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| 1. Does the lender offer
money-saving options for your loan? |
| Standard charges are a 1%
Federal default fee and a 3% origination fee. |
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| College
Foundation does not charge you the federal default fee. |
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| 2. Will your lender make
repaying the loan easier by reducing your interest rate? |
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| College
Foundation offers a 0.25% reduction when you make payments by
automatic draft. See details of the NC Advantage for loans
made on or after October 1, 2008 or between July 1, 2006 - September
30,2008. If you have previous loans, before July 1, 2006, call us
toll free at 866-866-CFNC to review the benefits in effect for these
loans |
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| 3. Does the lender ever sell
its loans? |
| Some lenders sell loans to
secondary markets, meaning that you will make payments to a new
"owner" of your loan. Sometimes loans are sold to more
than one secondary market, which could leave you with payments each
month to more than one loan "owner." Sending separate
payments to multiple loan owners can be expensive and confusing. |
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| College
Foundation has never sold or transferred loans and has a long-term
commitment to our borrowers which makes it much easier to get your
questions answered. |
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| 4. Who services your loan? |
| Does your lender contract out
servicing (keeping up with your changes of address, your loan
status, sending you bills, receiving your payments, processing your
deferment requests, answering questions, etc.) to a third party
contractor, or does it service the loans itself? If your loans are
serviced by multiple contractors in several states, confusion and
potential errors may result. |
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| CFI services all
the loans we hold, from the time they are made until the time they
are paid in full. Our staff is right here in North Carolina, ready
to provide excellent customer service. |
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| 5. Is borrowing from one lender
preferable? |
| You should generally borrow
all Graduate/Professional PLUS Loans from the same lender to keep
your loans in one location and for consistent information and
service. |
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| If you choose to borrow
from CFI, our lender code is 807037. Follow the directions from your
school on how to complete the loan process. CFI offers online or
paper applications. |
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Learn how to save money on your Graduate/Professional PLUS Loans. |
Note: Some colleges participate directly in the Federal Direct Loan
Program. In these cases, there is no choice of using College
Foundation, Inc., a Federal Family Education Loan lender. Follow the
instructions of these colleges to get the loan. |
