Federal Student Loan Rates Rise - Motivating Borrowers to Explore Alternative Student Loan Options

NC Assist Loan Offers Competitive Fixed Rates and No Fees to Beat Parent PLUS and Some Grad Student Loan Rates

RALEIGH, NC / ACCESSWIRE / July 11, 2022 / Student loans are becoming more expensive. Each May, Congress sets the federal student loan interest rates for the upcoming academic year based on an auction of 10-Year Treasury notes. Beginning July 1, and for the 2022-2023 school year, federal student loan rates jumped 1.26%.

NC Assist Loan, an alternative education loan from College Foundation, Inc., encourages parents and graduate school students to compare interest rates to make smart borrowing decisions that could save them money. Here's how NC Assist Loan rates compare to the new federal interest rates for the 2022-2023 school year:

• 6.95% fixed interest rate for NC Grad Assist Loans for students with additional need. (Compare to 7.54% for federal Direct PLUS loans.)
• 6.25% fixed interest rate for NC Parent Assist Loans. (Compare to 7.54% for parent and grad PLUS loans.)
• NC Assist Loan does NOT charge application or origination fees. (Compare to Federal Direct fees of 4.228% for PLUS loans.)

Before students and parents consider their student loan options, they should remember there are public and private financial resources available to help pay for college and graduate school.

• Apply for more FREE money - Students should contact their school's financial aid office if their financial situation has changed recently. Many students filed the Free Application for Federal Student Aid (FAFSA) months ago for aid for the 2022-2023 year, but it's not too late for those who haven't. Students with changing economic circumstances may qualify for additional grants, scholarships, work-study, and federal loans, but they need to act now!
• Apply for scholarships - There's still time to earn valuable scholarships for the upcoming school year! Use the free CFNC scholarship search tool to research and apply for North Carolina scholarships, including the new monthly $1,000 NC Assist No Essay Scholarship. Applying for scholarships is the perfect summer job for college students!
• Apply for alternative student loans - When savings, scholarships, and grants are not enough to cover college expenses, alternative loans with competitive rates, such as NC Assist Loan, help students and parents bridge the gap to make college a reality.

"As a trusted nonprofit resource, College Foundation, Inc. is proud to help students with a North Carolina connection achieve their college dreams," said Laura Morgan, Vice President of Communications, Savings, and Legal Affairs at College Foundation, Inc. (CFI). "NC Assist Loans are available when other financial aid and savings are not enough to cover the cost of college. We strongly encourage students and parents to compare rates and terms of loans; so they know they're making the best financial decisions for their futures."

About College Foundation, Inc.

College Foundation, Inc. (CFI), a nonprofit corporation serving North Carolina students and families since 1955, administers a large portfolio of education loans, several major grant and scholarship programs for students attending N.C. colleges and universities, and the tax-advantaged 529 college savings program on behalf of the N.C. State Education Assistance Authority. CFI also delivers information to North Carolina students and families about paying for college, assists colleges and universities with state residency determination and financial aid services, and provides technology support and outreach for CFNC.org.

Media Contact

Mary Lindsaye Boyd,
mboyd@919marketing.com
(919) 459-8160

SOURCE: NC Assist Loan