1. Can I repay my Foundation student loan by making installment payments over time?
Yes. To do this, an amortizing note must be signed. An amortizing note is a repayment promissory note, which replaces the original promissory note that you signed while in school. The note allows you to make monthly installments for a repayment period of up to 10 years.
2. Will my payment schedule be monthly, quarterly, yearly, etc.?
All borrowers are set up onto a monthly repayment schedule.
3. Can I choose the day that each month's payment becomes due?
No, all payments are due on the first of each month.
4. How may I remit my payments to the Foundation?
Payments can be manually remitted to the Foundation. For your convenience, a coupon booklet will be sent to you once a signed amortizing note is received in our office. Or, you may choose to have your payments automatically deducted from your bank account. For details, please review the Automatic Direct Debits Repayment Plan information below.
5. How will my payments be applied to my loan balance?
When a payment is received, it is first applied towards outstanding late charges and accrued interest, with the remaining amount applied to principal.
6. Do you charge fees for prepayment of principal?
No. Prepayment of principal is permitted at any time without penalty. Additional payments are welcomed; however, your regular payment will be due as scheduled. Additional payments cannot be posted into our computer system more than one month ahead of the scheduled due date.