Sources of Aid
Pomona College may use a combination funding sources including Federal, State, and Pomona College programs to offer a complete financial aid package to each eligible student. The College determines the suitability of each type of aid for eligible students based on the FAFSA and Profile applications; consequently, students applying for aid must complete each of the required applications specified in our deadlines section.
In the links below, you will find brief overviews of the Federal, State, and College aid programs offered by Pomona. You may learn more about these sources of funding and their eligibility requirements by exploring this page and the links to outside agencies.
Information provided on the Free Application for Federal Student Aid (FAFSA) and the applied Federal Methodology are used to determine a student's eligibility for all federal awards. The amount of each federal award may vary due to specific program funding. To be eligible, students must be U.S. citizens or eligible non-citizens, demonstrate financial need (except for the unsubsidized Federal Direct Stafford and Direct PLUS programs), meet specific enrollment criteria, and make satisfactory progress toward a degree. Here is a brief summary of each federal aid program:
Federal Pell Grant Program
Grants from this program provide the foundation of financial aid to which other aid is added. These awards are determined by the federal government through its own methodology. To apply, a student must file a FAFSA. During the 2013-2014 award year, Federal Pell Grant awards for full-time students range from $582 to $5,645.
Federal Supplemental Education Opportunity Grants (FSEOG)
These federal grants range from $100 to $4,000 per award year. In general, students with Federal Pell Grants are awarded FSEOG grants if they have additional need under the Federal Methodology. The number of FSEOG awards can vary from school to school due to a school's allocated FSEOG funding. As a result, not all Pell recipients receive FSEOG awards.
Federal Perkins Loans
Federal Perkins Loans are long-term, low interest (5 percent) loans. No interest is charged nor is repayment required on Federal Perkins Loans while a borrower is enrolled in school at least half-time. Repayment begins nine months after a student graduates, leaves school, or drops below half-time enrollment. Depending on the amount borrowed, the repayment period can be up to 10 years. The annual Federal Perkins Loan limit is $5,500 for undergraduate students.
Federal Work-Study (FWS)
The Federal Work-Study program provides job opportunities for needy students. The College designates recipients of FWS awards based on the availability of funding and the application of the Federal Methodology. Most FWS jobs are on campus, but some may be at nearby agencies. The work program can add both breadth and depth to a student's educational experience and can be a valuable asset when seeking employment after college.
Federal Direct Stafford Loan Program
The Federal Direct Stafford Loan Program offers both subsidized and unsubsidized student loans. Students qualifying as needy through application of the Federal Methodology pay no interest on their loans while enrolled in school at least half-time; during the in-school period, the interest is paid by the government. If a student does not qualify for the interest subsidy, he or she is required to pay interest during his or her enrollment period. No loan principal must be repaid during the in-school period regardless of the eligibility for the interest subsidy. Borrowers of both subsidized and unsubsidized loans do not begin to repay their loan principals until six months after they graduate, drop below half-time, or withdraw from school.
The interest rate on both subsidized and unsubsidized Direct Stafford loans disbursed after July 1, 2013 are fixed at 6.8%. Subsidized Stafford loans are available depending on student eligibility and are limited to $3,500 for first year students, $4,500 for second year students, and $5,500 for third and fourth year students. An additional unsubsidized Stafford of $2,000 is available each year. The actual loan amount possible is contingent upon the length of the period of enrollment (one semester or two) and the student's enrollment status. At the time the loan is made, the borrower is charged an origination fee of 1.051 % of the loan principal.
Federal Direct PLUS Program
The Federal Direct PLUS Program is a federally sponsored parent loan program. Pomona College policy requires that students whose parents borrow a PLUS loan must file a valid FAFSA. Through this program, parents may borrow each year up to the full cost of attendance less any financial aid. Interest on PLUS loans begins to accrue immediately once the loan is made, and repayment begins within 60 days of the second disbursement. Some lenders offer interest-only payments or deferment of interest and principal payments while the student is in school.
The interest rate on PLUS loans is fixed at 7.9%. At the time the loan is made, the borrower is charged an origination fee of 4.204 % of the loan principal.
State Aid Programs
State funds can include grant assistance as well as loan guarantees. California, for example, offers need-based state grant programs that rank among the best in the nation. The California Student Aid Commission, located in Sacramento, administers these programs from funds appropriated each year by the State Legislature. Awards for undergraduate study leading to a bachelor's degree are made through two grant programs: Cal Grant A and Cal Grant B.
Cal Grants A
These awards, based on need, are made to undergraduate students to be used at any approved California college or university. All California residents seeking aid are required to apply. Awards may range from $600 to $9,084 at Pomona College. Eligibility is determined by the California Student Aid Commission.
Cal Grants B
These awards are made to students from disadvantaged backgrounds. The award for most first year students is $1,551 and may be applied to living expenses, books, supplies, and transportation as well as tuition and fees. Renewal of this award beyond the first year in college includes the $1,551 as well as a tuition and fee award - the same amount as the Cal Grant A award. To be eligible for this grant during 2014-2015 an applicant may not have completed more than one semester of full-time college work or 16 semester units of part-time college work prior to June 30, 2014. Eligibility is determined by the California Student Aid Commission.
The application required for Cal Grant consideration is the FAFSA. Students are also required to file a GPA Verification Form. The application deadline is March 2, 2014, however, we suggest students apply as soon as possible after January 1, 2014.
Pomona College Funded Programs
Pomona College funds include scholarships, grants, loans and work. The amounts and type of College aid in a package depend on the student's financial need and the specific instructions governing each separate fund. In some instances, students are required to complete special documents to receive highly-restricted scholarship aid. All applicants for Pomona College funded aid are required to file a Profile Application, which is printed and processed by the College Scholarship Service. This form does require the payment of a fee. The College also requires applicants to file the Free Application for Federal Student Aid (FAFSA).
Pomona College Grants and Scholarships
Pomona College has income available from endowment and from annual gifts to the College to fund College grants and scholarships. All such awards are based on a student's financial need as determined by the Office of Financial Aid. A complete listing of these awards can be found in the Pomona College Catalog.
Pomona College Loans
The Pomona College loan program allows students to borrow to cover a portion of the family contribution. Pomona College Loans are interest free for the life of the loan.
In addition, there is also an interest-free program available on a restricted basis to graduates of California high schools. Recipients must be U.S. citizens, enrolled full-time, and be in good academic standing. In past years, there has been a family income ceiling for these programs. This policy is reviewed annually as is the maximum loan amount available. The special application for this program is available to admitted students upon acceptance of an offer of admission.
Pomona College Self-Help Employment
Pomona College Self-Help employment is a need-based work program packaged in financial aid awards. The provisions are similar to those of the Federal Work-Study program. However, this program is funded solely by Pomona College.