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The Caliornia Institute o Technology Financial Aid
Oce is pleased to enclose your Undergraduate Fi-
nancial Aid Oer or the 2006-2007 academic year.
This guide is designed to help you understand your
nancial aid award, as well as your rights and respon-
sibilities as a nancial aid recipient. We suggest you
keep it handy or reerence throughout the year.
Please read your award letter and this publication
careully; then ollow the steps listed in the checklist
on the back cover. To accept your nancial aid, you
must sign and return your nancial aid award let-ter to the Financial Aid Oce, Caltech, Mail Code
110-87, Pasadena, Caliornia 91125. I, ater reading
this guide, you have any questions, please call us at
(626) 395-6280.
Your 2006-2007 Financial Aid Award
Caltech
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Glossaryof Terms:
Your college expenses represent an estimate o thecosts or the academic year. These expenses includetuition, ees, room and board. They also include an
estimate o other expenses, such as books, supplies,and miscellaneous personal costs. Unless otherwiseindicated, your college expenses have been calculated
to cover the three-term, nine-month academic year.
We recognize that some expenses may dier rom
student to student. To assure air distribution o nancialaid resources, however, we have used standard estimates
(derived rom national and state sources) unless specialcircumstances (such as disability-related expenses),
documented in writing, justiy including costs dierentrom the estimates.
A travel allowance or domestic students, is added toyour college expenses. Caltech does not include a travel
allowance or students whose residence is outside theU.S., Canada, Mexico, or Guam.
Your resources (otherwise reerred to as amilycontribution) include parents contribution, students
contribution rom income, students contribution rom
assets, and other resources (such as scholarships romoutside o Caltech).
Parents Contribution is an amount that representsthe portion o your college expenses your parents areexpected to contribute. The nancial aid system assumes
that parents are responsible or contributing to their
childrens educational expenses, to the extent that theyare able. To assess the dierence among amilies, we use
generally-accepted ormulas that take into account the
inormation reported on the Free Application or FederalStudent Aid (FAFSA) and the College Scholarship Service(CSS) Financial Aid PROFILE Form, or the International
Student Financial Aid Application.
The parental contribution (PC) listed on the enclosed
award letter is our estimate o your parents abilityto contribute toward college expenses. We expect
comparable amounts rom amilies like yours, and
proportional amounts rom amilies whose nanc
circumstances appear stronger or weaker than yours
The parental contribution is not a prediction o ho
much cash your amily has on hand, or a value judgme
about how much your amily ought to be able contribute rom its current income, or a measure o
liquidity. Rather, it is our best estimate o your amilycapacity, over time, to absorb the costs o educatio
We estimate how much your amily can be expectto contribute (relative to other amilies), but make n
particular assumptions about how your amily w
nance that contribution. In act, your amily has choicabout how to do that including borrowing, makin
payments over a period o time, and utilizing savin
and current earnings.
Students Contribution rom Income represents tamount you are expected to contribute rom employme
and other resources toward your college expenses. YoStudent Contribution is calculated rom your 20
calendar year non-Federal Work-Study (FWS) incomThis is designed to be an accurate prediction o t
non-FWS income you will have available during t
2006-2007 academic year, whether it is earned durithe summer o 2006 or during the 2006-2007 academ
year, or both.
PLEASE NOTE: Begining with the 2006-2007 academ
year, you will be expected to save a minimum o $1,5rom your summer earnings to contribute toward yo
academic expenses. I this expected contribution not a realistic expectation, please notiy the Financ
Aid Oce and submit a written request or a revisi
to adjust your expected summer savings contributioAny adjustments to your contribution will result in
increase in your academic year work-study allocatior your student loan.
Students Contribution rom Assetsis the amount yare expected to contribute to your college costs ro
your total assets. Students are expected to contribute 3percent o their cash, savings, trusts, and investmen
reported on the nancial aid application.
