Loans are an invaluable resource to college students in financing a college education. Be sure you understand all of your rights and responsibilities before you accept a loan.
Types of Loans
Students considering student loans need to be aware of the differences between federal student loans and private student loans.
Federal Student Loans
Federal student loans are required by law to provide a range of flexible repayment options including, but not limited to, income-based and income-contingent repayment plans, as well as loan forgiveness benefits that private lenders are not required to provide.
Federal direct loans are available to most students regardless of income. Other qualification criteria may apply. For more information, please visit http://www.studentaid.ed.gov/eligibility.
Private Student Loans
Private student loan lenders can offer variable interest rates that can increase or decrease over time, depending on market conditions.
The interest rate on a private loan may depend on the borrower’s and/or co-signer’s credit rating.
Private student loans have a range of interest rates and fees. Students should determine the interest rate of and any fees associated with any private student loan included in their financial aid award letter before accepting the loan. Students should contact the lender of the private student loan or the Financial Aid Office if they have any questions about a private student loan.
Oxy offers students private (institutional) student loans. If the student is offered an institutional loan they should know that:
- Interest rates on all institutional loans are fixed, not variable
- Our loans can have a range of interest rates
- Our loans are not awarded based on the credit history of the borrower
- Our loans do not require a co-signer
First-time loan borrowers must complete a Master Promissory Note (MPN) and Online Entrance Counseling for each loan program from which they borrow.
Complete and submit a Loan Change Request* form to decline or reduce any or part of your loans.
Follow the chart below for a list of loan requirements:
Federal Perkins Loan
No Required Documents
Oxy No/Low Interest Loan
Federal Parent PLUS Loan
If you are experiencing financial hardship you may be eligible for an emergency loan. For non-educational emergencies, inquire at the Dean of Students Office for a Dean’s Loan. Dean’s Loans cannot exceed $300 and must be paid within 90 days. You must show an ability to repay this loan at the time of the application.
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- Mailing Address:
Financial Aid Office
1600 Campus Road F-35
Los Angeles, CA 90041
Arthur G. Coons
- Phone: (323) 259-2548
- Fax: (323) 341-4961
- Email: firstname.lastname@example.org