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Financial Aid


Application Process and Lender Guide for Federal and Private Loans

The Financial Aid Office has formed a list of established lenders who have the highest volume of educational loans with California Baptist University students.  These lenders have provided excellent customer service and benefits designed to meet the needs of students.  You are not required to borrow from one of the listed lenders.  You may use another lender of your choosing.  Please contact the Financial Aid Office, if you choose a lender that is not listed.  Please visit each lender's website to learn more about their features and benefits.

To apply for a federal student loan, an entrance interview and a master promissory note must be completed before loan funds can be applied to the student's charges.

Types of Federal and Private Loans

Federal Stafford loans are made available to university students to help pay for the cost of  education.  Federal Stafford loans are offered to graduate and undergraduate students at a fixed low interest rate. Students must be enrolled at least half time to be eligible. Students are eligible to receive Stafford loans regardless of credit history.  Stafford loans may be subsidized by the U.S. Government or unsubsidized depending on the student's financial need.  Repayment begins six months after the student leaves school of falls below half-time status. For the 2009 - 2010 academic year, subsidized Stafford loans are offered at a fixed 5.6% interest rate, and unsubsidized Stafford loans are offered at a fixed 6.8% interest rate.

Graduate Plus loans are available to graduate students to help pay for the cost of education. Federal Grad Plus Loans are funded by private lenders, including banks and credit unions.  The federal government sets the interest rate, limits fees, and sets minimum deferment options for federal Grad Plus loans. However, many lenders offer benefits to borrowers beyond the minimum requirements set by the government.  We encourage you to carefully review your options before choosing a lender.  For the 2009-2010 academic year, Grad Plus is offered at a fixed 8.5% interest rate

Subsidized Stafford Loan—The government pays the interest while a student is in school. Based upon need

Unsubsidized Stafford Loan—Interest accrues while the student is in school. Not based upon need.

Private or alternative loans are available when federal loans and other aid do not cover your cost of education.  Private educational loan programs vary by lender.  Please contact specific lenders to find out about terms and conditions that may apply.

Loan Forgiveness

Teacher Loan Forgiveness—This federal program is designed to encourage individuals to enter and continue on in the teaching profession.
  • Eligible participants will receive reimbursement for up to a combined total of $5,000 of their subsidized and/or unsubsidized federal Stafford or Direct loans, and in certain cases federal or Direct Consolidation loans. Reimbursement for up to a combined total of $17,500 in loans is available to highly qualified math, science or special education teachers.
  • To be eligible, borrowers must have no outstanding loan balance on the date a loan is obtained.
  • They also must be employed as a full-time teacher at a qualifying school for five complete and consecutive years, and at least one of those years must be after the 1997-98 academic year. Applicants also must be employed as an elementary or secondary school teacher and be “highly qualified” as defined on the Teacher Loan Forgiveness application.
  • Loan balances must be outstanding at the time the loan is forgiven.