We are providing this information to the public as a federal requirement of schools to provide an annual notice to all enrolled students describing the availability of the required consumer information.
Basic Financial Aid Information
1. How Awarding Works
Need Based Program
Procedure: Students must first complete an aid application according to the application guidelines. You will be asked to provide information about your family income and assets, outside awards, and unusual or changed financial circumstances. Once we have reviewed your information and determined your demonstrated need, you will be notified of your award for the coming year. Pomona does not offer any merit or athletic scholarships.
Forms: In order to apply for aid, all families have to submit a complete financial aid application. US Citizens/Permanent Residents must complete the CSS Profile form as well as the Free Application for Federal Student Aid (FAFSA). The FAFSA is a free form that determines eligibility for federal aid and the CSS Profile helps us to determine eligibility for Pomona financial aid.
Eligibility: Our generous financial aid programÔÇöfunded in large part thanks to gifts from friends and supporters of the CollegeÔÇöaims to make Pomona accessible to any student who is admitted. Families can use our to quickly estimate their aid package and expected family contribution.
In determining your need-based Financial Aid award, your package will consist of a work component and a Grant component that could be made up of the following funds:
- Pell Grant - This grant is awarded to students based on their Federal Estimated Family Contribution (EFC) as determined by filing the FAFSA.
- SEOG Grant - This grant fund, allocated to colleges by the federal government, is awarded to our neediest students who are also receiving a Pell Grant.
- Work Study - The Work-Study Program provides funds for part-time employment to help needy students to finance the costs of postsecondary education.
- California or other state Grant - This grant fund, allocated to colleges by the state of California or your home state, is awarded based on need.
- Pomona Scholarship - Institutional Grant funding that may come from a specific donor
- Term Time Job - Students who are not eligible for Federal Work-Study are awarded institutional employment and are encouraged to find employment through our Jobs Database in our Career Development Office.
Students are not expected to take out loans as part of their financial aid package. Our aid packages are designed to cover financial need without additional borrowing. However, students may choose to pursue loans to help cover the student and/or family contribution. Once a student has requested a loan, our office will award one of the following loans:
- Federal Perkins Loan: These need based loans are awarded dependent on your federal and institutional eligibility. It is important to understand the terms of any loan you borrow as well as how to manage your debt and repayment
Federal Direct Loans
- Student Loans: Students who are US citizens/permanent residents have the option of borrowing from the .
- Parent Loans: Parents who are US Citizens/permanent residents have the option of borrowing from the .
Private (Student and Parent) Loans:
- Students applying for private educational loans must apply directly via their lenderÔÇÖs website. If you are considering a private loan, you should compare the loan terms offered by several programs in order to choose the best fit for your situation. Private loans typically have the student as the primary borrower and the parent as a co-borrower. Parents and students are encouraged to look into the federal and institutional loan options available to them before deciding to borrow a private loan. Once your loan has been approved, the Financial Aid Office will certify your loan verifying your enrollment and eligibility. Your maximum loan eligibility is your total cost of attendance minus any aid received.
The various forms of aid (grants, scholarships and loans) administered by the Financial Aid Office are applied directly to your student account as an anticipated credit to pay billed expenses (ie. tuition, fees, housing and food). There are institutional and federal guidelines for checking eligibility prior to disbursement. If you have any outstanding documents that need to be completed in order to disburse your aid, they will be listed on the student portal. When students are registered and meet eligibility requirements for disbursement, our aid is disbursed as follows:
Aid Disbursed by the Financial Aid Office
- Grants: For students who have met eligibility requirements, Fall institutional grants are removed as anticipated aid and replaced with actual disbursements for the October bill. Fall federal grants and state grants are removed as anticipated aid and replaced with actual disbursements for the November bill. Spring grants are removed as anticipated aid and replaced with actual disbursements for the March bill. After the initial disbursement, aid for both terms is then disbursed weekly, as additional students meet the eligibility criteria.
- Loans: Students must sign a Master Promissory Note (MPN) for each loan program. Once an MPN is signed, loans will be disbursed in equal installments for the Fall and Spring.
Aid Disbursed by Outside Agencies
The grants, scholarships and loan funding students receive from outside agencies (state, local, private) are disbursed to the student's account as they are received from the outside agency.
3. Terms and Conditions of Employment
All students, regardless of their financial aid status, may work during the academic yearÔÇöand in fact, around two-thirds of our students do. When students are awarded need based aid, their financial aid package includes a ÔÇťTerm Time Work ExpectationÔÇŁ. All students are encouraged to go to Handshake - which hosts a jobs database to assist them in finding a job. By working 8-12 hours a week a student can earn approximately $1,250-$2,500 over the course of the year. All wages earned are to be paid directly to the student, rather than appearing on their student account.
Federal Work Study: If a student is eligible for Federal need based financial aid by filing the FAFSA form, their term time student allotment will be designated as Federal Work Study.
4. Exit Counseling
All student loan borrowers who graduate or drop below half-time enrollment are required to complete Exit Counseling, which details the repayment of student loans. The following information is provided during Exit Counseling:
- The anticipated average monthly repayment amount;
- The available repayment plan options;
- The options for each loan to prepay, pay on a shorter schedule, or change repayment plans;
- The effects and repercussions of loan consolidation;
- Debt management strategies designed to facilitate repayment;
- Information on how to contact the borrowerÔÇÖs Direct Loan Servicer;
- The consequences of default;
- The terms and conditions under which a borrower may obtain full or partial forgiveness, cancellation, deferment, or forbearance.
- Details on the availability of the DepartmentÔÇÖs Student Loan OmbudsmanÔÇÖs office;
- Details on the National Student Loan Data System (NSLDS) and how it can be used to obtain Title IV loan status information;
- An explanation of how the borrowerÔÇÖs maximum eligibility period, remaining eligibility period, and subsidized usage period are determined; and the sum of the borrowerÔÇÖs subsidized usage periods;
- The consequences of continued borrowing or enrollment;
- The impact of becoming responsible for accrued interest;
- A general description of the types of tax benefits available to borrowers;
- Disclosure of the borrower requirement to provide current contact information;
Additionally students who have borrowed:
Institutional and/or Federal Perkins loans are required to complete an exit counseling session which will cover: repayment schedule and current loan balances, monthly payment amounts, due dates, and interest rates for each of their loans. Students will be contacted in April with links and instructions on how to complete these forms
Federal Direct Loans will have their repayment schedules mailed to them from their Direct Loan Servicer. We encourage these students to go through .
From a Private Lender will have their loan debt amount included on their summary sheet but must contact their lender for further information.
Outside Grants and Scholarships
A student may receive grants or scholarships from sources outside Pomona. For information regarding our policies, reporting and sources for additional funding, consult our outside awards page.
Continued Eligibility Guidelines
Financial Aid is re-determined each year based on a number of criteria. Eligibility for one school year does not guarantee future eligibility. To determine eligibility for:
- Institutional aid, you must: Complete an application with Pomona's given deadline.
- Federal aid, you must:
- Make satisfactory academic progress
- Complete the .
- State aid you must: Complete the FAFSA with the given .