*The on-time benefit starts immediately at repayment and
allows you a full year to get on track. During in-school deferment
period, Graduate/Professional PLUS Loan borrower automatically
receives benefit for on-time payment. 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.
When a Graduate/Professional PLUS Loan borrower leaves school
or drops below half-time enrollment, monthly payments must start. As
long as you pay on time, you'll keep the .75% interest rate
reduction you had during your in-school deferment.*
**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.
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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