NC Parent Assist Loan

  • No Fees
  • Interest Rate Information
  • Borrowing Limits
  • Payment
  • Loan Terms
  • Disbursement
  • Parent Borrower Requirements
  • Information Needed To Apply

No Fees

The NC Parent Assist Loan has no application, origination, or prepayment fees!

Interest Rate Information

The NC Parent Assist Loan has a 5.5% fixed interest rate. The loan may be eligible for a .25% reduction if payments are made by automatic draft. The automatic draft benefit will be cancelled in the event a total of 3 automatic drafts are rejected for insufficient funds.

Borrowing Limits

You may borrow up to your school's cost of attendance minus other financial aid you receive.

The aggregate loan limit for the NC Parent Assist Loan is $120,000.

The minimum loan amount is $1,000.

Payment

There is a minimum monthly payment of $50.00 for the NC Parent Assist Loan. Repayment begins after the final disbursement of the loan.

Loan Terms

The repayment period:

  • Accrued, unpaid interest will be capitalized (added to your outstanding principal balance) when the money is disbursed.
  • 10-year standard maximum repayment period.
  • $50 minimum monthly payment.
  • No penalty for prepayment.

Disbursement

Funds are disbursed directly to the school your student is attending.

Parent Borrower Requirements

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.
  • Have a benefiting student who meets the requirements listed for a student borrower.
  • Be credit-worthy and have the required credit score.
  • Be in good standing on any other CFI loan(s).

Information Needed To Apply

In order to make the application process smoother, please have the following information available:

  • Parent and Benefiting Student Dates of Birth.
  • School the student will be attending.
  • Student's program of study.
  • Name, address, phone number, and email address (Parent and Student).
  • Parent and Benefiting Student Social Security Numbers.
  • Driver's License Number.
  • Loan Period (MM/YYYY to MM/YYYY).
  • Cost of Attendance.
  • Other Financial Aid.
  • Requested Loan Amount.
  • If employed, your employer's information.