Explore Loan Options to Help Pay for College
Student loans can help you pay for college if grants, scholarships and other financial aid don't cover all of your educational expenses. Unlike grants and scholarships, loans must be repaid, so it's important to understand your options before deciding to borrow.
CSUSB offers several loan programs for students and parents. Explore the options below to learn who each loan is for, how to apply and what to expect before accepting a loan.
Loans for Students
The Federal Direct Subsidized Loan is available to eligible undergraduate students with financial need.
At a Glance
Who can receive it?
Eligible undergraduate students with financial need.
How do I apply?
Complete the FAFSA®.
Who pays the interest while I'm in school?
The federal government pays the interest while you're enrolled at least half time.
When does repayment begin?
Repayment begins six months after you graduate, leave school or drop below half-time enrollment.
How much am I eligible for?
Maximum loan eligiblity depends on your year in college, dependency status, and financial need.
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The Federal Direct Unsubsidized Loan is available to eligible undergraduate students.
At a Glance
Who can receive it?
Eligible undergraduate students.
How do I apply?
Complete the FAFSA®.
Who pays the interest while I'm in school?
You are responsible for paying the interest while you're enrolled. You may choose to pay the interest while you're in school, during your grace period or during a deferment, or allow the unpaid interest to be capitalized (added to your loan balance).
How much can I borrow?
Maximum loan eligiblity depends on your year in college, dependency status, and other awarded financial aid.
When does repayment begin?
Repayment of principal and interest begins six months after you graduate, leave school or drop below half-time enrollment.
Loan Fee
A loan fee of up to 4% will be deducted from your loan before your funds are disbursed.
The California Dream Loan is a subsidized loan available to eligible undergraduate and graduate students who qualify under AB 540/SB 68 and complete a California Dream Act Application (CADAA). Like other student loans, the California Dream Loan must be repaid.
At a Glance
Who can receive it?
Eligible undergraduate and graduate students who:
- Qualify under AB 540/SB 68.
- Successfully submit a California Dream Act Application (CADAA) by the state's priority deadline for the academic year they're attending.
- Be enrolled in 6 units or more
- Not be in default
- Demonstrate financial need
- Meet Satisfactory Academic Progress
How much can be borrowed?
A student may qualify for a maximum of $4000 annually, but award amounts may vary based on funding limitations.
Does this loan have interest?
Yes, the interest rate for the DREAM Loan corresponds with the interest rate on the Direct Subsidized loans and is subject to change.
Do I have to repay it?
Yes. The California Dream Loan is a subsidized student loan that must be repaid according to the terms of the loan.
Important
- Funding is limited each academic year.
- Students selected to receive a California Dream Loan will be notified directly by the Office of Financial Aid and Scholarships.
- Recipients of these funds in one year does not guarantee awards in subsequent years, due to funding limitation.
Loan for Parents
The Federal Parent PLUS Loan allows parents of dependent undergraduate students to borrow money to help pay for college.
At a Glance
Who borrows the loan?
The parent—not the student.
How do I apply?
The student must first complete the FAFSA® so eligibility for other federal financial aid can be determined.
Requirements
- The student must be enrolled at least half time.
- Parent borrower must complete a separate Parent PLUS application using their own StudentAid.gov account, and
- The parent must pass a standard credit check.
How much can be borrowed?
Parents may borrow up to the difference between the student's Cost of Attendance and the financial aid the student receives with a maximum of $20,000 per academic year.
When does repayment begin?
Repayment generally begins two months after the loan is fully disbursed. The standard repayment period is 10 years.
Who is responsible to repay the loan?
The parent who applied and borrowed the loan is responsible for repayment.
Other Loan Options
Private education loans are offered through private lenders and may help cover educational expenses after you've explored your federal financial aid options.
At a Glance
Who can receive it?
Students who have remaining educational expenses and meet the lender's eligibility requirements.
Things to Know
- Private loans are credit-based.
- Loan terms, interest rates and repayment options vary by lender.
- Terms may also vary if you borrow with a co-signer.
- Carefully compare lenders and review all loan terms before borrowing.
How do I apply?
After selecting a lender, complete the loan application. If approved, CSUSB Financial Aid will receive a request for electronic certification which will be reviewed and certified if you qualify for the loan.
How do I receive the funds?
Loan amounts are sent to the school and applied to your student account. It will cover any outstanding school balance and if there is excess, it will be refunded to you.
CSUSB offers short-term emergency loans to help eligible students with unexpected educational expenses.
At a Glance
Emergency Tuition Loan
May cover up to 100% of tuition costs.
Bailey Emergency Loan
Provides up to $600 for eligible non-tuition expenses.
Eligibility Requirements
- Complete the registration process at CSUSB.
- Maintain a minimum 2.5 GPA.
Repayment
Emergency loans are available throughout the academic year and must be repaid by the last lecture day of the term.
For additional information and how to apply, visit the Student Financial Services website.
Common FAQs About Undergraduate Loans
Student loans can help undergraduate students cover college costs that aren’t met by grants, scholarships or other financial aid. Before you borrow, it’s important to understand how loans work, how much you may need and what you’ll be responsible for repaying after you leave school.
Maximum loan eligibility depends on your year in college, dependency status, units enrolled for each term, and financial need.
A promissory note is the legal agreement between you and your lender. By signing it, you agree to repay the money you borrow, along with any interest and fees, according to the loan's terms and conditions.
You'll complete a promissory note before receiving your first federal student loan.
Interest begins to accrue on some student loans while you're enrolled in school.
If you don't pay the interest as it accrues, it may be capitalized, which means the unpaid interest is added to your original loan balance. Once interest is capitalized, future interest is charged on the larger balance, increasing the total amount you'll repay over time.
Some federal student loans have a small percentage charged for processing; this fee is deducted from your loan before your funds are disbursed.
For example, if you're approved for a $10,000 loan and your loan includes a fee, the amount you receive will be slightly less than $10,000, even though you're still responsible for repaying the full loan amount plus any applicable interest.
Federal loan eligibility is based on your Cost of Attendance minus any other financial aid you've already been awarded.
Other financial aid may include:
- Grants
- Scholarships
- Fellowships
- Work-Study
- Other student loans
- Tuition or educational assistance from other sources
The remaining amount determines how much you may be eligible to borrow, up to federal loan limits.
Repayment depends on the type of loan you borrow.
For example, Federal Direct Unsubsidized Loans enter repayment six months after you graduate, leave school or drop below half-time enrollment. During that six-month grace period, you won't be required to make payments, although interest may continue to accrue.
Your lender or loan servicer will provide information about your repayment schedule, monthly payment amount and available repayment options.
As a student loan borrower, you have the right to receive clear information about your loan, including interest rates, repayment terms and fees.
You are responsible for:
- Borrowing only what you need.
- Understanding the terms of your loan before accepting it.
- Completing any required loan counseling.
- Repaying your loan according to the terms of your promissory note.
- Keeping your loan servicer informed if your contact information changes.
Tips for Borrowing Responsibly
Before accepting a loan, consider these best practices:
- Borrow only what you need to cover your educational expenses.
- Explore grants, scholarships and other gift aid first.
- Pay interest while you're in school if you're able to reduce the total amount you'll repay.
- Keep track of how much you've borrowed each year.
- Understand your repayment options before you graduate.
Has Your Financial Situation Changed?
If your family's income has changed or you're facing unexpected financial challenges, you may qualify for a review of your financial aid. CSUSB can consider special circumstances, such as job loss, high medical expenses or changes in your family situation, that weren't reflected in your original FAFSA.
You may be eligible for an adjustment to your financial aid, which could help reduce the amount you need to borrow.
