March 24, 2020
Kenyon is suspending its residential program and transitioning to remote instruction. Read more about Kenyon's response to COVID-19.
The College 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 College has collaborated with Heartland ECSI to administer and service Kenyon College Loans. First time borrowers will be required to electronically sign a Kenyon College Master Promissory Note through Heartland ECSI’s website. Normally, loan disbursements will be credited to the borrower’s student account each semester.
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.