Types of Aid
CFI's NC Assist Loan Program
The NC Assist Loan Program is designed to offer students and parents the opportunity to borrow a low-cost alternative loan to help bridge the gap between the cost of attendance and other financial aid. The NC Assist Loan Program focuses on North Carolina residents attending college both in and out of state and students from other states attending college in North Carolina.
NC Student Assist Loan Program Information
The NC Student Assist Loan offers your students a low-cost option to finance educational expenses not covered by other financial aid.
Program Features:
- Low fixed rate of 6.5% throughout the life of the loan
- No origination or guaranty fees and currently no late fees or other fees related to borrowing or repaying the loan
- Interest rate reduction of 0.25% when payments are made by ACH (recurring draft payments)
- Deferred repayment while enrolled at least half time and six-month grace period after end of half-time enrollment
- Additional 3 years of deferment available for periods of at least half-time enrollment for students re-enrolling after use of six-month grace period
- Access to a robust on-line library of financial education resources, exclusively for NC Student Assist borrowers
- Minimum loan: $1,000
- Annual maximum loan is the school's Cost of Attendance minus other aid
- Cumulative maximum loan for undergraduate studies is $120,000
- Cumulative maximum loan for graduate studies is $200,000
- Standard repayment term is 120 months
- Interest begins accruing from date of first disbursement
- Borrower will receive monthly statements
- Accrued, unpaid interest will be capitalized when the loan enters repayment, after six-month grace period.
- Accrued, unpaid interest will be capitalized at the end of periods of deferment or forbearance.
Borrower Requirements:
- Be at least 17 years old
- Must be an NC resident OR attending an eligible NC college
- Be in good standing on any other CFI-held loans
- Meet credit requirements, or have a credit-worthy co-signer
- Co-signer must be the spouse or a relative of the student borrower
- Be a US citizen or eligible non-citizen
- Be enrolled at least half time and maintaining satisfactory academic progress
- Meet other Title IV student eligibility requirements and have remaining financial eligibility (cost of attendance minus other aid) as certified by the school's financial aid office
NC Parent Assist Loan Program Information
The NC Parent Assist Loan offers families a low-cost option to finance educational expenses not covered by other financial aid.
Program Features:
- Low fixed rate of 5.5% throughout the life of the loan
- No origination or guaranty fees and currently no late fees or other fees related to borrowing or repaying the loan
- Interest rate reduction of 0.25% when payments are made by ACH (recurring draft payments)
- Minimum loan: $1,000
- Annual maximum loan is the school's Cost of Attendance
- Cumulative maximum loan for undergraduate studies is $120,000
- Standard repayment term is 120 months
- Interest begins accruing from date of first disbursement
- Borrower will receive monthly statements
- Accrued, unpaid interest will be capitalized when the loan enters repayment, on final disbursement date
- Accrued, unpaid interest will be capitalized at the end of periods of forbearance
Borrower Requirements:
- Be the biological or adoptive parent or step-parent of the benefitting student
- Be in good standing on any other CFI-held loans
- Meet credit requirements
- Be a US citizen or eligible non-citizen
- Benefitting student must be enrolled at least half time and maintaining satisfactory academic progress, meet other Title IV student eligibility requirements and have remaining financial eligibility (cost of attendance minus other aid) as certified by the school's financial aid office
- Benefitting student must be an NC resident or attending an eligible NC college