UndersTandinG yoUr financial aid award
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Other Resources may include a variety o nancialassistance. Students who ail to report resources may ndthemselves in an overaward situation and may have to
repay unds. Overawards can usually be avoided i youreport changes in your nancial circumstances and/or
resources, as soon as you are aware o them. (See Your
Rights and Responsibilities section.)
Outside Scholarships are also considered to be aresource available to you during the academic year.
Caltechs policy is to use the amount o your outside
scholarship award to replace the sel-help (work and/orloan) portion o your nancial aid award. Loan unds
are replaced rst, and then work will be adjusted. Onlyi the amount o your outside award exceeds the sel-
help portion, will the additional amount replace Caltechgrant eligibility.
Yourfnancial aid eligibility is the dierence between yourcollege expenses and your resources.
Yourfnancial aid award refects the types and amount o
aid you are being oered. Your nancial aid award will
usually equal your nancial need.
yoUr financial aid award
disbUrsemenTof fUnds
Financial aid unds are disbursed depending on the type
o aid and its source:
Caltech grants, scholarships and merit awards, as well as
state and ederal grants, are credited to your studentaccount at the beginning o each academic term.
Federal Perkins Loans, Federal Direct Staord Loans, and
Caltech Loans are also credited each term to your student
account.
Federal Perkins and Caltech loans require thatyou complete a Borrower Data Sheet and sign
a promissory note. These orms are available at
Registration.
Federal Perkins Loan borrowers must read and signan Entrance Interview orm.
Federal Direct Staord Loan borrowers must signpromissory note.
First-time Federal Direct Staord Loan borrowers arequired to complete an on-line Entrance Intervie
prior to receiving their loan.
Paychecks (or actual hours worked) rom Federal WoStudy and CIT Work-Study earnings are disbursed to you
the work site as earned, by check, through the biweek
Caltech payroll system.
Outside scholarships are disbursed according to tsponsors specications. I the unds are sent to t
Financial Aid Oce, they will be credited to yo
student account.
Note: For inormation on Federal Direct PLUS lodisbursements, please see the appropriate section
this guide.
The family conTribUTion
The Bursars Oce at Caltech will send you a month
statement o the amount due the Institute. Tuition, eeas well as room and board costs, i living in Calte
housing, will appear as charges on your student accou
statement. Grant and loan awards will appear as credon the statement. Approximately one-third o the annu
charges and credits will appear on the statement eaterm.
Because Caltech does not bill or costs associated wipersonal expenses and travel, those costs will not appe
on the statement. However, these costs are included your nancial aid award letter. Many students will ne
some o their amily contribution or these associate
costs, as well as or the amount due on the studeaccount statement. Thereore, the amily contributi
refected on the award letter might not match the amou
due on the student account statement. Families shouplan to provide the appropriate amounts needed to cov
any remaining amounts due the Institute, in addition
the amounts needed to meet personal costs.
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I your nancial aid exceeds your billed costs, you
will have a credit balance on your student account
statement. You may withdraw this money or a check can
be issued to you ater Registration. This money may then
be used to pay your personal costs. I a credit balance
exists on your student account, you should contact theBursars Oce to request the excess unds.
Since students are oten eligible or several dierent
types o aid rom various sources, Caltech oers a
nancial aid package.
A nancial aid package usually consists o one or a
combination o the ollowing und sources: grants,
scholarships, loans, and on-campus employment. These
unds are made available rom the ederal government,
Caltech, or the State o Caliornia. An explanation o
all und sources awarded is provided here. As you
review your nancial aid award letter, please reer to
the ollowing descriptions.
GranTs
Caltech Grants and Scholarships
Caltech Grants are gits awarded rom an institutional
und or endowment specically established or thepurpose o assisting undergraduates. The amount o the
award depends entirely on your demonstrated nancial
need, and is subject to available unds. Caltech Grants
are renewable based on demonstrated nancial need
which is assessed annually when students apply or
nancial aid.
