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.

  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.

  4. If you have never completed a Personal Information Form you must do so when you submit your request form.

The Request Form, Applicant Self-Certification Form, and Personal Information Form can be returned to the Office of Financial Aid via email, mail, or fax.