Other Loans
Alternate/Private Loans
From time to time, students find themselves in need of additional loan funds in order to meet their cost of attendance. In addition to the Federal Stafford Loan program(s), our Financial Aid Office makes available loan information for various credit-based loans offered by lenders to students attending California State University San Bernardino. Students with remaining unmet need who meet the lenders' eligibility requirements may be eligible to borrow additional loan funds.
Terms and conditions vary between loan products and may vary when borrowing with a cosigner. Students and cosigners are encouraged to research each loan program individually, taking into consideration all terms to the loan, before making a decision to borrow. Some items to consider when selecting a lender are:
- Minimum and maximum loan amounts available.
- How will your credit rating affect your loan?
- Is a co-signer required? Can the co-signer be released at a later date?
- What is the current interest rate?
- What fees, interest reductions or incentives are offered?
- When do payments begin?
- What are the minimum and maximum terms and payment amounts?
- Is there a penalty for paying off the loan early?
- How the lender services the loan and the borrower?
Note: Borrow only what you need to cover your educational expenses, because the decisions you make today will affect your finances in the future.
Most frequently asked questions:
How does a student apply for a Private loan?
Private Loans are a financial aid program, but the loan is made to the student borrower by a bank.
The bank conducts a credit check as part of the application process.
To apply for a Private Loan, the student applicant must complete and sign the Private loan application / promissory note in which the student borrower attests that he/she understands and accepts the terms and conditions of the loan a promise to repay it. Both the loan application and promissory note are contained in a single form. It is recommended that the student first file the FAFSA (Free Application for Federal Student Aid at www.fafsa.ed.gov) to determine if he/she qualifies for federal aid/loans.
You may contact your Private Loan Lender directly to begin the application process. Many lenders have web based applications and promissory notes that will expedite the process for the student.
How is the Private loan funds delivered?
Private loan funds are delivered to CSUSB by check payable to the student borrower. The loan will be disbursed in one installment for each quarter. The college cannot release the funds any earlier than 10 days before instruction begins and only after the student's enrollment status and academic progress have been verified. The Financial Aid Office will confirm that your child is enrolled in a minimum of 6.0 units before the Student Accounts Office releases the check to the student.
If the loan funds are received by check, the college may require the student borrower to endorse the disbursement check(s). If the student's account with CSUSB (Tuition fees, housing, due emergency loans, etc.) is paid in full for the term, the Student Accounts Office will mail the check to you, the student borrower at the address on the loan application. If the student's account is not paid in full, you must contact the Student Accounts Office to arrange for payment and receipt of your Private loan check. The Student Accounts Office is located in Sierra Hall, Room 119, their phone number is 909-537-5162. Their office hours are Monday - Friday from 8AM to 5PM.
Federal Perkins Loans
The Federal Perkins Loan is a long-term loan. Undergraduates, credential students, and classified graduates maintaining at least half-time status and demonstrating exceptional financial aid need may apply for this loan. Students will be considered for the Federal Perkins Loan by submitting the Free Application and indicating a desire for a loan.
California State University, San Bernardino is the lender. The loan is made with funds provided by the federal government with a share contributed by the institution. You must repay this loan to California State University, San Bernardino.
In order to receive a Federal Direct Perkins Loan you must also have completed a Master Promissory Note. You may complete an electronic MPN by accessing the Educational Computer Systems, Inc. homepage, clicking on “Students”, and then selecting “eSign a Promissory Note” and following the instructions. In addition, all first time borrowers must also complete an Entrance Counseling Interview.
The amount of loan awarded depends on the student's need. Students demonstrating exceptional financial need, as defined by CSUSB, have priority. After a student’s need is determined, CSUSB must consider the student’s willingness to repay. If the student appears to be willing to repay the loan, then eligibility is determined by availability of funds. Due to limited funding, not all that qualify will receive a Perkins Loan.
The annual maximum and aggregate loans are as follows:
Annual Limits
| Undergraduate students | $5,500 |
|---|---|
| Graduate Students | $8,000 |
Aggregate Limits
| Grade Leveles 1 and 2 | $11,000 |
|---|---|
| Grade Leveles 3, 4 and 5 | $27,500 |
| Graduate | $60,000 |
The repayment period begins six or nine months after the student is no longer enrolled on at least a half-time basis depending on when the loan was initiated. The payment period may be extended for up to ten years. The minimum monthly payment is $40. Interest is not charged until the repayment period begins. The interest rate is 5%. The following schedule is a sample of monthly repayments. Your repayment schedule will be different.
Federal Perkins Loan Repayment Schedule 5% Interest (example)
| Total Loan Amount | Number of Payment | Approximate Monthly Payment | Total Interest Charges | Total Repaid |
|---|---|---|---|---|
| $ 4,000 | 120 | $ 42.43 | $1,091.01 | $ 5,091.01 |
| $ 5,000 | 120 | $ 53.03 | $1,364.03 | $ 6,364.03 |
| $15,000 | 120 | $159.10 | $4,091.73 | $19,091.73 |
The Federal Perkins Loan Program offers cancellation provisions to various borrowers. If you believe you qualify for cancellation of part of your loan, contact the CSUSB Student Accounts Office (SAO) office located in Sierra Hall (SH-119) for further information.
Restrictions apply to all the following categories. You are encouraged to review your eligibility for cancellation provisions with the SAO during your senior year or your last scheduled year of attendance at CSUSB.
Programs which may qualify for partial cancellation of the Federal Perkins Loan Program include:
- Military or VISTA service
- Teaching in designated schools*
- Be a teacher providing special educational services to handicapped children*
- Law enforcement or Corrections Officer*
- Teaching at a Chapter I designated school*
- Nursing profession*
- Teachers in math, science, foreign language, and bilingual education*
- Teachers and care-providers of disabled children*
- Employees of family service agencies that serve high-risk children.*
CSUSB Emergency Loan
Through the generosity of the Associated Students, Alumni Association and the Foundation at CSUSB, students may borrow up to $900 for emergency purposes. Emergency loans are available throughout the school year. Repayment of the loan is due by the last lecture day of each quarter. Any student who has completed the registration process at CSUSB and has at least a 2.0 GPA may apply. You must apply online, Students Accounts-Emergency Loan site.
M. Jeanne Hogenson International Student Loan Program
The Associated Students of CSUSB established the International Student Loan Fund so that international students may borrow a maximum of $500 in short-term emergency loans. Any enrolled international student with an F-1 visa is eligible. A letter of recommendation must be obtained from the Director of International Student Services. Repayment arrangements are made through the CSUSB Financial Aid Office where applications for the loans are available.
