How do I apply for the loan
Pick up an application from any of Coos Bay High Schools or download one here. Return the completed form, along with the official transcripts from high school or equivalent, and all colleges attended to: Coos Bay Student Loan Fund, Inc., PO Box 714, Coos Bay, OR 97420. The completed form must be legible and signed by the applicant and the co-signers. If you wish, you may attach a photo to the application.
Once you apply for an academic year or for a portion of it, you need only update us to your status to continue requesting funds. Transcripts should be provided at least once a year. Requests for additional funds should be in writing, either email or by mail.
A current online credit report score sheet for yourself and co-signers must be submitted along with your application.
All completed applications will be reviewed by the board three times a year, or as otherwise deemed necessary by the board. Decisions will be made within one month.
Who should be my cosigners and references?
Co-signers should be your parents, guardians, or other responsible adult family members. You are required to have two co-signers, preferably not in the same household. The co-signers agree to repay the loan if you do not.
Contacts should be established adult relatives or family friends who will always know your location. Local residents are preferred.
How do I receive the loan?
After you completed application form and transcripts are received, you will be contacted to schedule a personal interview with the board’s Loan Committee. The Loan Committee will then report to the board, which will make the final decisions about the loan. The total time for processing the loan varies, depending upon the availability of funds and the time of the year. You should plan on 2 to 4 weeks. For subsequent loans each term you will be asked to show an updated transcript and you must be showing continuing progress towards a degree or certificate to be eligible to borrow more money. Subsequent loans do not usually require another interview, unless requested by the Loan Committee or by the applicant. For each loan a promissory note must be signed and must have two co-signers. After the promissory note is completed, a check will be issued by the CBSLF.
When do I repay the loan?
Principal and interest are due and payable in installments beginning no later than six months after you graduate or after you leave school or drop to less than full-time enrollment, as defined by your educational institution. At that time, you must repay at least $1,200 a year, which will be set up on monthly installments of at least $100 per month, unless you and the Loan Committee agree upon less. As the amount borrowed is increased, monthly installments should increase. You will receive a quarterly statement at your home address. To confirm that you are still a full-time student, you must provide current transcripts and address information (for yourself and your co-signers) to the board annually. Prompt repayment of the loan will make funds available to help other graduates.