Subsidized Student Loans

Federal Perkins Loans
Federal Perkins Loans are available to students based on funding and eligibility requirements set by the Federal Methodology. Federal Perkins Loans are long-term, low interest (5 %) loans. No interest is charged nor is repayment required on Federal Perkins Loans while a borrower is enrolled in school at least half-time. Repayment begins nine months after a student graduates, leaves school, or drops below half-time enrollment. Depending on the amount borrowed, the repayment period can be up to 10 years. The annual Federal Perkins Loan limit is $4,000 for undergraduate students. The aggregate loan amount available for undergraduate study is $20,000. For more information, visit the Federal Student Aid website.


Federal Stafford Loan Program
The Federal Stafford Loan Program offers both subsidized and unsubsidized student loans. Students qualifying as needy through application of the Federal Methodology pay no interest on their loans while enrolled in school at least half-time; during the in-school period, the interest is paid by the government. If a student does not qualify for the interest subsidy, he or she is required to pay interest during his or her enrollment period. No loan principal must be repaid during the in-school period regardless of the eligibility for the interest subsidy. Borrowers of both subsidized and unsubsidized loans do not begin to repay their loan principals until six months after they graduate, drop below half-time, or withdraw from school.
 
The interest rate on subsidized Stafford loans disbursed after July 1, 2008 is fixed at 6.0%.  The interest rate on unsubsidized Stafford loans is fixed at 6.8%.  With respect to subsidized Stafford loan after July 1, 2007, students in their first year of college may borrow up to $3,500, students in their second year up to $4,500, and students in their third and fourth years up to $5,500 each year. The actual loan amount possible is contingent upon the length of the period of enrollment (one semester or two) and the student's enrollment status.  For more information, visit the Federal Student Aid website.

Pomona College Loans
Pomona College Loans are interest free while the borrower remains in school. During the repayment, interest is charged at the rate of up to 6%.

In addition, there is also an interest-free program available on a restricted basis to graduates of California high schools. Recipients must be U.S. citizens, enrolled full-time, and be in good academic standing. In past years, there has been a family income ceiling for these programs. This policy is reviewed annually as is the maximum loan amount available. The special application for this program is available to admitted students upon acceptance of an offer of admission.