Coos Bay Student Loan Fund
Who may borrow from this fund?
Upon completion of the application procedure, loans may be granted to any Coos Bay graduate who meets the following criteria:
- Enrolled or accepted for enrollment at a community college, college, university, vocational or business school;
- Enrolled and attending as a full-time student, as defined by the educational institution;
- Showing progress toward a degree or completion of an educational program designed to qualify the applicant for gainful employment;
- Not in default on any previous loan received from the CBSLF.
How much can I borrow?
A student may qualify for loans up to a maximum of $25,000. The board’s Loan Committee determines the specific amount of the loan. The following guidelines will apply:
Class/Grade Credits Initial Cumulative
Freshman 15 $1,000 $5,000
Sophomore 45 $5,000 $10,000
Junior 90 $5,000 $15,000
Senior 135 $5,000 $20,000
5th year College Program $5,000 $25,000
Extended Student $5,000 $30,000
Available first term or semester of Freshman year. Second semester, proof of at least a 2.0 GPA Class Standings are determined by the educational institution. First-time applicants above freshman standing are eligible for the appropriate cumulative amounts.
Interest is charged at a rate of 4% per year on the outstanding balance and begins at the time funds are issued. Interest may be lowered to 3% if auto pay plan is in place. Interest is simple interest. There are no other charges.
Is there a priority for granting loans?
Loans are granted in the following priority:
- Student working on an undergraduate degree for the first time:
- Current loan holder
- Student successfully completing course work with at least a 2.00 GPA and showing continuous progress toward completion of a degree
- Student’s class standing: Senior, Junior, Sophomore, Freshman, Graduate Student.