North Carolina's EXTRA Education Loan

For Certain Programs at Eligible NC Colleges and Universities.

If you need more money for college after applying for all available federal financial aid, consider North Carolina's EXTRA Education Loan. This loan can range from a minimum of $200 up to a maximum of the cost of attendance less other financial aid certified by your school. Borrow only what you really need.

Eligibility Requirements

To borrow an EXTRA Education Loan, you must meet all loan eligibility requirements in effect when your loan is disbursed. Once you meet the eligibility requirements, school certification is also required.

• Be in good standing with existing loans under any Federal or State loan program;
• Have never defaulted on any loan under any Federal or State loan program or have a rehabilitated loan;
• Be accepted for enrollment or enrolled at least half time and making satisfactory academic progress in an associate or baccalaureate degree program at an eligible 2-year or 4-year nonprofit college or university in North Carolina that participates in either the Federal Family Education Loan Program (FFELP) or the Federal Direct Loan Program or both. May include enrollment in study abroad or summer terms if the academic credit will be applied to the program degree requirement. Half-time enrollment eligibility requirement does not apply to summer terms;
• Have applied for all available financial aid, including Federal student loans, and determined that you need the EXTRA Education Loan to meet the remaining cost of your education;
• Have a good credit rating or a Surety with a good credit rating who accepts equal responsibility for your loan.
• Be a U.S. Citizen

Additional information on EXTRA Education Loans for State Employees' Credit Union Members and Local Government Federal Credit Union Members.

EXTRA Education Loan Details

There are no origination, guarantee or repayment fees on this loan.

For EXTRA Education Loans first disbursed on or after July 1, 2009, the interest rate is 3-month LIBOR + 3% (with a minimum rate of 7%), adjusted quarterly and determined on the day that is two business days prior to the beginning of the applicable quarter. Click here to see Annual Percentage Rate (APR) disclosure examples.

Take a look at the current interest rate and how NC Advantage borrower benefits may reduce your interest rate during repayment.

No payments are required while you are enrolled and there is a six-month grace period before repayment starts. Accrued, unpaid interest is capitalized at repayment.

The repayment period ranges from 10 to 30 years, based on the total EXTRA Education Loan amount borrowed.

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