Scholarships are awarded on a competitive basis and,
like grants, do not have to be repaid. Awards are based
on academic ability, achievement, and promise, as wellas extracurricular activities and interests. While most
are need based, some are merit based only.
Named Scholarships are awarded to undergraduates
rom unds given by individuals or organizations or
scholarship purposes, and are named by or or the
donor. I you meet the specications o the donor, you
are automatically considered or a named scholarship.
Since many donors are lielong riends o the Institu
and enjoy hearing directly rom students about lie
Caltech today, you will be asked to write a thank-yo
letter to one or more o these beneactors. Additional
you may be asked to attend a unction to meet yo
scholarship donor. Named scholarships are given
lieu o Caltech Grants.
The Freshman Admission Committee selects admitt
reshmen or a limited number o merit-based award
No separate application is required. Selected studen
will be notied by the Admissions Oce.
Additionally, the Faculty Committee on Scholarships an
Financial Aid recommends a number o Caltechs mo
academically-talented returning students to receive t
Caltech Upper Class Merit Award or their sophomo
junior, and/or senior year. Applications are availab
each spring in the Financial Aid Oce. Financial neis not considered. The Merit Award honor is recorded o
academic transcripts and listed in the commenceme
program when the scholar graduates.
In addition, as outside scholarships and merit awar
become available throughout the year, the competitio
are publicized on our website at www.fnaid.caltech.edand advertised in the campus newspaper, the Caliorn
Tech.
Federal and State Grants
Federal Pell Grants are unds awarded rom the edegovernment. I you appear to be eligible or this granthe Federal Pell Grant on your award letter will labeled Estimated. When your Federal Pell Grantconrmed and ready to be credited to your studeaccount, it will be labeled Actual.
Federal Supplemental Educational Opportunity Gran
(FSEOG) are awarded rom ederal unds assigned the Institute to provide aid to students with exceptionnancial need (dened as those with the lowest Fedeexpected amily contribution at the Institute) and whqualiy to receive a Federal Pell Grant.
Cal Grants are awarded by the Caliornia Student ACommission (CSAC) to Caliornia residents. Cal Granare renewable up to our years, as long as the stude
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continues to demonstrate nancial need and to makesatisactory academic progress. Other states such as
Pennsylvania, Vermont, and Rhode Island may oer
grant assistance to their residents who plan to attendCaltech. Students are encouraged to explore their
potential eligibility or state grants by contacting theirrespective state postsecondary agency.
self-helP: emPloymenTand loans
A sel-help award is a combination o employmentand loan during the summer and academic year. The
amount o the sel-help award is established yearly
by the Institute, but you may choose how much oyour sel-help award you wish to earn and how much
you wish to borrow, as unds permit. By completinga request orm in the Financial Aid Oce, you may
change your Federal Perkins Loan to Federal Work-Study and vice versa at any time during the academic
year until May 1.
Employment
Work programs oer students a double incentive
earning money to help meet college expenses plus
gaining valuable job experience. In the competitive jobmarket, employers look or applicants who have work
experience along with their education.
Federal Work-Study is a ederally-unded program thatprovides subsidized part-time employment or studentswith demonstrated nancial need. Freshmen must
receive permission rom the Dean o Students to work.Thus, their Federal Work-Study award is intended to
be earned during the second and third terms only.
You may choose to earn up to the ull amount o the
sel-help portion o your nancial aid package in FederalWork-Study without aecting your grant eligibility. The
loan portion o your nancial aid package will be adjustedaccordingly. You can locate a job by contacting the Career
Development Center, the Caltech Y, and by checking the
student newspaper. Federal Work-Study jobs are availableon campus, at the Jet Propulsion Laboratory, and through
the Caltech Y (community service opportunities).Caltech continues to place an increased emphasis on
placing Federal Work-Study students in community
service jobs.
The maximum amount o Federal Work-Study wag
that students may earn is determined by nancial nee
Federal Work-Study employees are paid at least t
ederal minimum wage rate. Wage rates are based
the responsibility o the position as well as student j
skills and previous work experience.
