Loan Programs and Terms for Students
The terms of educational loans vary from program to program. Whether you have been are borrowing a federal loan or a private loan to finance a portion of your family contribution, the terms of the loan will affect you in the years to come. It is therefore important that you understanding the terms of any loan that you opt to take out, and your rights and responsibilities as the borrower.
Federal Direct Loan Program
Details
- Types: Subsidized & Unsubsidized
- Borrowing limits:
- First Year: $5,500 (consisting of up to $3,500 subsidized)
- Second Year: $6,500 (consisting of up to plus $4,500 subsidized)
- Third & Fourth Years: $7,500 (consisting of up to $5,500 subsidized)
- Amount borrowed must be divided between semesters of enrollment for the academic year
| Subsidized | Unsubsidized | |
|---|---|---|
| Need-Based |
YES (based upon the FAFSA) | NO |
| Interest Rate | 3.4% | 6.8% |
| Origination Fee |
1.0% | 1.0% |
| Interest Accrues |
NO, as long as student is enrolled at least half time |
YES, after funds are disbursed |
| Payments Required |
NO, as long as student is enrolled at least half time |
NO, as long as student is enrolled at least half time |
| Repayment Begins |
6 months after the borrower graduates or drops below half-time enrollment |
6 months after the borrower graduates or drops below half-time enrollment |
- For information on federal loan forgiveness eligibility, please visit the Federal Student Aid website.
- For more information, visit the Federal Student Aid website
Loan Application Requirements
- Free Application for Federal Student Aid (FAFSA)
- Federal Direct Loan Request Form [pdf]
- Federal Direct Loan Entrance Counseling
- Federal Direct Master Promissory Note (via StudentLoans.gov)
Requirement for borrowers upon graduation, transferring or leaving school
Federal Perkins Loans
Details
- Need-based loan whose eligibility is determined by the Free Application for federal Student Aid (FAFSA)
- Interest rate of 5%
- No interest is charged nor is repayment required while a borrower is enrolled in school at least half-time
- Annual borrowing limit of $5,500 for undergraduate students
- Aggregate loan amount available for undergraduate study is $27,500
- Repayment begins nine months after a student graduates or drops below half-time enrollment
- Repayment period of up to 10 years
- For information on federal loan forgiveness eligibility, please visit the Federal Student Aid website.
- For more information, visit the Federal Student Aid website
Loan Application Requirements
- Free Application for Federal Student Aid (FAFSA)
- Federal Perkins Loan Entrance Counseling
- Federal Perkins Master Promissory Note (Completed after Loan has been packaged by the Office of Financial Aid)
Requirement for borrowers upon graduation, transferring or leaving school
Pomona College California Loans
Details
- Interest free
- Family income ceiling may apply
- The application for this program is available upon acceptance of an offer of admission
- Funded by the Weingart Foundation
Requirements
- Graduate of a California high school
- U.S. Citizen
- Enrolled full-time and in good academic standing
- Income ceiling for eligibility annually reviewed
Other Private Student Loans
Pomona College does not have a list of preferred private lenders. The following list consists of all the private loan providers that have made loans to Pomona students in the past five years.
- Campus Door
- Chase Student Loans
- Citi Student Loans
- Discover Student Loans
- Northwest Federal Credit Union
- The Sallie Mae Smart Loan
- Wells Fargo
Statement on student loan providers: Read Pomona College's policy regarding institutional and personal relationships with student loan providers.