Interest on PLUS loans begins to accrue immediately once the loan is made and repayment must begin within 60 days. The PLUS program features a variable interest rate that is adjusted each year on July 1. The interest rate is adjusted annually each July 1. All fees are deducted proportionately from each loan disbursement. There is no income restriction or needs test for the PLUS program.
Lenders do require a satisfactory credit check for loan approval.
All families, whether receiving other aid from the College or meeting costs on their own, may use one or more of the following alternative ways to finance a students' college education. In addition, more information may be found at Links to Parent Loan Lenders and Links to Student Loan Lenders . Need for financial assistance is reevaluated annually to ensure continued fairness in the distribution of aid. Because the amounts and sources of financial aid program funding change each year, and because families financial circumstances may also change, students are required to complete a new financial aid application each year. Financial aid recipients can be reasonably assured of continuing financial support for their four undergraduate years at Pomona College provided the funding sources are available, and that students continue to demonstrate the same level of financial need, make satisfactory academic progress, and are in good standing with the College.