The loans listed below are available through College Foundation, Inc. (CFI), a nonprofit corporation created to assist
North Carolina students and families with postsecondary educational expenses. The federal loans available may be used
to attend an in-state or out-of-state college or university eligible to participate in the Federal Family Education
Loan (FFEL) Program.
The Credit Union endorses participation in the programs offered by CFI
because CFI is a nonprofit, central loan originator
for North Carolina’s FFEL Program and emphasizes superior borrower benefits and services.
Detailed information about each loan is available on the information site, College Foundation of North Carolina,
CFNC.org, in the Paying for College section.
Federal Education Loans from CFI
For Students
Federal Stafford Loan. For undergraduate or graduate students. Subsidized (must show financial need)
or unsubsidized. Aggregate lifetime maximums for Federal Stafford Loans are: $31,000, dependent undergraduate students; $57,500,
independent undergraduate students; and $138,500, graduate students (including any undergraduate loans).
Interest rate for subsidized Stafford Loan for undergraduate students for '08-'09 academic year is 6.0% APR1; for graduate
students and for unsubsidized Stafford Loans is 6.8% APR1. You may reduce your rate with CFI's borrower
benefits (the NC Advantage).
Dependent Students: First year of undergraduate school: $5,500, with no more than $3,500 being
subsidized; Second year of undergraduate school: $6,500, with no more than $4,500 being subsidized; Third year
and beyond of undergraduate school, $7,500, with no more than $5,500 being subsidized.
Independent Students: First year of undergraduate school: $9,500 with no more than $3,500
being subsidized; Second year of undergraduate school: $10,500, with no more than $4,500 being subsidized; Third
year and beyond of undergraduate school: $12,500, with no more than $5,500 being subsidized; Graduate/professional
students $20,500, with no more than $8,500 being subsidized.
Federal Graduate/Professional PLUS Loan. For graduate or professional students. Do not have to demonstrate financial need to
borrow PLUS Loans, but must have a good credit history and have already applied for your annual loan maximum eligibility under the Federal Stafford
Loan program. Maximum available up to cost of attendance less financial aid. Interest rate 8.5% APR1 . You may reduce your rate
with CFI borrower benefits (the NC Advantage).
Federal Consolidation Loan. Due to current financial market conditions and the high demand for student and parent loans this academic
year, CFI has reluctantly suspended their Federal Consolidation Loan Program until further notice. Get the most current information about program
availability and other options you may want to consider by going to the CFNC.org
website or by calling 866-866-CFNC.
For Parents
Federal PLUS Loan. For parents of dependent undergraduate students. Do not have to demonstrate
financial need to borrow PLUS Loans, but must have a good credit history. Maximum available up to cost
of attendance less financial aid. Interest rate 8.5%. You may reduce your rate with CFI borrower benefits
(the NC Advantage).
Federal Consolidation Loan. Due to current financial market conditions and the high demand for student and parent loans this academic
year, CFI has reluctantly suspended their Federal Consolidation Loan Program until further notice. Get the most current information about program
availability and other options you may want to consider by going to the CFNC.org
website or by calling 866-866-CFNC.
Alternative Loan Offered by CFI
EXTRA Education Loan. Still need money to pay college expenses even after applying for all
available federal and state financial aid? As of July 1, 2008, SECU
has partnered with CFI to offer a special
SECU version of
CFI's supplemental loan, the EXTRA Education Loan.
The EXTRA Education Loan, with the SECU special benefit, is
available for undergraduate students in an associate, baccalaureate or graduate degree program at an eligible
2-year or 4-year public or private non-profit college or university in North Carolina that participates in either
the Federal Family Education Loan Program ("FFELP") or Federal Direct Loan Program or both. The loan can
range from a minimum of $200 up to a maximum of the cost of attendance, less other financial aid as certified by your
school. Borrow only what you need!
Interest rate is variable, based on LIBOR three-month rate + 3%, adjusted quarterly.
You may reduce your rate by as much as ½% with CFI borrower benefits (the NC Advantage)
and by an additional ½% with the special benefit exclusively for SECU members. Payments are deferred until 6 months after school enrollment ends.
Before You Apply for Any Loans
Take a look at this Important Information Checklist to help
you through the loan application process. Loan applications available online at
CFNC.org or by calling toll free 866-866-CFNC.
