Do we have to pay back our financial aid?

Grants, which compose the major portion of a financial aid award, are funds awarded by the school from a fixed budget provided by investments and annual contributions from NMH alumni, parents, and friends. Grants need not be repaid; however, in the spirit of our founding, there is a general expectation that alumni who received financial aid as students will eventually contribute to the school to allow future generations to experience the same opportunities. Northfield Mount Hermon loans, which may be awarded in addition to a grant, are also need-based. Interest ranges from a minimum of five percent to a maximum of one-half of the prime rate. Repayment of these loans does not begin until after your child graduates from the school or leaves for any other reason. For the first four years after your child leaves NMH, you will pay interest only. During the four years after that time, you will make monthly payments of both interest and principal to repay the loan. There is no penalty for the prepayment of an NMH loan.