Loan FAQ


Can't find your question? Email the Financial Aid Office.


Why are loans called “awards”?
Although loans must be repaid, they are considered a financial aid award because they are part of the William D. Ford Federal Direct Loan Program, one of many programs offered by the federal government to financially assist students. The Office of Financial Aid “awards” Stafford loans to students along with any other aid they are eligible to receive. (Return to Top)

What are my loan choices?
Students can be awarded Federal Stafford or Federal Perkins loans. In addition, parents may borrow fixed interest rate PLUS LOANS. Students may also apply for variable interest rate co-signer PRIVATE LOANS. Contact the Office of Financial Aid at 661-362-2290 or to discuss these options. (Return to Top)

What is a Federal Stafford Loan?
A Federal Stafford loan is a low-interest rate loan offered by the Federal Government to students enrolled at least half-time (6 units). They are offered as subsidized or unsubsidized loans as determined by the FAFSA, and students enter re-payment 6 months after they graduate or drop below 6 units. (Return to Top)

What is the difference between Subsidized and Unsubsidized Stafford Loans?
Subsidized loans: Interest accrued is paid by the federal government while students are enrolled at least half-time (6 units) and during a 6 month grace period. Unsubsidized loans: Students are responsible to pay all interest accrued for the life of the loan; the interest accrued is capitalized at repayment (students can choose to pay interest while in school to prevent it from capitalizing). (Return to Top)

How do I apply for Stafford Loans?
Loans are automatically offered to eligible students with their initial award. The type of loan received as well as the amount of the loan is based on grade level and need, as determined by the FAFSA; no additional request needs to be made by the student. (Return to Top)

What is Entrance Loan Counseling?
Entrance Loan Counseling is a short on-line tutorial regarding a student’s rights and responsibilities as it pertains to Stafford loans. It is required by the federal government and must be completed before loan funds are placed on a student’s account. The Online Tutorial generally takes 15-20 minutes to complete. (Return to Top)

What is a Consolidation Loan?
A consolidated loan is one that simplifies repayment of federal Stafford and/or Perkins loans by combining all the loans from your educational career into one comprehensive loan. Consolidation can be performed once, and will have an interest rate with a weighted average of all the loans being consolidated. (Return to Top)

What is a Parent PLUS Loan?
A Parent PLUS Loan is a low-interest rate loan offered (pending pre-approval by a major lender) by the Federal Government to parents of students enrolled at least half-time (6 units). The amount borrowed is limited by a student’s budget and is payable 60 days after last disbursement. (Return to Top)

What if my parent is declined for a PLUS Loan?
If a parent receives a PLUS loan denial, you may be eligible for an additional unsubsidized Stafford Loan. Freshmen and Sophomores are eligible for up to $4,000; Juniors and Seniors are eligible for up to $5,000. (Return to Top)

I have additional questions. How can I contact you?
If you have questions that were not covered above, please feel free to contact us:

The Office of Financial Aid