Student Loan Program Overview
In 1995, the California Student Loan Authority merged with CEFA. The merger allowed CEFA to launch the Student Loan Program which administers the assets and obligations of the former Student Loan Authority. CEFA’s Student Loan Program is California’s sole issuer of bonds, notes and other forms of indebtedness used to finance the costs of attendance at institutions of higher education.
CEFA’s Student Loan Program administers the Cal Loan and Cal Edge programs, two complementary fixed rate student loan programs allowing students to borrow up to the costs of their education less federal assistance and other available aid. Both programs were financed with bond issue proceeds and each were backed by “AAA” rated bond insurance.
Cal Loan Program
The Cal Loan program serves students attending private non-profit colleges and universities and provides a “needs-based” loan for those students who do not have the income or financial history to qualify for a “credit-based” loan. Currently, the Cal Loan program is operational at three California universities and colleges.
CalEdge Loan Program
The CalEdge Loan program serves students attending both public and private non-profit colleges and universities and provides them with a “credit-based” loan. The CalEdge Loan program has no limits on borrowing, but borrowing may be constrained based on a borrower’s financial situation. The CalEdge program was administered at more than 80 universities and colleges.