Student Loans
Kenyon College Loans
The College administers a variety of loan programs funded by endowments and gifts. Kenyon loans, which must be repaid five years from the date they are taken out, have an interest rate of 5 percent.
Federal Perkins Loans
Perkins Loans, guaranteed by the federal government, are awarded by the College. They must be repaid within ten years and have an interest rate of 5 percent.
Federal Stafford Loans
Federal Stafford Loans are guaranteed by the federal government and secured through banks, credit unions and other lending agencies. All Stafford Loans are either subsidized (the government pays the interest while the student is in school on at least a half-time basis) or unsubsidized (the student is responsible for the interest expense, although payments can be deferred until after graduation). To receive a subsidized Stafford Loan, the student must demonstrate financial need. A first year student may borrow a maximum of $5,500 ($3,500 of which is either subsidized, unsubsidized or a combination of both based on demonstrated need, the remaining $2,000 must be unsubsidized) through this program. Federal Subsidized Stafford Loans have an interest rate of 5.6% for the 2009-2010 academic year. Federal Unsubsidized Stafford Loans have a fixed interest rate of 6.8%. Unless borrowers qualify and opt for an alternative repayment plan, Stafford Loans must be repaid within 10 years. First time borrowers wishing to take advantage of an awarded Federal Stafford Loan must complete a Federal Stafford Loan Amount Request Form and an Online Federal Stafford Loan Master Promissory Note . For details on Federal Stafford Loan lenders, please view Kenyon's Electronic Federal Stafford Loan Lender List .
All first-time Federal Stafford Loan borrowers are required to complete an online entrance counseling session before Federal Stafford Loan funds can be disbursed to a borrower's student account.