Summer Federal Work-Study and Summer C
Work-Study Programs enable returning Calteundergraduates who demonstrate nancial need to ea
a portion o their sel-help in advance o the scho
year. A separate application, available in the Financ
Aid Oce, is required to apply or summer work-stud
and must be submitted by June 1.
The CIT Work-Study Program is unded by the Instituto provide part-time employment or internation
students who have demonstrated nancial need. Th
program is limited to work on campus or at CaltechJet Propulsion Laboratory. The program is designed
parallel the Federal Work-Study program and the sam
guidelines apply to its administration.
Student employment is generally available to all studenwhether or not they apply or nancial aid. The Calte
Career Development Center is happy to assist you
nding a part-time job.
Loans
Loans are an invaluable resource or many students an
their amilies to nance a college education. Loans allo
you to postpone paying a portion o your education
costs until completing your education or leaving scho
Loan repayment generally extends up to 10 years at
graduation or leaving school.
Graduating in debt is a airly common experience
todays students. O the 217 seniors graduating ro
Caltech in Spring 2005, 97 o them graduated wieducational loans. Their average indebtedness w
signicantly lower than the national average or studen
attending independent colleges.
Acceptance o any loan carries a serious obligation
repay and ailure to meet this obligation aects t
availability o loans to uture students. Beore you acce
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loans or nancing part o your education, you should
careully consider the total amount and the repayment
requirement that you will be responsible or when you
complete your education.
Remember: You may be simultaneously repaying the
minimum monthly or quarterly payments or each type
o loan you receive. For example, you may have to repay
a Federal Perkins Loan, a Caltech Loan, and a FederalDirect Loan simultaneously. I you have any questions
about your loan obligations, contact the Financial Aid
Oce.
Loan descriptions and terms are briefy described below
as well as in the loan promissory notes you will be
required to sign. Be sure you read and understand all
rights and responsibilities beore accepting a loan.
Federal Perkins Loans are awarded to students withdemonstrated inancial need. Funds are obtained
rom the ederal government and rom ormer Caltech
students who have repaid or are in the process o
repaying their loans. No interest is charged on the
loan while you maintain at least hal-time enrollment.
Repayment begins nine months ater you leave school
or drop below hal-time status. Interest is then charged
at a rate o 5 percent per year on the unpaid balance.
Federal Perkins Loans are limited to $4,000 annually
during undergraduate study, or a total o $20,000 orall years o undergraduate study, and a maximum o
$40,000 or the entire undergraduate and graduate
career. Students may be allowed up to ten years to
repay loans based on the amount they have borrowed.
A typical repayment chart is shown on our website
at www.inaid.caltech.edu/resources/loans.html.
Inormation concerning deerment, postponement, and
cancellation will be provided on your loan promissory
note and in a disclosure statement given to you prior
to the disbursement o the loan.
Caltech and Institute Loansare used to supplement
the Institutes Federal Perkins Loan unds. No interest
is charged and no repayment o principal is required
while you maintain a continuous course o study as a
Caltech undergraduate. Repayment begins nine months
ater you leave school or drop below hal-time status.
Interest is then charged at a rate o 5 percent per year on
the unpaid balance o your Caltech Loan until the lo
has been repaid in ull. Institute Loans are interest-re
More specic inormation is provided on the promisso
note and in a disclosure statement given to studen
prior to disbursement o the loan.
No disbursement o the Federal Perkins Loan, Feder
Direct Staord Loan or the Caltech/Institute Loan un
will be credited to your student account until you signloan promissory note and disclosure statement with t
Bursars Ofce.
Emergency Loans may be available to students regardle
o their eligibility or nancial aid. The Hoover Lo
Fund enables students to borrow small sums o mon
to cover unoreseen emergencies. These loans a
usually payable within the same academic year and a
administered by the Dean o Students on a case-by-ca
basis. Additional inormation and applications may obtained rom the Dean o Students Oce.
