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 can 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.
| Class/Grade | Credits | Initial | Cumulative |
|---|---|---|---|
| Freshman | 15 | $2,500 | $5,000 |
| Sophomore | 45 | $10,000 | $15,000 |
| Junior | 90 | $5,000 | $20,000 |
| Senior | 135 | $5,000 | $30,000 |
| Extended Student | — | $5,000 | $30,000 |
Interest is charged at a rate of 4% per year on the outstanding balance and begins at the time funds are issued. Interest is simple interest. There are no other loan fees.
Is there a priority for granting loans?
Loans are granted in the following priority:
- Student working on an undergraduate degree for the first time: Current loan holder
- Student successfully completing course work with at least a 2.00 GPA and showing continuous progress toward completion of a degree
- Student’s class standing: Senior, Junior, Sophomore, Freshman, Graduate Student