Teacher and Counselor Loan Payment Holiday

How about a holiday from making payments on your education loan?

The annual Loan Payment Holiday allowable per person is the amount of your December loan payment or $375.00, whichever is less. Since a payment is made for you that month, you'll have extra cash available just in time for holiday extras. Ten December payments will be covered for you as long as you are eligible and the program is offered.

CFI expects the Loan Payment Holiday program to continue as long as the State is experiencing a teacher shortage and the program remains permissible under applicable federal law. However, determination of the availability of this program is generally made on an annual basis, and consequently, the program is subject to change or termination without prior notice.

Eligibility Requirements

• Begin your first year of teaching or counseling in North Carolina public schools on or after July 1, 2005;

• Be employed as a full-time teacher or counselor in a North Carolina public school, or charter school located in the state, for the academic year preceding the payment holiday and at the time of the annual eligibility review;

• Have a Stafford, PLUS or Consolidation Loan in repayment with CFI;

• Use automatic draft to make your loan payments; and

• Stay current with your loan payments.

The Department of Public Instruction will identify eligible teachers and counselors and verify continued employment. CFI sends out reminders of the possible holiday when your loan(s) are in repayment.

For more information, call College Foundation of North Carolina (CFNC) toll-free at 866-866-CFNC.