The Caltech Y also has a no-interest, 30-day emergen
loan program. Maximum loans are $50. For mo
inormation on this loan option, contact the Caltech
The William D. Ford Federal Direct Loan Progra
is an opportunity or students to borrow money ro
the ederal government to help pay or a Calte
education. In this program, the U.S. Department Education makes loans, through Caltech, directly
students. Caltech will use your Direct Loan to pay yo
tuition and ees, as well as room and board charge
and will give you any remaining money or livin
expenses. Repayment is made directly to the eder
government.
Direct Loans include:
1. The Federal Direct Staord Loan Program;
2. The Federal Direct Unsubsidized StaordLoan Program;
3. The Federal Direct PLUS Loan Program; and
4. The Federal Direct Consolidation Loan
Program.
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samPle financial aid award leTTer
Please return your signed award letter to the Financial Aid
Oce as soon as possible. Your aid will not be credited to
your student account until your signed award letter has
been received by us. Aid will be credited no earlier than
10 days prior to the beginning o each term.
These titles represent the type o award
being oered on this award letter:
An award marked Conditional indicates we have
not yet received all the documents necessary to
nalize your award. Please reer to the enclosed
notice or details. Once we have received these
documents, your award will be reviewed and adjusted
as necessary. A Conditional award cannot becredited to your student account.
An award marked Oicial indicates we have
received all documents necessary to nalize your
award.
These are the gures used to
calculate your college expenses.
Accept or decline each portion o the award
listed by checking the appropriate box(es).
Use this section to report other nancial
assistance (such as outside scholarships and
VA benets) you are or will be receiving
this academic year.
I acknowledge that I have received and read the brochuinformation regarding my dependency status, number ofnancial aid for the academic period indicated on this offein writing to the Financial Aid Ofce any changes in my dthat additional funds from any other source may result in granted. I accept responsibility for repayment of loans. Iindicated on this form. I also understand that my nanciaby application. I further understand that receipt of aid is coffer may be revised any time subject to availability of fudefault on any loan, or have made satisfactory arrangemIV programs, at any institution. Statement of Educational program only for expenses related to my study at Californgrant, or scholarship funds toward the payment of tuitiontuition, fees and other charges to Caltech will be paid in athat I have the right to rescind this request (in writing) anscholarship funds which exceed the cost of tuition, fees,
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This is the identication section o your award
letter. Please review it careully. I there is an
error, please correct the copy o the Financial Aid
Oer you are returning.
These are the Resources you and your amily are
expected to contribute toward your Expenses.
This gure is the amount o aid or which
you are eligible. It is the dierence
between your total Resources and total Expenses.
These are the types o aid you are being oered.
This gure is the total amount
o aid we are oering.
I applicable, this is the amount o your Summer
Federal Work-Study or Summer Caltech Work
Study Program Award. This amount does notimpact the amount o your academic year award.
AGREEMENTr Financial Aid Award Letter. I certify that, as of the date I sign this statement,umber of family members attending college has not changed since I applied fores caused by a change in marital status. I understand that I must report promptlyehold members, nancial, residential, marital, or academic status. I understand
or require repayment of aid received during the academic period for which it waselow all additional nancial resources I will receive during the academic period
demic period indicated and that it must be renewed for future academic periodstaining satisfactory academic progress as dened in theCaltech Catalog. Thispropriations. I certify that I do not owe a refund on any grant or loan, am not inted loan, and have not borrowed in excess of the loan limits under Federal Titleds I receive under a federally or institutionally assisted loan, grant or work-studyy. I authorize Caltech to apply any federal, state, or institutionally awarded loan,billed by Caltech. I make this request voluntarily in order to be assured that myan accounting of these funds is available to me at any time. I further understandat any time without penalty. Finally, I understand that my receipt of any grant orhave potential federal and/or tax consequences.
