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
Private 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 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 and any fees associated with any private student loan they borrow before accepting the loan. Students should contact the lender of the private student loan (for an alternative loan) or the Financial Aid Office (for an institutional loan) if they have any questions about a private student loan.
Oxy offers private (institutional) student loans. If the student is offered an institutional loan they should know:
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 Verification* form to accept, decline, or reduce any or part of your loans.
Follow the chart below for a list of loan requirements:
1. Loan Verification*
Federal Perkins Loan
|1. Loan Verification*|
Oxy No/Low Interest Loan
1. Truth in Lending (TILA)
1. Truth in Lending (TILA)
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. A Dean’s Loan 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 90041-3314
Arthur G. Coons
- Phone: (323) 259-2548
- Fax: (323) 341-4961
- Email: firstname.lastname@example.org