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Save Money on Your Stafford Loan
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The NC Advantage
College Foundation, Inc., a nonprofit corporation, and the North
Carolina State Education Assistance Authority, an agency of the
state, are committed to helping you keep the cost of borrowing for
college as low as possible.
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[Stafford Loans]
[Details About the Stafford Loan]
[Choosing a Stafford Loan Lender]
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College Foundation, Inc. (CFI) (Lender Code 807037) offers these
cost savings on your Stafford Loan: |
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For Stafford Loans from CFI
first disbursed on or after October 1, 2008:
- No origination fee
- Waiver of federal default fee
- .25% interest rate reduction for making payments by
automatic draft
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For Stafford Loans from CFI
first disbursed between July 1, 2006 - September 30, 2008:
- No origination fee
- Waiver of federal default fee
- Immediate 1% reduction of your interest rate for on-time
payments once repayment begins*
- 1.5% interest rate reduction for making payments by
automatic draft and selecting electronic payments**
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*The on-time benefit starts immediately at repayment and
allows you a full year to get on track. The automatic on-time
benefit will be cancelled retroactively for any Stafford or PLUS
Loan borrower who reaches 210 days past due during the first year of
repayment without making a payment or taking any other preventative
action to avoid default. A PLUS Loan borrower who reaches 210 days
past due at any time during repayment will also be held responsible
for repayment of any credits previously applied under the NC
Advantage.
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**The automatic draft and electronic statement benefit for
a Stafford or PLUS Loan borrower will be cancelled in the event a
total of three automatic drafts are rejected for insufficient funds.
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Determination of the amount and availability of benefits on
new loans is generally made on an annual basis and may be subject to
change at any time. Benefits on loans, once received by a borrower,
remain in effect for the life of those loans as long as the borrower
continues to meet the associated eligibility requirements, as
permitted by law. If you have loans from College Foundation made
prior to July 1, 2006, call us toll-free at 866-866-CFNC to review
benefits in effect for your loans.
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