| Loan Repayment Information |
| Santa Barbara Foundation Loan Recipients - Frequently Asked Questions |
| NOTE: The Santa Barbara Foundation Loan Program is administered by the Scholarship Foundation of Santa Barbara. |
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| When must I begin repaying my student loan? |
If you were awarded a Santa Barbara Foundation Undergraduate Student Loan, you must begin repaying the loan six months after you graduate or separate from school. If you received a Harold R. Schwalenberg Medical School Loan, you must begin repaying the loan eighteen months after you graduate from medical school.
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| How will I know when my first payment is due? |
You will be notified in writing of your repayment obligation and a statement will be mailed to your last address on file on or around the first day of the month in which your payment is due. Monthly Loan Payments are due to the Scholarship Foundation office by 12:00 pm (noon) on the 15th each month. Payments received after this time are considered late. It is your responsibility to notify the Foundation of any address change.
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| Must I repay the entire loan amount I borrowed? |
Under the terms of your undergraduate student loan agreement, when 50% of the loan has been repaid in a timely manner, the remaining balance is forgiven and the loan is considered paid in full. Under the terms of the Harold R. Schwalenberg Medical School Loan, if you continue to practice substantially full-time as a general/family practitioner, or as an internist, you are entitled to a matching credit of 50% of the total loan amount borrowed.
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| What will my monthly payment be? |
Your monthly payment is set at one-percent of the total loan amount you borrowed, or $50, whichever is the greater amount.
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| Am I eligible to defer payment on my student loan? |
You may be eligible for deferment of your Santa Barbara Foundation Student Loan based on one of five reasons:
1. You have been notified that you are expected to begin repayment of your student loan, but you remain full-time enrolled in a Title IV approved college or vocational school program.
2. You are in an unusual economic hardship situation.
3. You have an illness or injury that prevents you from working or attending school for an extended period of time.
4. You will be serving for a lengthy period of time in the Peace Corps, AmeriCorps, or on a mission related to your church
5. You are in a branch of the U.S. Military Reserves and you have been called to fulltime active duty status.
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Please click on the following link and print out and then complete the PDF Loan Deferment Request Form.
Student Loan Deferment Request Form
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The form is a PDF file. Please click on the link to open the file in Adobe Acrobat. If you do not have Acrobat installed on your computer, use the following link to download it for free. |
Attach the required documents and mail to the Santa Barbara Foundation, P.O. Box 3620, Santa Barbara, CA 93130. You will receive a written response granting or denying your request for deferment. It is your responsibility to send verification of enrollment or a medical excuse prior to when your first payment is due and to meet all loan obligations while the deferment request is being reviewed.
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Can the Santa Barbara Foundation debit the student loan payment directly from my checking account each month?
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The Santa Barbara Foundation is not able to process direct debit transactions at this time.
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| What is the current balance on my student loan account? |
You may call our office at (805) 687-6065 or e-mail your request for information to the Loan Administrator at loans@sbscholarship.org. When you contact the Santa Barbara Foundation, please include your loan number on all correspondence.
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| How will I know when my student loan is paid in full? |
You will be notified in writing the month after which your account is paid in full.
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| What if my question is not addressed in any of the above topics? |
REMEMBER: It is your obligation to keep the Foundation informed of your current address and your contact information. Any change in your address or other contact information should be reported immediately by sending an email to loans@sbscholarship.org.
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