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Claremont McKenna College Loans

IMPORTANT: You must be pre-approved by the Office of Financial Aid to borrow a college loan.

The Claremont loans are the Permanently Restricted Loan, Berger Loan, and Drown Loan. These loans are available through endowments awarded to the school.

CMC Permanently Restricted

Origination fee: 0%
Interest accrual: Not applicable.
Interest rate: 0%
Repayment begins: Six months after graduation/withdrawal from school.
Minimum monthly repayment: Varies.

Berger Loan (College loan without interest)

Origination fee: 0%
Interest accrual: Not applicable.
Interest rate: 0%
Repayment begins: Six months after graduation/withdrawal from school.
Minimum monthly repayment: Varies.

Drown Loan (College loan with interest)

Origination fee: 0%
Interest accrual: Begins upon graduation/withdrawal from school.
Interest rate: 5%
Repayment begins: Six months after graduation/withdrawal from school.
Minimum monthly repayment: Varies.

Once you have been pre-approved for the college loan, there are important steps that must be completed. These steps vary depending on if you are a first-time borrower or are renewing a loan.

  1.  Complete a Request Form. There are separate request forms for the Permanently Restricted Loan, the Berger Loan, and the Drown Loan. These forms are available on Net Partner as an electronic form. 

  2. FIRST-TIME BORROWERS: Complete your applicable Master Promissory Note. The MPN loan forms are different for the three types of college loans: the Permanently Restricted Loan MPN, the Berger Loan MPN and the Drown Loan MPN. *Note: The MPN loan form must include an ORIGINAL WET signature. It cannot be a scanned, faxed, or electronic version of the form. An original copy must be dropped off or mailed to the Office of Financial Aid. 

  3. Complete your Applicant Self-Certification Form. This form can be returned to the Office of Financial Aid via email, mail, or fax.

  4. If you have never completed a Personal Information Form, you must do so when you submit your request form. The Personal Information Form is available on Net Partner as an electronic form.