Frequently Asked Questions

You can call us at 866-866-2362, Monday through Thursday 8:00 am to 6:00 pm, and Friday 8:00 am to 5:00 pm. You can email us at [email protected].

No. CFI does not charge an origination fee.

Federal Loans are provided by the government and alternative or private loans are provided by banks, credit unions, or other entities. Each has its own eligibility requirements, application process, and terms and conditions. Alternative loans may be more or less expensive than federal options.

Regardless of what type of loan(s) you borrow, be sure to borrow only as much as you really need. Loans must be repaid.

The loan will be disbursed based on the dates provided by your school. It will be at least three (3) business days after your loan is approved before funds are disbursed to your school.

You will need to contact the school's financial aid office to find out about your specific school's refund process.

Click the "Manage My Loans" button at the top of this page.

No. CFI does not charge a cancellation fee.

You can apply for a loan and check your application status. You can make a payment. You can see your monthly statement. You can also sign up for and manage automatic draft.

Please review the IRS website at https://www.irs.gov/taxtopics/tc456.html, review Pub. 970 Tax Benefit for Education, use the "Student Loan Interest Deduction Worksheet" available from the IRS Form 1040 or 1040A or contact your tax advisor.

Currently there is no fee for insufficient funds but we reserve the right to charge a fee.

Yes. When your loan is in the repayment period, if you pay your loan by automatic draft (auto-draft) from your bank or credit union account, we may be able to reduce your interest rate by 0.25%. Contact us if you have any questions.

NC Student Assist borrowers will receive an email about our robust on-line library of financial education resources. If you don't get the email, please call us at 866-866-2362. You may want to review these resources for information about budgeting, savings, setting financial goals, buying a car, renting an apartment, and general financial aid information. You will have access to over 200 topics on this website.

The minimum loan amount is $1,000.

The maximum loan amount is the difference between your school's cost of attendance for the loan period (semester or year) minus other financial aid. For example, if the cost of attendance for the academic year at your school is $10,000 and you receive $6,000 in other financial aid, then the maximum loan amount is $4,000.

You have thirty (30) days from the date of the loan offer to accept.

Send your dispute correspondence to the specially-designated address:

College Foundation, Inc.
P.O. Box 40856
Raleigh, NC 27629-0856

Send your dispute correspondence to the specially-designated address:

College Foundation, Inc.
P.O. Box 40856
Raleigh, NC 27629-0856

You may identify an individual to act on your behalf in the event you become permanently disabled or die by sending us an email with that information. The email address is [email protected].

You can change your loan amount after you receive your loan offer by taking one of these steps:

• Take no action. Once 30 days have passed your loan offer will be rescinded. You can then submit a new application if you wish.
  OR
• Reduce your loan amount following the instructions that accompany your loan offer.
  OR
• Accept the full amount of the loan and then return the excess to CFI.
  OR
• Reject the loan offer and submit a new application.

If you need additional funds you can accept your loan offer and then submit a new application for another loan.

If your application has been submitted, you may print a copy at any time for your records. Select "Application Status" at the top of this page and then select the loan type you submitted (NC Student Assist Loan or NC Parent Assist Loan). You will then have the option to print your submitted application.

Once you have answered the questions to determine your eligibility for the loan and have been determined to be eligible, you may start an application and finish it later. The information on each page of the application is saved only after you have hit "Continue". You will not be allowed to continue to a new page if any of the required information is missing or invalid. You may exit and return at any time and continue your application.

Once your application is submitted, you will see the message "Application Submitted". At that point, you cannot make any further changes to your application.

You can complete a loan application by clicking the Apply button at the top of this page. The application process is online.

There is no deadline. However, you cannot be approved for a loan that is for an academic period that ended more than ninety (90) days in the past.

You can check the status by clicking "Application Status" at the top of the page. Then select the loan type you submitted.

It may take only a few days after your school certifies your eligibility for the loan. If it has been longer than 2 weeks, you can call us at 866-866-2362 or email us at [email protected].

The student borrower of an NC Student Assist Loan must:

• Be at least 17.
• Be enrolled (or accepted for enrollment) at half-time at an eligible non-profit Title IV institution in a degree-seeking program.
• Be a North Carolina resident or attending a North Carolina school.
• Be credit-worthy and have the required credit score, or have a co-signer who meets the credit requirements.
• Be a U.S. citizen or eligible non-citizen.
• Meet other federal student eligibility requirements as certified by the student's school.
• Be in good standing on any other CFI loan(s).

The parent borrower of an NC Parent Assist Loan must:

• Be the biological parent, adoptive parent, or step-parent of an eligible benefiting student.
• Be a U.S. citizen or eligible non-citizen.
• Be a North Carolina resident or have a benefiting student attending an eligible North Carolina school.
• Have a benefiting student who meets all of the requirements listed above for a student borrower except the credit score requirement.
• Be credit-worthy and have the required credit score.
• Be in good standing on any other CFI loan(s).

