Program areas at CFNC
Educational loan programs: As of June 30, 2023, the Foundation was servicing 15,754 loans to 7,152 borrowers with an outstanding principal balance of $136,317,284. The Foundation services loans for higher education for North Carolinians at institutions of higher education and for students attending institutions of higher education in North Carolina. During the fiscal year ended June 30, 2023, the Foundation serviced loans made under Part B, Title IV of the Higher Education Act (HEA) of 1965, as amended, EXTRA Education loans to borrowers attending schools in NC for qualified higher education expenses not covered under NC's Federal Family Education Loan Program (FFELP), EXTRA MBA loans to borrowers from the Kenan Flagler Business School MBA or MAC programs at UNC Chapel Hill who were unable to secure loans under NC's FFELP or the EXTRA Education loan program, and NC Assist loans designed to help bridge the gap between the cost of attendance and other financial aid for students who are NC residents attending an eligible non-profit Title IV institution anywhere or nonresident students attending an eligible non-profit Title IV institution in North Carolina or for the parents of such students.
NC 529 College Savings Program: The Foundation acts as agent for the NC State Education Assistance Authority in the administration of the state's College Savings and Investment Program which is designed to meet the requirements of a "qualified" tuition program under Section 529 of the Internal Revenue Code. North Carolina's National College Savings Program had 163,857 accounts for 145,208 beneficiaries and a value of $3,271,050,203 at June 30, 2023. The program received contributions totaling $254,598,994 and processed distributions totaling $232,466,318 during the year ended June 30, 2023.
Information dissemination initiative: The Foundation administers the College Foundation of North Carolina (CFNC) program to coordinate information dissemination efforts to increase access to higher education in North Carolina and provide information on planning, applying, and paying for college through a comprehensive website (www.CFNC.org), call center, and program information services to students, families, schools, and colleges. Prospective students submitted 333,513 applications to NC schools using the website, the CFNC call center received 26,800 calls and responded to 3,693 email inquiries, and 1,870 specific programs were provided to colleges, K-12 schools and businesses during the year ended June 30, 2023.
Other program services: Residency Determination Service, NC Community College Grant program, UNC Need-Based Grant program, NC Education Lottery Scholarship program, NC Need-Based Scholarship program, Longleaf Commitment Grant, K-12 Scholarship Program Support, Victor E. Bell, Jr. Scholarship program, Broyhill Family Foundation scholarship program, management and computer services, and miscellaneous scholarship and grant programs.