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The Federal Direct Staord Loans (subsidized and
unsubsidized) are available to both undergraduate and
graduate students. The ederal government subsidizes
a loan by paying the interest while the student is in
school, during the grace period, and during periods o
deerment. For an unsubsidized loan, the government
does not provide the subsidy; thereore, interest on
the loan accrues during those periods. The calculated
amily contribution is taken into consideration whendetermining a students eligibility or a subsidized
loan. To determine eligibility or an unsubsidized loan,
the amily contribution is not considered. Other than
these two dierences, the provisions o the Federal
Direct Staord Loan Program apply to both subsidized
and unsubsidized loans (i.e., loan limits, deerment
provisions, etc.).
Beore Caltech can determine loan eligibility, a
determination o the students eligibility or a FederalPell Grant must be made. In order to make this
determination, the applicant must complete a Free
Application or Federal Student Aid (FAFSA). Subsidized
Federal Direct Staord Loans may not be used to
substitute or the ederally calculated expected amily
contribution; however, Federal Direct Unsubsidized
Staord Loans may be used in this capacity. Beore a
student can apply or a Federal Direct Unsubsidized
Staord Loan, eligibility or a subsidized loan will be
determined. To reiterate, Federal Direct UnsubsidizedStaord Loan borrowers are not required to demonstrate
need in order to be eligible. However, i the student is
eligible or a Subsidized Federal Direct Staord Loan,
he or she will be awarded that loan rst, and this award
will be taken into consideration when determining
eligibility or the Federal Direct Unsubsidized Staord
Loan. The amount borrowed under the subsidized
and unsubsidized loans combined may not exceed
the annual/aggregate loan limits, or the total cost o
education.
The ollowing chart summarizes loan limits or Fede
Direct Staord Loans and Federal Direct Unsubsidiz
Staord Loans.
Note: The loan amounts listed above cannot exce
the cost o your education minus other nancial a
you receive. The aggregate loan limit or combin
Subsidized and Unsubsidized Direct Staord loa
is $23,000 or dependent undergraduates, $46,00
or independent undergraduates, and $138,500
graduate and proessional students (including Stao
amounts borrowed as an undergraduate).
All loans must be disbursed in at least two installmen
All rst-time borrowers must participate in Entran
Counseling via the web www.ed.gov/directloan
Further, loan disbursements or rst-time, rst-ye
undergraduate borrowers may not be released
the student until he/she has been enrolled in his/h
program o study or at least thirty days.
The maximum interest rate or new loans is 8.2
percent. The actual rate is variable, and is determin
according to a ormula linked to the 91-day Treasu
Bill rate. For the 2006-2007 academic year, the rawill be set by July 1. To oset the ederal governmen
cost o the program, the borrower must pay an up-ro
origination ee o up to 3% o the principal amount
the loan.
9
DEPENDENT
STUDENT
INDEPENDENT
STUDENT
Maximum combinedsubsidized &unsubsidized FederalDirect Staord Loan
Maximum combinedsubsidized &unsubsidized FederalDirect Staord Loan
1st yearundergraduate $2,625 $6,625
Sophomoreundergraduate $3,500 $7,500
Junior & Seniorundergraduate $5,500 $10,500
Graduate/Proessional N/A $18,500
Maximum Loan Amount or a Full Academic Yea
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Federal Direct PLUS (Parent) Loan ProgramUnder the Federal Direct PLUS Program, parents o
dependent undergraduate students may borrow up to
the dierence between the cost o attendance and all
other nancial aid, or that student. Federal Direct PLUS
loans are available to parent borrowers who have no
adverse credit history, as determined by the Secretary
o Education. Federal Direct PLUS loans may be used
to replace the expected amily contribution. There is nocumulative maximum limit that can be borrowed under
the Federal Direct PLUS program. Federal Direct PLUS
loan unds are credited to the students account and
must be disbursed in at least two installments.
Interest rates on Federal Direct PLUS loans are variable,
currently linked to 91-day Treasury Bill rates, but
may not exceed 9%. The interest rate is set by July 1,
or the ollowing academic year. There is no ederal
interest subsidy on Federal Direct PLUS Loans, and,the government is authorized to charge the borrower
an up-ront origination ee o up to 4% to oset the
Federal governments cost o the program.
