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Summer Private Loans

Private student loans are offered through a variety of banks and other lenders. Most lenders require a co-borrower for the loan; approval of the loan is typically based on your (and the co-borrower’s) debt-to-income ratio and credit history. Private loans often carry higher interest rates and fees than federal education loans, and the interest rate on private loans tends to be variable (meaning it can change on a monthly or quarterly basis). Before you consider a private loan, we recommend you determine your remaining eligibility for federal student loans, which generally have better terms.

General Information

Summer Loan Period:
May 20, 2013 – August 16, 2013

CSU Long Beach will process a private loan from any lender that has approved a loan for the student. Federal Regulations prohibit us from recommending any specific lender; students are therefore encouraged to research lenders online by searching either “Private Education loans,” or “Alternative Educational Loans.” It is important that you only apply for one private loan at a time.

Please keep the following information in mind when deciding whether or not to apply for a private loan:

  • All students should exhaust their federal student aid options before pursuing a private student loan.
  • Students should only consider a private education loan if they have reached their federal student loan borrowing limit or are not eligible for federal aid.
  • Undergraduate Dependent students and parents should compare private loan costs with costs for the Federal PLUS Loan.
  • Graduate students should compare private loan costs with costs for the Federal Graduate PLUS Loan.
  • Private student loans are usually higher interest loans with interest that accrues while the student is enrolled in school.
  • Most lenders will require a co-borrower for a private loan. The co-borrower must have a good credit history.
  • Private loans will be certified for the amount requested – up to the student’s Summer Cost of Attendance minus any other financial aid the student is receiving for the Summer term.
  • Summer Private loans will be certified for the Summer enrollment period only. Loans for the Standard Academic Year MUST be applied for separately.

Additional information on questions to ask a lender can be found on our website.

Applying for a Summer Private Loan

  1. Research lenders / loans online by searching either “Private Education Loans,” or “Alternative Educational Loans.”
  2. Once you have selected a lender, complete their Private Loan application.
  3. When completing the loan application, be sure to use only the Summer Loan Period: May 20 – August 16, 2013. Loan periods extending beyond these dates cannot be included in the Summer Loan. If you wish to borrow a private loan for the Fall or Spring, please apply for that loan separately.
  4. Enroll in your Summer courses. You will need to pay your Summer Fees within 30 days of registration – or by the Summer Fee Payment deadline (May 15). Your Private Loan will not disburse prior to your fee payment due date.
  5. Print, complete and sign the Summer Private Loan Request form. (This form will not available online; you may pick one up in-person from the Financial Aid Office beginning 3/11/2013).

Summer Private loans will be processed only after we verify you have enrolled in Summer coursework. If you submit a Summer Private Loan request, we will provide an estimate of your Loan eligibility based on your planned enrollment which includes your exact courses, costs and dates of your summer enrollment. Applications received will be processed on a rolling basis in order of date received. Please allow a minimum of two weeks for processing.

Private Loan Disbursement

Summer Loan Period:
May 20, 2013 – August 16, 2013

Disbursement of the loan will occur at the beginning of your summer enrollment period. Review the chart below for details:

Term Summer Enrollment Begins Initial Disbursement Dates
May Intersession (5/20/13 – 6/10/13) 5/20/2013
Full Summer Session (5/28/13 – 8/16/13) 5/20/2013
Summer Session I (5/28/13 – 7/5/13) 5/20/2013
Summer Session III (7/08/13 – 8/16/13) 7/08/2013

Please note that the date of disbursement shown above is the earliest a loan can be disbursed. For Private loans, the actual date of disbursement is dependent upon when funds are received at CSULB from the lender.

Please note: you cannot rollover your summer charges to Fall 2013.