Institutional Student Loans

The Reed Loan Program requires the student and their guarantor to sign two different loan notes, the interim and payout loan notes. Both loan notes state that there is no penalty for prepayment and that the borrower is responsible for all collection fees associated with the collection of the debt.

Interim Loan Note

Interim Loan Note: Required each year the student attends Reed College and receives a Reed Loan.

The Interim Loan Note

• specifies the amount borrowed for the academic year;
• has an interest rate of 0%;
• requires the student and guarantor to sign a Payout Loan Note within 90 days of ceasing at least half-time enrollment at Reed College. If borrowers do not sign a pay-out note as agreed, the Interim Loan Note shall become immediately due and bear interest at the rate of 12 percent a year from the due date until paid in full.

Payout Loan Note

Payout Loan Note: Replaces the Interim Loan Note/s when the student drops below half-time enrollment at Reed College.

The Payout Loan Note

• specifies the total amount borrowed on the Interim Loan Note/s;
• pays off the Interim Loan Note/s to create a new loan;
• has an interest rate of 9 percent per year. Interest begins to accrue nine months after the student ceases at least half-time enrollment at Reed College and payments begin on the tenth month.

The maximum length of time to repay a Reed Loan is 10 years or $40 a month, whichever results in a larger payment. The loan payments may be suspended with an in-school deferment, if the borrower submits documentation showing they are enrolled at least half-time at an accredited institution of higher education as determined by the U.S. Dept of Education. No interest accrues during an in-school deferment.  

Students will be notified by email when their awards are ready to view and accept in Banner Self-Service. Students must log into their Banner Self-Service account to view and accept offered loan funds. Students have the option to borrow the full amount, or specify a lesser amount of their maximum loan eligibility.

If you have accepted your Reed Loan award, you will be contacted by the business office in mid-July. After mid-July, notices will only be sent out weekly. If it is your first time borrowing a Reed Loan, you will receive an email from the business office asking who your guarantor will be. If this is not your first Reed Loan, the college will use the same guarantor information as previous years unless you let them know there is a change.

Once the business office has your guarantor’s information, you will need to complete the following requirements before loan funds can disburse to your tuition account:

Reed Loan Application and Loan Note

The link to access this document will be emailed to you via DocuSign.net. Please read the documents carefully in order to understand the terms of the loan including interest rate, repayment terms, and deferment options. It is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to Reed College. Once you complete these documents, your guarantor will receive an email from DocuSign.net so they can sign as the guarantor.

Reed Loan Final Disclosure

After you and your guarantor complete the Reed Loan Application and Loan Note, you will receive a Private Education Loan Final Approval Form (Reed Loan Final Disclosure) via DocuSign.net. You will need to sign off and acknowledge your right to cancel the loan. Your guarantor will receive a copy after you acknowledge it, but will not need to sign it or take action. The loan will be finalized and the funds disbursed no sooner than 3 days after you acknowledge the Private Education Loan Final Approval Form.

Reed College is the lender for the Reed Loan Program and repayment is made to the college. You will receive bills from University Accounting Service (UAS), our billing servicer. Borrowers may view their loan and make payments online. You may call UAS at 844-870-8701 or Sara Rosenberger at 503-777-7504 for help with your Reed Loan.

Reed Loan in-school deferment requests can be made by submitting the In-School Deferment Form.

Perkins Loan benefit forms can be found here:

• In-School Deferment Form
• Unemployment Deferment Form
• General Forbearance Form
• Economic Hardship Deferment Form
• Cancellation Form