You can borrow a loan to cover the cost of attendance at your educational institution. Cost of attendance includes tuition, required fees, a room and board allowance (living expenses), books and supplies, transportation, and miscellaneous personal expenses. The amount you borrow is limited to your school's cost of attendance minus other financial aid you are receiving.

• A student applying for an NC Student Assist Loan can be a resident of another state as long as the student is attending an eligible non-profit Title IV institution located in North Carolina.
• A parent borrower must be a resident of North Carolina with a benefiting student attending an eligible non-profit Title IV institution in the United States, or a non-resident of North Carolina borrowing for a benefiting student attending an eligible non-profit Title IV institution located in North Carolina.

If you are a North Carolina resident you can attend college anywhere in the country, as long as your school is an eligible non-profit Title IV institution.

Yes, you can borrow for an online school as long as the school providing the online education is an eligible non-profit Title IV institution based in North Carolina or you are a North Carolina resident attending an eligible non-profit Title IV institution offering the online program.

Yes, you may apply each year here at www.NCAssist.org.

There are loan estimators for both the NC Student Assist Loan and the NC Parent Assist Loan on NCAssist.org (under the Tools & Calculators tab). The estimator can provide you with an estimate of loan payments and the total interest cost based on the amount you would like to borrow. You can input different loan amounts and interest rates to see the changes in estimated payments and total costs. Remember, you cannot borrow more than your cost of attendance minus other financial aid. You can also discuss the amount of loan you need with your financial aid office.

If you are a student borrower you may ask someone to co-sign your loan. Your co-signer has to meet the credit requirements. Co-signers are not allowed for the NC Parent Assist Loan.

If you are a student borrower and do not meet the credit requirements you will need a co-signer. A co-signer must be a qualified relative.

You should discuss this with your financial aid office. Generally, students borrow alternative loans only after receiving other financial aid including grants, scholarships, work study, and federal loans.

Of course, we cannot make the decision about whether or not someone should co-sign a loan. However, a potential co-signer should consider the following:

• You are being asked to be a co-signer because the student borrower is unable to qualify for the loan.
• A co-signer guarantees the loan. If the student borrower does not pay the debt, the co-signer is required to pay.
• A co-signer must be able to afford to repay the debt, including fees and collection costs.
• The lender can collect from a co-signer without first trying to collect from the student borrower and can use the same collection methods against the co-signer that can be used against the student borrower.
• Delinquencies and defaults may be reported on the co-signer's credit report.

We send monthly statements to co-signers. This allows a co-signer to see the account status (paying on time, delinquent, in forbearance, etc.). A co-signer will be able to see information about the loan here at www.NCAssist.org.

Yes, the co-signer stays on the promissory note.

The co-signer will be removed from the obligation of the loan upon his or her death or permanent disability. The student borrower will remain responsible for the repayment of the loan in accordance with the promissory note.

The co-signer will be released from the loan obligation in the event of the student borrower's death.

The repayment period is 120 months. However, there is a minimum payment for your loan that may result in a repayment period of less than 120 months. We will send you a repayment schedule with details about your monthly payment amount and the repayment term.

For an NC Student Assist Loan, repayment begins six (6) months after the student borrower graduates or ceases to be enrolled at least halftime at an eligible non-profit Title IV institution.

For an NC Parent Assist Loan, repayment begins after the final disbursement of the loan has been made.

No. Repayment begins after the final disbursement of the loan. Repayment begins immediately if there is only one disbursement.

You can prepay any or all of your loan at any time without penalty. If you have difficulties making payments, please contact us.

There is a six (6) month grace period that begins after you graduate or are no longer enrolled at least halftime at an eligible non-profit Title IV institution. Please check with your school to determine how it defines half-time enrollment.

There is no grace period for late payments. Please contact us if you are having difficulty paying by the due date each month.

If you are a student borrower, you may have payments deferred for a period of time if you return to school on at least a halftime basis.

You should contact CFI to discuss your options. Call us at 866-866-2362 or email us at [email protected]. We're happy to discuss the options available to you.

Default typically occurs when you (the borrower) consistently fail to make your installment payments for a specified period of time during the repayment period. But CFI may also declare your loan(s) to be in default if you fail to meet other terms of your promissory note or other written agreement(s) with CFI. If your loan(s) is declared to be in default, CFI will transfer your loan(s) to North Carolina State Education Assistance Authority (NCSEAA), the guarantee agency.

Failure to repay your loan as promised - defaulting - can cause significant problems for you.

First, your loan will be turned over to the North Carolina State Education Assistance Authority (NCSEAA). NCSEAA is the guaranty agency for your loan. Your default will be reported to all national credit bureaus. Second, even if you default, collection efforts do not stop. Eventually, the guaranty agency or the U.S. Department of Education (if you have defaulted on a Federal Family Education Loan) may also:

• Sue you
• Obtain a judgment for a lien against your current or future real property
• Garnish your wages
• Seize any NC Lottery winnings you may win
• Notify your employer if you work for the state or federal government
• Report to all national credit bureaus that you did not fulfill your loan obligation
• Withhold your state income tax refunds
• Cause you to lose any professional license you may hold

Avoiding default is very important. If you run into difficulty making your loan payments, immediately contact us.

