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CFI Loans for the Carolina Computing Initiative (CCI)
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College Foundation, Inc. (CFI) is assisting UNC-Chapel Hill with
its CCI by
offering a program exclusively for students enrolled at UNC-Chapel
Hill. This program has low-interest loans for the purchase of a
laptop or other computer available from UNC-Chapel
Hill Student Stores. Funds for the loans are provided by the North Carolina
State Education Assistance Authority (N.C.SEAA). |
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To Apply:
If you are at least 17 years of age and you wish to
apply for a computer loan, click here! |
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| These loans are
not a part of the normal student financial aid process. The
program was established to assist students interested in taking
advantage of the special prices Carolina negotiated with IBM. |
| Loans are
limited to the cost of one personal computer, a printer, the
standard office and utilities software as preinstalled for
UNC-Chapel Hill students, mouse, network cables, surge protector,
Lenovo ThinkPad, carrying case, a computer security cable, and
optional property insurance - all purchased from UNC-Chapel Hill
Student Stores. |
| Students may
borrow the amount needed for the purchase (including applicable
N.C. Sales Tax) or $3,500.00, whichever is less. The minimum
loan amount will be $500.00. |
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| There is an origination fee of 3 percent of the
amount borrowed for your purchase, and that fee will be collected
from your earliest payments. (For example, if the loan amount
needed for your purchase is $3,000, the origination fee would be
$90; and the total amount financed would be $3,090.) |
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| The interest
rate for loans made on or after September 1, 2006 is 6.80%; it is
simple interest, calculated on the principal amount outstanding at
the time of each payment. Click here to
see Annual Percentage Rate (APR) disclosure examples. |
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| Use the CCI Loan
calculator to figure your monthly payments! |
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Payments are required on a regular monthly basis, due at
CFI by the 10th of each month. There is no provision for
postponement of payments for any reason. The maximum repayment
period will be 48 months (4 years). The entire balance plus
accrued interest is immediately due and payable if the student
ceases to own the computer purchased with the loan funds (for
example, if the computer is traded).
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| There is no
penalty for prepayments, and extra amounts may be included in the
monthly payments or sent separately. CFI will report to a credit
bureau (Equifax) on the regularity of payments and the amount
owed; and the N.C. State Education Assistance Authority will take
legal action against anyone failing to make the required monthly
payments when due. Please note: The University may bar
registration or withhold transcripts upon default.
CFI and N.C.SEAA are pleased to offer this program to
assist students participating in the CCI.
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Nondiscriminatory Policy
All student financial assistance is awarded on a nondiscriminatory
basis without regard to race, color, religion, national origin,
sex, marital status, disability, sexual orientation, veteran
status, age (with the exception that borrowers must be at least 17
to enter into loan contracts under North Carolina law), or any
other protected characteristics established by law.
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