What is the Coos Bay Student Loan Fund?
The Coos Bay Student Loan Fund (CBSLF) is an independent fund, which offers low-interest loans with deferred repayment to help students meet the cost of higher education. This revolving loan fund has offered loans to Coos Bay graduates for approximately fifty years. The fund is administered by a board of local citizens with Coos Bay School District #9 Administrators as advisory members.
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 may 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 Initial Cumulative
Freshman $1,000 $5,000
Sophomore $5,000 $10,000
Junior $5,000 $15,000
Senior $5,000 $20,000
5th year College Program $5,000 $25,000
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.