Loans

Loans allow you and your family to spread the cost of college over time, with clear terms and repayment options.

Loans can be an important resource for both students and parents in covering educational costs. Occidental offers federal, institutional, and private loan options, each with different eligibility requirements, repayment timelines, and terms.

Accepting or declining a loan does not affect your eligibility for other aid programs. Most loans are repaid over a period of 10 years after graduation, withdrawal, or dropping below half-time enrollment, with options for deferment or forbearance if needed. Before borrowing, it’s essential to review your rights and responsibilities, as outlined in your loan’s promissory note, and to understand how repayment will work for you and your family.

Student 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 long-term, low-interest loans available to most students regardless of income. They help cover educational expenses and include flexible repayment options, such as income-driven plans, as well as loan forgiveness benefits not available through private lenders.

Review Federal Student Loans >

Institutional Loans

Occidental provides institutional loans to assist students who may have financial need but limited eligibility for federal programs. These loans are funded by the College and, if awarded, will appear on your financial aid offer.

The Oxy Low Interest Loan carries a 5% interest rate, with repayment beginning nine months after you leave Occidental or drop below half-time enrollment. Minimum repayment is $40 per month, with a maximum repayment period of 10 years. Deferment, forbearance, or hardship extensions may be available.

Originally established through the Weingart Foundation, the Oxy No Interest Loan program benefits U.S. citizens who graduated from California high schools. The loan is interest-free for the life of the loan, provided you make regular payments. Missing two or more consecutive payments results in 5% interest being charged. Repayment begins six months after leaving Occidental, with minimum monthly payments of $50 and up to 10 years to repay.

Private Student Loans

Private loans—sometimes called alternative loans—are offered by banks, credit unions, and other lenders to help supplement federal, state, or institutional aid. Rates often depend on the borrower’s or co-signer’s credit history. Interest rates can be fixed or variable (changing with market conditions), so be sure to review the interest rate, fees, and repayment terms carefully before accepting.

FASTChoice is a tool that lets you compare private loan terms and rates side-by-side. It provides a clear overview before you begin the application and credit check process. Once you choose a lender, you’ll complete the application directly with them.

Explore FASTChoice >

Occidental does not endorse any specific lender or loan product. Information included in FASTChoice is provided directly by lenders and is subject to change. Students are responsible for confirming loan details with lenders.

Review Occidental’s Education Loan Code of Conduct >

Emergency Loans

If you’re facing an unexpected financial hardship, you may be eligible for a Dean’s Loan. These short-term loans are limited to $500 and must be repaid by the end of the semester in which they are borrowed.

To apply, contact the Dean of Students Office at (323) 259-2661 or stop by their office in Berkus Hall, Main Floor.

Parent Loans

The Federal Direct PLUS Loan helps parents of dependent students cover educational costs that aren’t met by other aid. Effective July 1, 2026, new PLUS Loan borrowers may apply for up to $20,000 per year with a lifetime limit of $65,000. To qualify, you must be creditworthy and meet general federal financial aid eligibility requirements.

How It Works

The interest rate for 2025–26 is fixed at 8.94% (set annually), and an origination fee is deducted each time funds are disbursed. Repayment usually begins 60 days after the final disbursement, but parents may defer payments while the student is enrolled at least half-time (interest still accrues).

How to Apply

Parents apply using their own FSA ID at studentaid.gov. The process includes completing an online PLUS Loan application and signing a Master Promissory Note (MPN) if borrowing for the first time. Applications are typically processed within 48 hours.

Once your application is reviewed, you’ll either be approved or denied. If approved, your student’s financial aid portal will be updated to reflect the loan. If denied, you may be offered the opportunity to borrow with an endorser.

All federal loans, including PLUS Loans, are recorded in the National Student Loan Data System (NSLDS). You can view loan details and servicing information at studentaid.gov.

Contact Financial Aid
Office of Financial Aid

AGC Room 119
Occidental College
1600 Campus Road F-35
Los Angeles, CA 90041-3314

Phone: (323) 259-2548
finaid@oxy.edu

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