Oakland, CA–November 4, 2008. Mills College is proud to announce an emergency loan program to full-time undergraduate and graduate students to help ensure their continuous education at the College.

In response to the financial uncertainty as part of the worldwide economic downturn that many students and their families face, Mills College is furthering its support beyond the more than $17 million in institutional aid it has committed for the 2008–09 academic year.

"Mills College is proud of our students and is committed to partnering with them and their families to ensure that their educational journey is not interrupted," said Mills College President Janet L. Holmgren.

Despite the highest enrollment in the College's history with a record-breaking number of applications, Mills College has a high percentage of students who rely on financial aid and grants to finance their education.

The one-time loan program is available to students in good standing who have exhausted all other financial aid and student loan options and are facing financial hardship. To qualify, David Gin, associate vice president for student and financial services, said students and families must first apply for government-backed loans such as the Stafford loan and private bank loans. The response time for these loans can be as quick as one day, he said.

The Mills loan only covers direct Mills expenses such as tuition and on-campus room and board. It cannot be used for personal expenses such as car payments.

"It's a really good bridge loan for students during this credit crunch," said Gin. "But it's not meant to replace or cancel other loans."

The fixed 6 percent interest rate loan has a 9-month grace period after graduation or upon leaving Mills College. Gin said all students who qualify for the loan will be offered one.

Mills College is able to offer this new program because of its financial strength through solid planning, strong student enrollment, successful fundraising, and minimum indebtedness.

Nestled in the foothills of Oakland, California, Mills College is a nationally renowned, independent liberal arts college offering a dynamic progressive education that fosters leadership, social responsibility, and creativity to approximately 950 undergraduate women and 500 graduate women and men. Since 2000, applications to Mills College have more than doubled. The College is named one of the top colleges in the West by U.S. News & World Report, one of the Best 368 Colleges by the Princeton Review, and ranks 75th among America's best colleges by Forbes.com. Visit us at www.mills.edu.

PRESS CONTACT:
Quynh Tran
Media Relations Manager
510.430.2300