AB 721

AB 721 requires that Oxnard College disclose to the alternative loan applicant that Federal Direct Loans are required by law to provide a range of flexible repayment options, including, but not limited to, income-based repayment and income-contingent repayment plans, and loan forgiveness benefits, which other student loans (possibly alternative loans) are not required to provide. In addition, Federal Direct Loans are available to students regardless of income or credit worthiness at schools that participate in the Federal Direct Loan program.

Private Loans

Private loans are funded by banks, credit unions or other private lending institutions. Private loans serve as an alternative funding resource, but typically do not include many of the benefits that federal students loans do such as deferment provisions, fixed interest rates, and income-based repayment plans. We encourage all students who are considering private loans to first submit a FAFSA and learn about their eligibility for federal loans before applying for a private loan. Keep in mind that alternative loans, along with other aid and educational resources, can never be more that the Cost of Attendance.

Compare Private Loans to Federal Loans

Loans offer you the opportunity to cover the cost of your educational expenses. It is important to explore all options and find what works best for you and your family. The Federal Student Loans VS Private Student Loans Comparison Chart provides you with additional information on the differences between the Federal PLUS Loan and Private Student Loan options for those families who demonstrate credit worthiness and wish to explore alternative options that may better suit your family financial situation.

Compare Private Loans

When choosing a private loan, there are many factors to consider including the fees the lender charges to make the loan, the interest rate, repayment terms and deferment options. Lenders are required by federal law to collect the Private Loan Certification Form. If you plan to apply for a private loan, complete and submit this form to your lender.

Students should file a Free Application for Federal Student Aid (FAFSA) which may qualify them for grants or work-study which do not have to be repaid.

How do I apply for an Alternative Loan?

  • Many banks offer Alternative Loans; please visit their website for further instructions and applications. Many allow you to apply online, but you may also request the alternative loan paperwork be sent to you by mail. Complete all required paperwork and return it directly to the lender. Please be aware that you may need a co-signer as these loans are credit based.
  • You must be a U.S. citizen or permanent resident to apply.

Does Oxnard College require that I file a FAFSA?

Yes, Oxnard College requires that you file a FAFSA application and complete your financial aid file. Alternative Loans will NOT be processed without a completed financial aid file. FAFSA applications can be filed electronically at www.fafsa.gov.

Oxnard College’s Federal School Code is 016391.

How much can I borrow?

Generally, the minimum alternative loan amount you can request is $1,000. The maximum you can borrow is your Cost of Attendance (COA) minus any financial aid, which includes Direct Loans. The amount borrowed cannot exceed the student’s budget, or cost of attendance, as determined by the school.

Is there a deadline to apply?


  • Fall 2019 Loans: Dec. 5, 2019
  • Spring 2020 Loans: May 1, 2020 
  • Summer 2020 Loans: TBD 

Can I be denied for an alternative loan?

Yes, as alternative loans are credit-based loans. If denied, contact your lender for information concerning any resolution options available to you.

What is the enrollment requirement for an alternative loan?

Enrollment requirements vary according to the lender, but most lenders require a minimum half-time (6.0 units) enrollment. Please refer to your lender's website for additional information.

How will I receive my Alternative Loan Funds?

At Oxnard College, Alternative Loans are processed via paper check. You will receive an email when your check is ready to be picked up at the Student Business Office.