Organization: COLLEGE FOUNDATION INC
Mission: Our work today makes a better tomorrow by empowering people to achieve their academic goals. At June 30, 2020, the Foundation was servicing a loan portfolio valued at $1,076,801,482 and administering North Carolina's National College Savings Program with a portfolio valued at $2,694,191,618. During the tax year ended June 30, 2020, students used the CFNC.org website to submit 388,828 applications to NC colleges, 348,138 students used the Residency Determination Service, and the Foundation disbursed $257,834,296 in state grants.
Activities: Educational loan programs: as of June 30, 2020, the Foundation was servicing 199,690 loans to 63,182 borrowers with an outstanding principal balance of $1,076,801,482. 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. The Foundation services 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.
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 388,828 applications to NC schools using the website, the CFNC call center received 68,605 calls and responded to 4,818 email inquiries, and 1,941 specific programs were provided to colleges, K-12 schools and businesses in the year ended June 30, 2020.
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 150,247 accounts for 138,761 beneficiaries and a value of $2,694,191,618 at June 30, 2020. The program received contributions totaling $250,382,170 and processed distributions totaling $182,740,895 during the year ended June 30, 2020.
NTEE category: Education