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Loan Programs and Terms for Students

Loan Repayment Calculator

This Loan Repayment Calculator may be a helpful tool in planning your loan options.

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
SubsidizedUnsubsidized
Need-Based
YES (based upon the FAFSA) NO
Interest Rate 4.66%
4.66%

Origination Fee

1.073% 1.073%
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

Loan Application Requirements

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

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