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:
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. 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.
SALT: Free Student Loan Advice
Occidental College is partnered with SALT, a game-changing new membership program that helps students navigate financing higher education, successfully manage any resulting debt, and build money skills for life. SALT may be sending you information to activate your free membership.
SALT was created by American Student Assistance (ASA), a nonprofit organization, to financially empower college students and alumni.
Get in touch with a loan counselor if you need help managing your student loans--and be on the lookout for more information about SALT! If you haven't activated your SALT membership, you can do so online at www.saltmoney.org/oxy.
Contact a SALT Loan Counselor
When you have questions, SALT can answer them with a live person. You can reach a SALT loan counselor at 877-523-9473 or email@example.com.
SALT can provide you with advice and guidance on:
- Locating your student loan information
- Understand your loan payment options
- What to do if you're struggling to make payments
- Using deferment or forbearance to postpone repayment
- Whether loan consolidation is right for your situation
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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