Student Loans

Parent PLUS Loan is available to parents of dependent undergraduate students. Interest rates for the Parent Plus Loans are fixed and repayment begins 60 days from the date the loan is fully disbursed. Parents have the option to request continued deferment as long as the student is enrolled at least half-time. For more information on interest rates and deferment please visit studentaid.gov.

Parent PLUS Loan amounts are determined by subtracting the amount of financial aid awarded from the total cost of attendance. Parent borrowers must complete an application and undergo a credit check with the Department of Education and complete a Master Promissory Note.

Special loan counseling is required for PLUS Loan applications, who have an adverse credit history who qualify for a PLUS Loan by either getting a loan endorser or by documenting to the satisfaction of the department that there are extenuating circumstances related to the adverse credit. If a credit denial is determined, the PLUS loan will be canceled. Students with a Parent Plus credit denial are eligible for additional Unsubsidized loans. If approved, all PLUS funds are sent to CSUMB in two installments (fall and spring) and are applied to the student account.

Excess funds are issued to the borrowing parent or student and mailed at the end of the second week of school to the address entered on the Parent PLUS Application. Loan funds cannot be released if the student has dropped below half-time (6 credits), does not meet satisfactory academic progress policy, or has any university holds.

For students who are eligible for federal student aid, think FAFSA first!

Private Student Loans are non-federal education loans that are made by lenders such as a bank or a credit union. This option may be right for you if scholarships, grants, and federal student loans do not cover your total educational costs.

Approval for a private loan is typically based on your credit rating and debt-to-income ratio and may require a co-signer. Private loans often can have higher interest rates and fees than federal loans and may have less flexible repayment terms. Be sure to do your research, as it is your responsibility to research private loans and select a lender. 

Once you have been approved for a private loan, you will need to complete a Private Loan Self Certification Form in order for us to certify and process your private loan funds. You must request the Private Loan Self Certification Form from our office. You can do so by emailing us at financial_aid@csumb.edu. 

Please allow 2-3 weeks for processing and for disbursement of your private loan funds. You must be enrolled for the loan period listed on the Private Loan Self Certification Form in order for us to certify your private loan. You are responsible for paying any outstanding balance or late fees if your loan is not certified before payment deadlines.

The Truth in Lending Act requires that lenders who provide private loans comply with the following requirements:

• Lenders must provide 3 separate loans disclosures to borrowers: (1) at the point of application, (2) when the loan is approved, (3) before the loan is disbursed;
• A waiting period of 3 business days is required between the time the borrower receives the final loan disclosure and the time the loan is disbursed; and
• Students must also sign and submit the self-certification form to the lender before the loan can be disbursed.

Some additional details about lending and repayment of federal student loans. 

Student Loan Requirements

CSUMB is committed to ensuring students understand all borrower requirements. If you're interested in taking out loans, make sure you complete the following requirements:

• You must be enrolled at least half-time (6 credits for undergraduate/teaching credential and 4 units for master’s students)
• Accept your loan offer on your OASIS student account
• Complete the on-line loan entrance counseling at studentaid.gov
• Complete a Master Promissory Note (only when it’s your first time taking out a loan at CSUMB)
• Make sure you attend the virtual exit counseling before you graduate.

As a borrower, it is your responsibility to know how much you have borrowed, who is your lender, and how much you will be required to repay when you leave school. 

When you are graduating from CSUMB, please make sure to complete an in-person loan exit counseling workshop. We will email you during the semester you are graduating to sign up for the workshop.

Having trouble with your repayment plan? There are multiple repayment plans you could be eligible for:

• Standard Repayment Plan
• Graduate Repayment Plan
• Extended Graduate Repayment Plan
• Income-Driven Repayment Plans

For more information on the repayment plans, please visit studentaid.gov.

Note: You may be eligible for loan deferment or cancellation under the provisions of the Peace Corps Act, the Domestic Volunteer Services Act of 1973, and comparable service as a volunteer within a tax-exempt organization active in community service.

The Federal Teacher Loan Forgiveness Program offers cancellation of up to $5,000 of Stafford/Direct loans for five years of teaching in a low-income school and up to $17,500 if you teach math, science, or special education in high school or special education in elementary schools that serve low-income families and meet other qualifications.

For more information visit studentaid.gov.

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

For more information visit studentaid.gov.

The cohort default rate is the percentage of a school's student borrowers who enter repayment during a particular federal fiscal year, Oct. 1 to Sept. 30, and default or meet other specified conditions before the end of the next fiscal year. The default rate applies to the Federal Family Education Loan Program and the William D. Ford Federal Direct Loan Program.