The College administers a variety of need-based 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.
Perkins Loans, need-based 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 Direct Student Loans are guaranteed and secured through the William D. Ford Federal Direct Loan Program. Direct Student Loans may be subsidized (need based) or unsubsidized (not need based). The federal government pays the interest on subsidized loans while the student is enrolled at least half-time. Unsubsidized Direct Loan borrowers are responsible for interest that accrues from the time the loan funds disburse. Kenyon will recommend an amount to be borrowed based on a student's need. The maximum amount a student may borrow through the program in the first year is $5,500. These loans, which have a standard 10 year repayment period, have an interest rate of up to 6.8 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. First-time borrowers wishing to take advantage of an awarded Federal Direct Student Loan must submit a Free Application for Federal Student Aid (FAFSA), Federal Direct Loan Electronic Master Promissory Note and entrance counseling.