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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.

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.

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Alternative Student Loans are private loans offered through a number of banks and lending agencies. Students may be eligible to borrow an alternative loan to assist with educational costs. For details on alternative student loan products, please view Kenyon's Electronic Alternative Student Loan Lender List.

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This private loan program, administered by Key Education Resources, offers students an option for paying for college. This loan allows applicants to borrow $500 up to the cost of education (less other financial aid received yearly). For more information or an application, please call Key at 1-800-KEY-LEND or visit their Web site at www.Key.com/educate.

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This private loan program, offered by Citibank, allows students to borrow funds to assist with educational costs. There is no minimum loan amount; students may borrow up to the cost of education (less other financial aid received). To obtain an application, call 1-800-745-5473 or visit their Web site at www.studentloan.com.

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This private loan program, administered by Educaid, is designed to assist families who need additional educational financing. Students may borrow a minimum of $500 up to the total cost of education (less other financial aid received). Applications may be obtained by calling 1-800-338-2243 or by visiting their Web site at http://www.educaid.com/highschool.htm.

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This private loan program, administered by The Education Resource Institute, enables qualified borrowers to borrow from $2,000 up to the cost of education (less other financial aid received) per year. To obtain an application for this program, you may call 1-800-255-8374 or you may visit their Web site at www.teri.org.

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