College Foundation, Inc.(CFI) Loans for the Carolina Computing Initiative (CCI)

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CFI Loans for the Carolina Computing Initiative (CCI)

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).

To Apply:

If you are at least 17 years of age and you wish to apply for a computer loan, click here!

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.

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.)

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.

Use the CCI Loan calculator to figure your monthly payments!

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).

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.


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.