Loans
Loans are an invaluable resource to college students and their parents in financing a college education. Loans are generally repaid within 10 years after graduating or withdrawing from school (consolidation programs can extend the number of years a student has to repay their loans). Loan obligations and interest rates are outlined in the promissory notes students are required to sign.
The Occidental Low Interest Loan is administered by the College using institutional funds. Occidental Low Interest Loans (5%) are awarded up to $5,500 per year for undergraduates.
The Occidental No Interest Loan is a student loan originally funded by the Weingart Foundation that awards up to $10,000 per year for undergraduate students. This generous, interest free program was established to benefit U.S. citizens who are graduates of California high schools.
The Federal Perkins Loan is administered by the College utilizing federal and institutional funds. It is typically awarded to students with high-demonstrated need. Federal Perkins Loans (5%) are awarded up to $4,000 per year for undergraduates.
The Federal Subsidized Direct Loan is a low-interest loan offered by the U.S. Department of Education. The interest on this loan is subsidized by the federal government while the student is enrolled. Occidental college students may borrow Federal Direct Loans up to $5,500 depending on their need, year in school, and satisfactory academic progress.
The Federal Unsubsidized Direct Loan is available for students who do not demonstrate financial need or students who need assistance with their expected family contribution. The interest rate is fixed and interest accrual is immediate. Students may choose to pay interest while in school or have it capitalized onto the principal balance.
The Federal Direct PLUS Loan is designed to provide longterm competitive rate financing for parents of dependent students to assist in meeting the expected family contribution. Federal PLUS loans may not exceed the student’s cost of attendance less any financial aid a student is eligible to receive for the year.