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| Educational Loans |
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For students and
parents who will borrow to cover a portion of their share of
educational expenses at Pomona College, understanding and
managing your educational loans is a significant and ongoing
part of your educational experience. Sorting through the
various federal and private loan programs and the
differences in interest rates, repayment options, deferment
provisions, and loan counseling requirements will prepare
you for managing your loans during your four years at Pomona
College and whatever comes next.
For families seeking loans to finance their portion of
educational expenses, we recommend the following loans in
order of preference: Federal Student loans, Federal Parent
loans, and Private loans.
The College and Perkins loan programs use a multi-year
promissory note. If you have a Pomona College loan or a
Federal Perkins loan, please consult with the College’s loan
administrator in the business office to determine if you
need to complete any documents.
A Note about Lenders
In the context of recent news reports about institutional
and personal relationships between some student loan
providers and financial aid authorities at a few colleges
and universities, we would like to reassure the Pomona
College community of the following:
Pomona College does not have special business relationships
with any student loan providers and does not receive
considerations or financial reimbursements from any lenders.
All Pomona College officials are required, as part of
routine Conflict of Interest reports, to disclose any
relationships in which they or members of their immediately
families stand to benefit from decisions made in the course
of their work for the College. No such relationships have
been reported and we are confident that none exist.
Students are provided with lists of "preferred providers"
for student loans. This list is based entirely
on the quality of service that these lenders have provided
to Pomona
College students. In fact, the
college has no "preference" about the choice of lender, and
no considerations of any sort are provided in return
for inclusion on these lists. Students are free to
deal with other loan providers, and many do. The College
works with all such lenders to facilitate the financing
choices of its students. |
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