Federal Student Loan Forgiveness
Tips for Kenyon students and alumni seeking student loan forgiveness:
Find full details about the Student Debt Relief Plan here and bookmark this page. As new details become available, this is where borrowers can get updated information.
Previous borrowers should access their studentaid.gov account to review their loan and Pell grant history. Borrowers can confirm whether they have ever received a Pell grant (thus making them eligible for a higher loan forgiveness amount) and also review how much they have borrowed cumulatively.
Sign up for announcements about student loan debt relief from the Department of Education.
Don’t give out personal information to anyone. The Federal Trade Commission has warned that scammers may try to take advantage of the debt relief announcement to collect social security numbers and other personally identifiable information.
Please note that new loans disbursed after June 30, 2022, are not eligible for forgiveness.
Kenyon College Loans
Kenyon administers a variety of need-based loan programs funded by endowments and gifts. Kenyon College Loans have an interest rate of 5 percent, which begins to accrue from the date of disbursement. Repayment of principal and interest shall be made in monthly installments over a maximum period of 6 years beginning 9 months after graduation, withdrawal, or dismissal from Kenyon. Repayment periods may be extended during periods of deferment, hardship, or forbearance and graduated installments may be made in accordance with a schedule approved by the College. Kenyon has collaborated with Heartland ECSI to administer and service Kenyon College Loans. First time borrowers will be required to electronically sign a Master Promissory Note through Heartland ECSI’s website. For more information on repayment, deferment or forbearance, contact the Student Loan Coordinator in the accounting office.
Federal Direct Student Loans
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 which is determined by the federal government annually. A fee will be deducted 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 complete entrance counseling.
Federal Direct Parent Loan for Undergraduate Students (PLUS LOAN)
Through the Federal Direct PLUS Loan program, parents may borrow an annual amount up to the cost of attendance minus financial aid.
- Parents must be creditworthy, but there are no income requirements placed on eligibility.
- Completion of the Free Application for Federal Student Aid (FAFSA) is required in order to apply for the PLUS Loan.
- Loans are payable 30 days after the final disbursement of the loan and payable over 10 years.
- Deferment of repayment is available upon request as long as the student is enrolled at least half-time.
- The 2022-2023 Direct PLUS loan interest rate is fixed at 7.54% and carries a 4.228% origination fee that is deducted from the loan amount prior to disbursement. studentaid.gov/understand-aid/types/loans/interest-rates
- To Apply: Complete the Federal Direct PLUS Loan Application available at studentaid.gov.
Alternative Loan Options for Students and Parents
Alternative loans are private loans offered through a number of banks and lending agencies. Students and parents may be eligible to borrow an alternative loan to assist with educational costs.
For details on alternative loan products for students, refer to Kenyon's Electronic Alternative Student Loan Lender List. You are not limited to the lenders listed.
For details on alternative loan products for parents, refer to Kenyon's Electronic Alternative Parent Loan Lender List. You are not limited to the lenders listed.
Students who receive need-based financial aid will be awarded campus employment as part of their package.
The Office of Student Employment assists all interested students in securing a job to work approximately five hours per week. The student employment office is located in the Career Development Office and the phone number is 740-427-5165.