Manage My Payments

Many borrowers and co-signers have a plan for managing the repayment of their loans. If you do, we want to know so we can honor your plan!

What are the ways I can make a payment?

Both borrowers and co-signers can make payments on the loans they have at CFI both online or by mail. For the easiest and quickest way, create an account on Manage My Loans. You can make one-time or recurring payments by entering your checking or savings account information or make a credit card or debit card payment by selecting the option to use ACI. If you setup a recurring payment, you may qualify for a reduction of your interest rate. You also have the ability to select how you want your payment applied if it is different than the standard payment. If at any time you need assistance with making a payment, please call us at 1-800-722-2838.

Nonconforming Payments

What is a nonconforming payment?  This is a payment that is either more or less than the minimum payment due shown on your monthly statement.

Overpayment Standard Method: For an overpayment (meaning you pay more than the amount owed), we advance your due date by one month for each multiple of the scheduled payment amount received. For example, if your payment due date is June, your scheduled payment amount due is $50, and you pay $75, we advance your due date to July and $25 from the payment received in June is applied toward the July payment. Then, if you pay $75 again in July, we apply $25 to complete your July payment, apply $50 for your August payment and advance your due date to June.

Underpayment Standard Method: For an underpayment, the payment is first applied to any loan(s) with a past-due payment then allocated across all loan(s). We advance your due date by one month when the amount received, in total, equals the scheduled payment amount. For example, if your payment due date is June, your scheduled payment amount due is $50, and you only pay $25, we will not advance your due date since you did not make a full payment. If you subsequently pay another $25, your due date will then advance to July since you will have satisfied the $50 payment due for June. In this example, you would be past due for June until the second $25 payment is received and would remain past due for July until we receive the scheduled payment amount for July.

I want to change how my payments are applied

Borrowers and co-signers can provide special instructions on how to apply your payments at any time to College Foundation, Inc. If you would like to provide special payment instructions on how you want your payment(s) applied, email us at [email protected] and write “Payment Instructions” in the subject line or call us at 800-722-2838. Instructions you provide will be followed until you revise them or they become obsolete.

If we do not hear from you, we will continue to process your payments using the standard method. You can change this method at any time by sending in instructions.

What does the payment information mean on my statement?

Borrowers and co-signers may have one of four scenarios in the payment information box on your statement:

  1. Minimum Payment Due followed by an amount and a date: Your payments are current. The amount shown is due on the tenth of the upcoming month.
  2. Minimum Payment Due followed by an amount and “PAST DUE”: Your payments are past due, and you or the borrower should take steps immediately to correct the situation in order to protect your credit rating. Call us if you are having trouble making your payments; we may be able to help!
  3. Accrued Interest followed by an amount and a date: This is the amount of interest that will have accrued by the tenth of the upcoming month, based upon the Current Principal Balance. Please refer to the Interest Accrued to Tenth of Month section for more details.
  4. Minimum Payment Due $0.00 followed by a date: Payments have been applied to future installments, and as a result, no payment is currently due. You may wish, however, to make the scheduled monthly payment and reduce total interest charges over the life of the loan(s).