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Private Alternative Loans

Private educational loans are unsecured funds offered by private lenders.  They are credit based consumer loans, used for educational costs, usually with varying interest rates and repayment schedules. These loans may be appropriate for students who do not qualify for guaranteed subsidized, unsubsidized and parent PLUS loans. These loans must be certified by the Office of Financial Aid & Scholarships before funds can be disbursed.

Students should always exhaust all of their federal financial aid eligibility options, first. CSUSB Office of Financial Aid & Scholarships encourages students to complete their FAFSA applications and use their federal loan options first.

Application Process:

It is a student’s responsibility and CSUSB strongly encourages students to research private educational loan resources, select a lender of their choosing, and complete the application as designated by the lender.

For a list of lenders and products typically used by students at CSUSB, please click on our:

If a student wishes to use another lender that is not on this list, please follow the lender’s application instructions.

Once a lender is selected and an application is processed, the Office of Financial Aid & Scholarships will be notified for certification of enrollment, cost of attendance and amount approval.  

Loan Certification Information:

CSUSB begins certifying ALL student loans beginning in July for the next academic year. Alternative loans are certified for one academic year at a time.

Loan Periods:

  • 2018-2019 Academic Year: 9/2018 – 6/2019
  • Fall 2018: 9/2018 – 12/2018
  • Winter 2019: 01/2019 – 03/2019
  • Spring 2019: 04/2019 – 06/2019
  • Summer 2019: 06/2019 – 09/2019 (certification will begin in May 2019)


Eligibility requirements vary by lender. These include enrollment, maintaining academic progress, having established credit, and citizenship requirements.

Annual Award Amounts:

The maximum annual amount a student can borrow is the total cost of attendance minus any other financial aid received. The minimum amount is determined by the lenders.


Origination and guarantee fees may vary by lender, but most private educational loans do not carry origination/guarantee fees.

Interest Rate:

Lenders use a variety of financial indexes to calculate interest rates on private loans. These are tied to economic factors that make interest rates on private loans a variable rate, although some private educational loans carry fixed rates. The two most common indexes are LIBOR and Prime Rate.

Since lenders compute the interest rate differently, check with each lender to determine how the interest rate is calculated and to find the most current rates.


Funds are generally disbursed equitably among all terms of anticipated attendance. Funds are requested no earlier than 10 days before the start of a term. All private educational loan funds are processed through a third party servicer, ELMOne; and funds are issued electronically into a student’s CSUSB account for disbursement via check or direct deposit.

The Office of Financial Aid & Scholarships will confirm that a student is continuing to meet eligibility requirements established by the lender before the Student Financial Services releases the funds to the student.

Items to remember/consider when selecting a lender:

  • Minimum and maximum loan amounts available.
  • How will a student's credit rating affect his/her 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?

Federal Perkins Loan Information (Perkins Loan no longer offered effective Fall 2017)

The Federal Perkins Loan is a long-term loan. Undergraduates, teacher 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 for Federal Student Aid (FAFSA) 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. A student must repay this loan to California State University, San Bernardino.

In order to receive a Federal Direct Perkins Loan a student must also have completed a Master Promissory Note. A student 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 Levels 1 and 2 $11,000
Grade Levels 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.  A student's repayment schedule will be different.

Federal Perkins Loan Repayment Schedule 5% Interest
Total Loan Amount Number of Payment Approxiamte Monthly Payment Total Interest Charges Total Repaid
$4,500 120 $42.43 $1,091.01 $5,091.01
$5,000 120 $53.03 $1,364.03 $6,364.73
$15,000 120 $159.10 $4,091.73 $19,091.73

The Federal Perkins Loan Program offers cancellation provisions to various borrowers. Borrowers who believe they qualify for cancellation of part of their loan, should contact the CSUSB Student Financial Services (SFS) located in University Hall (UH-034) for further information.

Restrictions apply to all the following categories. Borrowers are encouraged to review their eligibility for cancellation provisions with the SFS during their senior year or their 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.*

*Requires full-time employment in these fields

California Dream Loan

The California Dream Loan is borrowed money that must repaid with interest. The interest rate for the California Dream Loan corresponds with the interest rate on a Federal Direct Subsidized loan and is subject to change annually. The California Dream Loan does not accrue interest while a student is enrolled at least half-time, during periods of approved deferment, and during the 6-month grace period before he/she enters repayment. The student is responsible for the interest charged at all other times.

CA Dream Loan borrowers have a standard repayment and income based repayment plan available. For more information visit Under Download Forms, search for California State University (Dream Loans).

Loan Requirements

To accept a California Dream Loan, a student must log in to My Coyote portal and accept the loan offer within 30 days of the award in order to receive funding. A student may decline the loan offer or accept less than what is offered but funds are limited and may not be increased at a later time.

Students who accept the California Dream loan must complete a promissory note and entrance counseling. Failure to complete all the required steps to receive loan funds by the assigned deadline may result in cancellation of the loan offer. Funds are limited and may not be re-awarded  again at a later date.

To complete the California Dream Loan Promissory Note and Entrance Counseling please visit ECSI.

Receipt of funds in one year does not guarantee availability or receipt of funds in subsequent years.


Please note: All financial aid recipients, including California Dream Loan borrowers, must meet basic eligibility criteria.

  1. Submit a DREAM Act Application by the March 2 priority deadline through the California Student Aid Commission (CSAC)
  2. Demonstrate financial need
  3. Meet Satisfactory Academic Progress (SAP)
  4. Be an undergraduate
  5. Be enrolled in at least 6 units
  6. Not in default on a student loan
  7. Have a valid AB540 Affidavit on file (T and U Visa eligible) with CSUSB

T-Visa holders should file a FAFSA and may also be considered for CA Dream Loan eligibility.

CSUSB Emergency Loan

Through the generosity of the Associated Students, Alumni Association and the Foundation at CSUSB, students may borrow up to 100% of tuition costs. The Bailey emergency loan, which is available for other non-tuition expenses, is available for up to $600.

Emergency loans are available throughout the school year. Repayment of the loan is due by the last lecture day of each term. Any student who has completed the registration process at CSUSB and has at least a 2.5 GPA may apply. You must apply online at the 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 Student Financial Services where applications for the loans are available.