Repayment Options

Borrower Benefits

The NC Advantage on CFI loans helps make college more affordable. See how much you'll save on a Stafford, PLUS or Consolidation Loan from CFI.

For information on the Teacher and Counselor Loan Payment Holiday program which was discontinued, click here

Repayment Plans

Realizing borrowers' individual circumstances will vary, CFI offers several repayment options. Which plan is the right option for you?

Standard Repayment Plan - You pay the same monthly payment amount (including principal and interest) throughout the repayment period.
Graduated Repayment Plan - You start with a lower monthly payment at the beginning of your repayment period, then gradually increase over the course of the repayment period.
Income-Sensitive Repayment Plan - You make a monthly payment based on a percentage of your monthly gross income.
Extended Repayment Plan - You extend payments for a lengthened repayment term of up to 25 years. (Available only to borrowers who received their first loan on or after October 7, 1998, and have more than $30,000 in outstanding principal and interest through the Federal Family Education Loan Program [FFELP].)
Income-Based Repayment Plan (IBR) - This repayment plan was developed to assist borrowers who are having difficulty making their payments because they have high student debt levels relative to their incomes. The program is available for Stafford Loans, PLUS Loans to graduate students and Consolidation Loans with no underlying parent PLUS Loans. Borrowers must exhibit a partial financial hardship (PFH) as defined by federal regulations to enroll in an IBR plan. PFH is based upon the borrower's income, poverty level for the borrower's state of residence, family size and student loan indebtedness. Borrowers must recertify family size and income each year. This plan became available July 1, 2009. For more information on IBR, click the IBR link.
Income-Based Repayment (IBR) Calculator
Download Income-Based Repayment (IBR) PDF form

The Standard Repayment Plan, of course, suits the needs of most borrowers. But if you are interested in any of the other repayment plans and want to know if you qualify, please contact the CFI Repayment Call Center (919/821-4743 or toll free 1-800/722-2838) for more information.

Deferments & Forbearances

During your post-college years, you begin to build a career and establish credit. This is also the time during which you will repay your student loan(s) - your repayment period - an important part of establishing good credit. Unexpected circumstances can occur that may make meeting your repayment obligations difficult. Because of job loss or other extenuating circumstances, you may want and need to consider temporary alternative repayment options, also known as deferments and forbearances.

Loan Consolidation

If you have more than one education loan or a very large loan and are having difficulty making the scheduled payments, a consolidation loan might be the best solution. Consolidation allows you to lower your monthly payment amount by lengthening the repayment period beyond the standard 10-year schedule. Depending on the amount of your education loan debt, you may qualify to have your repayment period extended to a maximum of 30 years, which would significantly reduce your monthly payment. Consolidation loans offer several repayment options (including graduated, income-sensitive and extended) plus deferment and forbearance benefits. If you want to consider managing your education loan debt with a consolidation loan, CFI can help.