Pay for School
Student Loans
Considering college, but concerned about the cost? LGFCU wants to help members understand the best ways to pay for college. If borrowing is one of your choices, we also want to make sure you can get student loans at the lowest possible cost.
That’s why we’ve partnered with the College Foundation of North Carolina (CNFC) to offer Stafford, PLUS, Consolidation and EXTRA Education Loans as well as to provide assistance with planning and applying for college. Along with LGFCU and CNFC, you should also speak with the financial aid officer at the school you plan to attend.
Federal Family Education Loan
Federal education loans are available for North Carolina students to pay for an eligible in-state or out-of-state college or university. Students must attend school at least half-time.
Stafford Loan
Subsidized and unsubsidized Stafford Loans are offered for undergraduate and graduate students. Students applying for subsidized Stafford Loans must show financial need. To be eligible, a student is required to be enrolled in school at least half-time. Repayment plans are generally available up to 10 years.
- For Dependent Students: Loan maximums - 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.
- For Independent Students: Loan maximums - 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.
- Stafford Loans Aggregate Lifetime Maximums: $31,000 for dependent undergraduate students; $57,500 for independent undergraduate students; and $138,500 for graduate students (including any undergraduate loans).
Parent Loans for Undergraduate Students (PLUS)
The PLUS loan is available only to parents of a dependent undergraduate student. Parents do not have to demonstrate financial need to borrow PLUS Loans, but must have a good credit history.
- Amount borrowed cannot exceed total cost of educational expenses
- Not based on financial need
- Origination fee equal to three percent of the loan approved
- Guarantee fee may range from zero to one percent of the loan amount
- Repayment on loan begins immediately
- Maximum amount up to cost of attendance less financial aid
Graduate/Professional PLUS Loan
This type of PLUS loan is only available for graduate or professional students.
- You do not have to demonstrate financial need to borrow PLUS Loans.
- Must have a good credit history and have already applied for your annual loan maximum eligibility under the Stafford Loan program.
- Maximum available amount up to cost of attendance less financial aid.
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 visiting the CFNC.org Web site or call toll free 866.866.2362.
Apply Today
For interest rates, and free, comprehensive information on how to plan, apply and pay for college visit the College Foundation of North Carolina Web site or call toll free 866.866.CFNC.
