How To Apply

How do I apply for a loan?

Download an application form below or request one by mail or email.  Return the completed form, along with the official transcripts from high school or equivalent, and all colleges attended, to: Coos Bay Student Loan Fund, Inc., PO Box 714, Coos Bay, OR 97420. The completed form must be legible and signed by the applicant and the cosigners. If you wish, you may attach a photo to the application.

You may apply for an entire academic year or for only a portion of it. You may reapply for another portion of the same year or for each succeeding academic year.

A current online credit report for yourself and co-signers must be submitted along with your application.

All completed applications will be reviewed by the board three times a year, or as otherwise deemed necessary by the board.  Decisions will be made within one month.


Who should be my cosigners and references?

Cosigners should be your parents, guardians, or other responsible adult family members. You are required to have two cosigners. The cosigners agree to repay the loan if you do not.

Contacts should be established adult relatives or family friends who will always know your location. Local residents are preferred.

Is there a priority for granting loans?

Loans are granted in the following priority:

  1. Student working on an undergraduate degree for the first time
  2. Current loan holder
  3. Student successfully completing course work with at least a 2.00 GPA and showing continuous progress toward completion of a degree
  4. Student’s class standing: Senior, Junior, Sophomore, Freshman, Graduate Student

How do I receive the Loan?

After you completed application form and transcripts are received, you will be contacted to schedule a personal interview with the board’s Loan Committee. The Loan Committee will then report to the board, which will make the final decisions about the loan. The total time for processing the loan varies, depending upon the availability of funds and the time of the year. You should plan on 6 to 8 weeks. For subsequent loans each term you will be asked to show an updated transcript and you must be showing continuing progress towards a degree or certificate to be eligible to borrow more money. Subsequent loans do not usually require another interview, unless requested by the Loan Committee or by the applicant. For each loan a promissory note must be signed and must have two cosigners. After the promissory note is completed, a check will be issued by the Coos Bay Student Loan Fund (CBSLF).

When do I repay the loan?

Principal and interest are due and payable in installments beginning no later than six months after you graduate or after you leave school or drop to less than full-time enrollment, as defined by your educational institution. At that time you must repay at least $1,200 a year, which will be set up on monthly installments of at least $100 per month, unless you and the Loan Committee agree upon less. As the amount borrowed is increased, monthly installments should increase.  For example, a loan amount of $20,000 would require a minimum payment of $200 per month.  You will receive a statement for your quarterly payments.

To confirm that you are still a full-time student, you must provide current transcripts and address information (for yourself and your cosigners) to the board annually. An information update form will be mailed to you with your statement at the end of the year. Prompt repayment of the loan will make funds available to help other graduates.

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.


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