The Pomona College Monthly Payment Plan
The Pomona College Monthly Payment Plan allows families to make their annual payments to the College in eight installments. Beginning July 2019, there is no longer a service fee to use the monthly payment plan, nor is there an interest charge for participating. All students will automatically be enrolled in the payment plan, but students and their parents have the option of choosing the basic plan where the full semester charges are paid by August 1 for the fall semester and January 2 for the spring semester.
The first statement for the fall semester is released on July 10, with a new statement released on the 10th of each subsequent month. Those who participate in the Monthly Payment Plan must arrange to make payments on or before August 1, September 1, October 1 and November 1.
The first statement for the spring semester is released on December 10, with a new statement released on the 10th of each subsequent month. Those that participate in the Monthly Payment Plan must arrange for payments on or before January 1, February 1, March 1 and April 1.
The Student Accounts Office outlines the terms of the Plan in the Pomona College Tuition Payment Agreement.
Student and Parent Loans
While students are not expected to borrow educational loans to pay for school related expenses, they can be a useful resource for students and their parents to finance a portion of the family contribution. There are several educational loan options for students and parents, and we encourage students to evaluate all options before borrowing. We welcome students and parents to discuss their options with our office when considering educational loans.
Federal Student Loan Options
Federal Direct Loan: The Department of Education provides educational loan funding directly to students to assist with educational expenses. Eligible students may access subsidized Federal Direct Student Loans. Interest is not charged while a student is in school at least half-time, during the grace period, or during deferment periods for a subsidized loan. Unsubsidized Federal Direct Students Loans have interest added to the amount borrowed while in school, during the grace period before repayment begins and in periods of deferment. All Direct Student Loan requests are reviewed and a subsidized loan will be provided prior to awarding a student an unsubsidized loan. There is also a one-time fee charged to originate the loan. Additional information about Federal Direct Student Loans may be found here.
Parent Loan Options
Federal Direct PLUS Loan: The Department of Education provides educational loan funding directly to parents of eligible students to assist with school related expenses. The Federal Direct PLUS Loan is an unsubsidized loan. Interest is charged once the loan funding has been fully distributed to the school. There is also a one-time fee charged to originate the loan. Information about Federal Direct PLUS loans may be found here.
Private/Alternative Loans for Parents or Students
Pomona College does not have a list of preferred private lenders. FASTChoice lists all of the private loan providers that have made loans to Pomona students in the past five years. Please read Pomona College's policy regarding institutional and personal relationships with student loan providers.