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. No interest is charged; however, there is a $50 per semester service fee and penalties for late payments. Payments begin in August and end in April; with no payment due in December. Agreement must be received by the Pomona College Student Accounts Office no later than June 1. The application form is included in the enrollment packet.
Student and Parent Loans
While no students are required to take a loan to attend Pomona, some do consider loans to help finance the family's contribution. There are various loan options for students and parents, including federal loan programs from the Department of Education.
Federal Student Loan Options
Federal Direct Loan: Direct Loans are low-interest loans for students and parents. Loans can be subsidized for students with demonstrated financial need, meaning no interest is charged while a student is in school at least half-time, during the grace period, or during deferment periods, or it can be unsubsidized, wherein interest is charged at all times.
Federal Perkins Loan: The Federal Perkins Loan Program Extension Act of 2015 approved the extension of the Perkins Loan program through September 30, 2017.
On October 6, 2017 the Department of Education announced that only those undergraduate students who received a disbursement of a 2017-18 Perkins Loan before October 1, 2017 may receive subsequent disbursements of that Perkins Loan.
No new Federal Perkins Loans may be disbursed after September 30, 2017 unless the program is extended by Congress.
- Federal Perkins Loan Program Extension Act of 2015
- Dear Colleague Letter October 6, 2017 - Perkins Loan Extension Act of 2015
Federal Parent Loan Options
Direct PLUS Loan: These are unsubsidized loans for the parents of dependent students and for graduate/professional students. Interest is charged for all periods.
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.