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Education Loans

Get help with the costs of pursuing a degree or certification. Education loans are available for students enrolled at least half-time at an accredited college or university or a licensed vocational school. Checks for student loans are written in the student’s name and may be used for tuition, fees, books, or living expenses.

Undergraduate Loans

Undergraduates are eligible to borrow up to $5,000 per academic year, with no more than $15,000 outstanding at one time.

Graduate and Vocational Loans

Graduate and vocational students may borrow up to $10,000 per academic year, with no more than $20,000 in total loans. Subsequent borrowings only permitted if perfect repayment is maintained for initial loans.

Application Requirements

Applicant must be a post high school student. Proof of enrollment status must be received prior to funding any Education Loan. Student must be enrolled in a full-time undergraduate program (either a two year or four year program) or accredited vocational course; or students must be enrolled in full or part time graduate program at an accredited institution.

Loan Process

These loans provide “last-dollar financing” (i.e., the dollars that bridge the gap between a student’s total financial resources and the cost of attending school). For that reason, applicants must demonstrate that they have sought and accepted financing from all available sources, including government and other loans, scholarships, family contributions and personal earnings. (Information on government loan programs is available at www.studentaid.ed.gov)

Students must complete a Federal FAFSA form and provide the SARS/FAFSA report with his/her application.

In addition to the General Loan Application Form, students will be requested to provide letter of acceptance from college/school program; financial award letter from school; proof of income (current jobs, summer employment); income tax returns; list of school expenses and budget forms.

Student is required to submit proof of student status annually.

If Applicant is under the age of 21, the loan MUST be cosigned by a Parent / Guardian or other relative (beside spouse/partner). Any Applicants 21 years of age and older MAY use relatives as Guarantors.

Loan Repayment

All students are required to make a small loan payment while they are in school, so the loan balance begins to be paid off while a student is still enrolled.

As reflected in the Promissory Note and Cosigner contracts, while Student is in school and for the 6-­months following, Education Loans will have the following monthly repayment terms, after which, the loan will automatically convert to the same payment rates as that of Personal Needs Loans:

Loan Amount Monthly Repayment Terms:
$1,000 loan – $20.00 per month, 50 or fewer months
$2,000 loan – $40.00 per month, 50 or fewer months
$3,000 loan – $60.00 per month, 50 or fewer months
$4,000 loan – $80.00 per month, 50 or fewer months
$5,000 loan – $100.00 per month, 50 or fewer months
Over $5,000 loan – additional $20 per month for each $1000 borrowed

Unless Borrower has notified HFLSD in advance and secured an agreement for a temporary reprieve or modification from these terms, any missed or partial payment will cause an account to be considered delinquent, and appropriate collection efforts may commence. In the event Borrower does not fulfill his/her obligations and defaults on a loan, the Cosigners will be contacted and expected to meet their responsibilities as Guarantors.

At Hebrew Free Loan of San Diego, we rely on guarantors instead of collateral to secure your loan. A guarantor is someone who can guarantee to pay back the loan if you do not. A guarantor is at least 25 years old, lives in California and has a credit score of 670 or better. A friend, family member or employer are examples of a guarantor.