Forgivable Education Loans for Service (FELS)

Established by the North Carolina General Assembly in 2011, the Forgivable Education Loans for Service provides financial assistance to qualified students enrolled in an approved education program and committed to working in critical employment shortage professions in North Carolina. The North Carolina State Education Assistance Authority administers the program. FELS loan recipients must sign a promissory note that requires them to seek loan forgiveness through employment in an approved position or repay the loan in cash. Generally, a loan for one academic year will be forgiven for one year of full-time employment in a designated critical shortage profession in North Carolina. Loans accrue interest at a rate of 7% per year from the date of the loan disbursement. Recipients cannot receive FELS funding concurrently with other state-funded loans. For bachelor's degree programs, priority is given to juniors and seniors who have been accepted into their program.