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Student Business Services

Oxy No Interest

Understanding your Oxy No Interest Student Loan

The Occidental College No Interest Institutional Loan Program (also known as the Permanent Restricted Loan Fund) is a loan program which is administered through Occidental College. The Financial Aid office packages this into qualifying students award packages. This loan cannot be consolidated with any other loan program (including Federal loan programs) once the student leaves the College.

Occidental uses ACS, Inc. (an outside company) to administer the billing and other services for this loan, which includes processing payments and all deferments or cancellations for this loan.

The Oxy No Interest loan program offers the following deferment provisions (deferment forms can be found in the Forms section of this website). During deferment, the borrower is not required to pay loan principle and interest does not accrue.

• In School Deferment: The borrower must be enrolled at least part-time at an eligible academic institution.
• Unemployment Deferment: A borrower may defer for up to three years if the borrower is seeking and unable to find full-time employment.
• Economic Hardship Deferment: A borrower is entitled to an economic hardship deferment for periods of up to one year at a time, not to exceed three years cumulatively.
• Temporary Total Disability Deferment: An affidavit from a qualified physician is required to prove disability. A borrower is temporarily totally disabled if he or she is, due to illness or injury, unable to attend an eligible school or to be gainfully employed during a reasonable period of recovery.
• Military Service Deferment: A borrower is entitled to a military service deferment if they are a member of the U.S. Army, Navy, Air Force, Marines, or Coast Guard

Cancellation Provisions

This loan can not be cancelled.

Discharge (complete loan cancellation) Provisions