No interest is charged or accrued while you are in school. The first payment becomes due three months after completing your degree or immediately upon withdrawal or dropping below full-time status. Interest is at an annual fixed rate of six percent. Interest begins to accrue as soon as your first payment is due. Loan amounts were increased in January 2022. Repayment amounts and number of payments are according to the following schedule if signed after January 2022:
Number of Payments
CSLF Loans- Make check payable to THE CANTON STUDENT LOAN FOUNDATION.
NCSL Loans- Make check payable to THE NORTH CANTON STUDENT LOAN FUND.
PAYMENT CHECKS BETWEEN THE 2 FUNDS CANNOT BE COMBINED.
A monthly billing statement (or 2 if you have borrowed from both funds) will be mailed to you beginning the month your first payment becomes due (unless you are signed up for paperless). A payment slip and a return envelope will be included with each billing statement. Mail your check along with the payment slip in the return envelope which is enclosed with the billing statement. Statements will be mailed by the 10th of each month, and payments must be received in our office before 4:00 pm on the last business day of each month. Please include your account number on your check- so we know which account the loan payment should be applied to.
You may also pay online using your credit card or debit card. A 3% fee is charged for using this method of payment. Click here to make an online payment. Payments must be made before 4:00 pm on the last business day of the month.
Automatic Payment Option
Have your loan payments automatically paid on the due date, eliminating worries about mailing the payment on time or making a payment when you are out of town. Enrollment is easy! Simply complete the enrollment form.
For assistance with or questions regarding loan payments, contact our office at 330-493-0020.