When scholarships and grants don’t cover your educational costs, the next step is to look for loans that will “fill the gap.” College is one of the most significant and worthwhile investments of time, effort and money that you will make during your entire life. Carefully consider your return on investment and research your future career’s median salary before deciding how much money you will borrow. The investment you make now will lead to a marketable degree from a respected university that will equip you to make the world a better place.
- Direct Unsubsidized Loan
Federal Stafford Loans are offered to graduate students at a low, fixed interest rate:
- Graduate students can qualify for up to $20,500 of Direct Unsubsidized Loan.
- The maximum that can be awarded in one semester is $10,250.
- Each student is limited to a lifetime loan aggregate limit of $138,500.
- Current interest rates: 5.28% (Fixed)
- Loan fee: 1.057%
- Loan documents: In order to qualify and accept any unsubsidized loan money, you must complete the Entrance Counseling and Master Promissory Note (MPN).
- Direct Grad PLUS Loan
If you need additional federal funds to cover your educational expenses, you can apply for the Graduate PLUS Loan. This loan can pay for expenses up to the cost of attendance minus all other financial assistance.
- To apply for the Graduate PLUS Loan (credit check required), log into www.studentloans.gov.
- Current interest rates: 6.28% (Fixed)
- Loan fee: 4.228%
- Private Loans
Private loans can be a great alternative to the loans provided by the federal government and are available to students that do not qualify for federal loans. If a student has good credit or has someone that is willing to cosign on the loan with them, it is possible to receive a private loan with a lower interest rate then the unsubsidized loan. Each lender provides different benefits and terms for their loans; please be sure to read all loan documents and talk with your lender if you have any questions about their loans before applying:
- You can view a list of lenders that have provided excellent customer service and benefits designed to meet the needs of students by searching for "California Baptist University" at this website. Please visit each lender's website to learn more about their features and benefits.
- Budget Add On
Every student has a budget to determine an average cost of academic expenses. Although these numbers are updated every year to match the average student’s cost, some students require additional resources to cover their educational expenses. If you have already been awarded up to your budget for an academic semester and find that you need more money to cover school-related expenses, you can complete the 2020–2021 Budget Add On form that can be found on InsideCBU under the Financial Aid tab.
It is recommended that you are approved for a private loan or Graduate Plus Loan over the amount of your current budget before applying for the Budget Add On. You will be required to submit supporting documentation in order to prove that your cost of attendance is more than your current budget. Not all applications will be approved. You can find out more information on the form or by contacting your financial aid counselor.