you money in the long run. Simply communicating with your servicer during periods of financial hardship can help keep your credit score up.
Fortify loans may include penalties for missing payments, such as late fees and NSF fees (bounced payment charges). By reaching out to your servicer, they can sometimes help you avoid these additional charges. If you’re having trouble paying your standard monthly payment, this step can help stop additional fees from building up and making your loan more difficult to repay.
When unexpected financial difficulties arise, we understand that things can be stressful. We’re here to help, so proactively reaching out will help you to navigate any periods of financial instability.
Flexibility in your loans
When you reach out to your servicer, here’s a preview of what might be available:
Revised repayment schedules: Your servicer might be able to help you develop a new repayment schedule that better fits your current financial circumstances. This could involve extending your loan term to lower your monthly payments, or temporarily adjusting your payment amounts.
Temporary pause in payments: In some cases, you might be eligible for a temporary suspension of payments. This option, often referred to as either forbearance or deferment, lets you pause your payments for a specified period, giving you time to recover financially without the pressure of immediate payments.
Note that there might be requirements, like getting the permission of your school, communicating with us regularly, or enabling ACH autopay, and these options may or may not be available.
What penalties will apply if I can’t make a payment?
It’s important to understand the penalties and fees that come with missing a payment. Here are two to be aware of:
Late payment penalties: Your loan agreement will define your specific late fees, but usually, if any part of your payment is unpaid for more than 10 days past the due date, a late charge may be applied. This is either 5% of the missed payment, or $10.00, whichever is less. For example, if you have a $154.60 monthly payment that’s overdue by 10 days, you may be charged a $10.00 late fee.
Non-Sufficient Funds (NSF) fee: Payments you make to Fortify that have issues, such as insufficient funds or a stop payment order, are called “returned payments”. These returned payments can lead to additional fees. Specific NSF fees are defined in your loan agreement, but usually If a payment is returned for any reason, you may incur a $15.00 fee to cover administrative costs.
How can I avoid these late penalties?
By communicating with your servicer, you can create a repayment plan that helps you avoid late fees and NSF fees, and keeps your credit score from getting harmed by missed payments.
How can I contact ZuntaFi?
You can reach ZuntaFi directly by emailing [email protected] or by calling (800) 592-1270.
You can also log in to your ZuntaFi portal here to view the status of your loan: https://www.zuntafi.com/Account/Login.