NC Student Assist Loan
The NC Student Assist Loan is an education loan that helps bridge the gap between the cost of attendance and other financial aid. The loan is available to students who are North Carolina residents and students who reside outside of North Carolina but are attending an eligible non-profit Title IV institution in North Carolina. Find out how to cover your college costs.
Watch the following video for important information about the NC Student Assist Loan.
- No Fees
- Interest Rate Information
- Borrowing Limits
- Access to Financial Education Resources
- Loan Terms
- Student Borrower Requirements
- Co-signer Requirements
- Information Needed to Apply
The NC Student Assist Loan has no application, origination or prepayment fees!
Interest Rate Information
The NC Student Assist Loan has a 5.75% fixed interest rate. The loan may be eligible for a .25% rate reduction if payments are made by automatic draft. The automatic draft benefit will be cancelled in the event a total of 3 consecutive automatic drafts are rejected for insufficient funds.
Always review rates and other loan terms to determine the right loan for you. Compare to Federal Rates
You may borrow up to your school's cost of attendance minus other financial aid you receive.
The aggregate loan limit for the NC Student Assist Loan is $120,000 for undergraduate students and $200,000 for graduate students.
The minimum loan amount is $1,000.
Access to Financial Education Resources
NC Student Assist Loan borrowers have access to a robust, on-line library of financial education resources which provides information about money management, budgeting, and even transitioning from school to work.
Grace period: Payments are not required until 6 months after you graduate or
cease to be enrolled at least halftime.
You have the option to pay the interest that accrues while you are enrolled and during the grace period. If you choose not to pay, the accrued, unpaid interest will be capitalized (added to your outstanding principal balance) when the repayment period begins.
The repayment period:
- 10-year standard maximum repayment period.
- $50.00 minimum monthly payment.
- No penalty for prepayment.
Funds will be disbursed directly to the school you are attending.
Student Borrower Requirements
The student borrower of an NC Student Assist Loan must:
- Be at least 17.
- Be enrolled (or accepted for enrollment) at least halftime 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).
Students with little or no credit will be required to obtain a qualified co-signer to continue with the application process. You will be notified during the application process if a co-signer is required to continue.
To co-sign a loan for a student, you must meet the following criteria:
- Be at least 21 years of age.
- Be a spouse or relative of the student.
- Be a U.S. citizen.
- Be credit-worthy and have the required credit score.
Information Needed To Apply
In order to make the application process smoother, please have the following information available:
- School you will be attending.
- Your program of study.
- Your name, address, phone number and email address.
- Your Social Security Number.
- Your Driver's License Number.
- Loan Period (MM/YYYY to MM/YYYY).
- Cost of Attendance.
- Other Financial Aid.
- Requested Loan Amount.
- Co-signer name and email address (if applicable).