Forgivable Education Loans for Service Program

The Forgivable Education Loan for Service was established by the North Carolina General Assembly in 2011 with the first loans available for the 2012-13 academic year.

The loan provides financial assistance to qualified students who are committed to working in North Carolina in fields designated as critical employment shortage areas. A student must meet the following eligibility requirements to receive assistance:

You must be a North Carolina resident for tuition purposes.
At the time of application, present a minimum grade point average (GPA) of 3.00 for graduating high school students (weighted GPA) or 2.80 for undergraduate students pursuing an associate degree.
You must register with the Selective Service System, if required.
You must not be in default or owe a refund under any federal or state loan or grant program.
You must meet the Satisfactory Academic Progress requirements of the institution.
You must be willing to work in N.C. in a designated critical employment area.

To apply, visit http://www.cfnc.org/FELS for an application, specific program details, and deadline. FELS loan recipients must sign a promissory note that will require them to seek loan forgiveness through employment in an approved position or repay the loan in cash. Loan forgiveness is described in the FELS rules. Generally, a loan for one academic year will be forgiven for one year of full-time employment. Loans will accrue interest at the rate of 8 percent per year from the date of the loan disbursement. The award amount for a diploma and associate degree program is $3,000 per year. The aggregate maximum loan limit is $6,000.