If your loans have already defaulted, don't give up hope, you CAN get back on track. Contact NCSEAA toll-free at 800-544-1644 to discuss your options to repay your defaulted student loans.

If you have a loan at a school that closes while you are attending, you may be eligible to have your loan discharged. Please contact us toll-free at 866-866-2362 to discuss your options. However, if you do not qualify for loan discharge, you must pay back your loan.

Under certain circumstances, your loan may be canceled or forgiven - for example, if you become completely or permanently disabled or die. Please contact us toll-free at 866-866-2362 to discuss your situation.

• Payments are first applied to any past due loan(s), then payments are allocated across all loan(s).
• When a payment is applied, it is first applied to accrued interest on the loan and then to the outstanding principal balance.
• Your payment due date may be advanced by one month.
  • For each multiple of the scheduled monthly payment amount received by us, your payment due date is advanced by one month, unless you request otherwise.
  • If you make only part of the scheduled monthly payment amount (partial payment), the payment due date will be advanced by one month after enough partial payments are received by us to cover the scheduled monthly payment amount.

All payments are due and considered timely if received by the 10th of the month.

The due date is the 10th of the month. If you would like to pay on a different date, we strongly encourage you to pay ahead one month, so you are paid one month in advance, then you can make your scheduled payment on any day of the month you would like without the risk of being delinquent.

Automatic Draft Information

• You may choose to have your payments automatically drafted each month from an account at your financial institution. This is referred to as automatic draft or recurring payments.
• If you elect this method, your payments will be automatically drafted on or about the 10th of each month, but no sooner than the 10th of each month, and will be applied to your loan(s) as of the 10th of the month (Effective Date).
• In addition to the convenience and reduced chance of being late on a payment, if you elect automatic draft (recurring payments) as your payment method, you may receive an interest rate reduction of 0.25% which will save you money over the life of your loan.

Other Payment Methods Information

• Payments submitted by 5 pm Eastern Standard Time (EST) will be credited the same business day.
• Payments received from third-party processors are applied effective to the date that the file is received from the processor.

Payments mailed or personally delivered to College Foundation, Inc. will be applied as of the date the payment is received.

You can pay your loan in full anytime without penalty. Call us at 866-866-CFNC (2362) to get your payoff amount.

Send your payment and any correspondence to the following specially-designated address if you are paying your loan in full early:

College Foundation, Inc.
P.O. Box 40856
Raleigh, NC 27629-0856

CFI may be able to offer you a temporary suspension of payments. Contact us if you are having difficulty making payments.

There is no penalty for prepaying your loan. Prepayment will save you money due to reduced interest costs.

CFI reports your loans to national credit reporting agencies every month regardless of the status of your loan(s).

No. Both the NC Student Assist Loan and the NC Parent Assist Loan have a fixed interest rate. This means the loan will remain at a fixed rate for the entire life of the loan and will not change.

The NC Student Assist Loan and NC Parent Assist Loan are fixed rate, simple interest loans. Beginning on the date of disbursement, interest accrues on a daily basis at the fixed rate on the unpaid principal balance. Payments are applied first to accrued, unpaid interest, then to the unpaid principal balance.

Capitalized interest is accrued, unpaid interest that is added to the principal balance of the loan.

NC Student Assist Loan

Interest begins to accrue on the loan from the date of the first disbursement. You will be provided with a monthly statement notifying you of the amount of accrued, unpaid interest. If you do not choose to pay the interest that accrues on your loan(s) while you are in school, during your 6-month post-enrollment grace period, or during a deferment or forbearance period, the amount of that accrued interest may be capitalized (added to the current principal balance of your loan). In effect, you are borrowing more money to cover the accrued, unpaid interest.* You will save money by paying the interest as it accrues! If you cannot pay all of the accrued interest, we suggest you pay as much as you possibly can.

NC Parent Assist Loan

Interest begins to accrue on the loan from the date of the first disbursement. You will be provided with a monthly statement notifying you of the amount of accrued, unpaid interest. If you do not choose to pay the interest that accrues on your loan(s) prior to conversion to repayment (the date of the final disbursement of the loan), or during a forbearance period, the amount of that accrued interest will be capitalized (added to the current principal balance of your loan). In effect, you are borrowing money to cover the accrued, unpaid interest.* You will save money by paying the interest as it accrues! If you cannot pay all of the accrued interest, we suggest you pay as much as you possibly can.

* Because you must repay your loan(s) within the maximum allowable repayment period of 120 months, your scheduled monthly payment amount may increase due to interest capitalization, or you may have to make payments for a longer period of time if you were originally scheduled to pay for less than 120 months.