This loan is offered to international students at Bennington College who have applied for financial aid. No additional funds are available beyond the amount shown on the financial aid award.
The Bennington Loan requires no online application. At the beginning of every term, borrowers are notified to go to the Bennington College Business Office to sign loan paperwork.
Basic Loan Information
- Interest rate. The interest rate is fixed at 8%.
- Loan fees. There are no loan fees.
- Lenders. Bennington College is the lender.
- Disbursement. Full-year loans are disbursed at the beginning of each term. Borrowers sign loan documents every term authorizing payment of their loan proceeds to the College.
- Interest accrual. Interest begins to accrue six months after the student ceases to be at least a half-time student at Bennington College.
- Repayment. Repayment begins six months after the student graduates, leaves school, or drops below half-time attendance. Borrowers may request that during graduate school, their repayment of loan principal be deferred. Minimum repayment is $25 per month. Each borrower in repayment will receive a loan payment coupon book, address labels indicating where loan payments are sent, and a loan amortization schedule. It is important that Bennington's Business Office is notified when the address of any borrower changes.
- Length of repayment. Length of loan repayment is 10 years. The borrower may prepay the loan at any time, and future interest will be reduced by making such payments.
- Loan options. If, after graduating from Bennington College, a borrower returns to at least half-time study in a graduate or professional school or pursues advanced professional training, he or she may request, in writing, that the College defer payments of principal. Interest payments may not be deferred, and monthly interest payments are still required.