Other Loan Options for Families
To help families meet the cost of higher education, long-term loans are offered by various financial groups whose sole function is to make lower-interest loans for education. While the particular terms may vary somewhat from group to group, loans of up to $30,000 per year are generally available at an interest rate tied to the prime rate. Repayment can be extended up to twenty years, depending upon the program and the amount borrowed.
Kenyon College participates in a number of educational loan programs not based on financial need that you and your family may wish to consider.
Federal Direct Parent Loan for Undergraduate Students (PLUS Loan)
The Federal Direct Parent Loan for Undergraduate Students (PLUS Loan) is secured through the William D. Ford Federal Direct Loan Program. Through the Direct PLUS Loan, a parent may borrow up to the full cost of attendance (less other financial aid received) for their dependent son(s) and/or daughter(s). Repayment begins 60 days after the loan is fully disbursed at an interest rate of 7.9 percent. A fee of up to 4 percent will be deducted from the total loan amount by the federal government before the loan is disbursed to Kenyon. Beginning with the 2011-2012 academic year, a Free Application for Federal Student Aid (FAFSA) must be completed for any student whose parent wishes to borrow through this program, along with a Federal Direct Parent Loan Electronic Master Promissory Note.