Unless the parent borrower qualies or one o thedeerments under the Federal Direct Staord Loan
Program, repayment o principal and interest must
begin 60 days ater the loan is ully disbursed. Parent
borrowers who qualiy or deerment may pay interest
only, beginning 60 days ater disbursement, or interest
will be capitalized (i.e., deerred and added to the loanprincipal).
Applications or Federal Direct PLUS loans are available
rom the Caltech Financial Aid Oce. Applications
must be returned to the Financial Aid Oice or
eligibility certication and processing.
Repayment Plans
Under the Direct Loan program, student borrowers haveour types o repayment plans available:
1. The Standard Repayment Plan:
10 years or minimum $50 payments.
2. The Extended Repayment Plan:
12 years or minimum $50 payments.
3. The Graduated Repayment Plan:
minimum $25 payments, based on the
assumption that wages will increase over
time.
4. The Income Contingent Repayment Plan:
based on students ability to pay and can
extend to 25 years.
The longer the repayment period, the more the lowill cost. However, the plans vary to meet the needs
dierent borrowers and to help prevent deault. I y
do not choose a repayment plan, you will automatica
be assigned the Standard Repayment Plan.
More detailed inormation will be provided wh
you graduate or leave school. I you are interested
more extensive inormation now, it may be ound
www.inaid.caltech.edu/resources/loans.html
contact our oce and we will mail you inormation
Remember:You or your parents can prepay all or pa
o your student or parent loan at any time without
prepayment penalty. The sooner you pay o your loan(
the less interest you will pay.
Loan Consolidation
I you have several Federal student loans, it may
to your advantage to consolidate your loans intosingle Direct Consolidation Loan. Consolidation mea
making only one monthly payment to cover all o yo
Federal loans.
As with loan repayment, more inormation will
provided when you graduate or leave school. Mo
inormation on loan consolidation is available on t
internet at www.fnaid.caltech.edu/resources/loans.htm
or at www.loanconsolidation.ed.gov/ or contact t
Bursars Oce and inormation will be mailed to yo
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11
Loan Deferments
Once you are no longer enrolled at least hal-time incollege and a six-month grace period has ended, loanrepayment or Federal Direct Staord Loans may bedeerred:
During any period in which you are pursuing at
least a hal-time course o study as determined bythe institution;
During any period in which you are pursuinga course o study under an approved graduateellowship program or rehabilitation trainingprogram or disabled individuals;
For up to 3 years during periods in which youare actively seeking but unable to nd ull-timeemployment;
For up to 3 years or any reason, which Caltechdetermines, has caused or will cause you to have
an economic hardship.
Unlike the Federal Perkins Loan program, whichprovides or a six-month grace period ollowing eachperiod o statutory deerment, there are no post-deerment grace periods or Federal Direct StaordLoans.
More speciic inormation about repayment anddeerments is included in the loan promissory note
and the loan disclosure statement provided to studentborrowers.
The sTUdenT financial aidassisTance (sfa) ombUdsman
The Student Financial Assistance (SFA)
Ombudsmanworks with student loan borrowers to
inormally resolve loan disputes and problems. The
Ofce o the Ombudsman helps borrowers having
problems with the ollowing ederal loans:
Direct Loans: Subsidized and UnsubsidizedDirect Student Loans, Direct PLUS Loans (orparents), and Direct Consolidation Loans;
Federal Family Education Loans: Subsidizedand Unsubsidized Staord Loans, FFEL
PLUS Loans (or parents), and FFEL
Consolidation Loans;
Guaranteed Student Loans, SLS Loans, and Perkins Loans.
The Ombudsman resolves disputes rom a neutr
independent viewpoint. The SFA Ombudsman winormally conduct impartial act-inding aboborrower complaints. The Ofce will recommensolutions, but they will not have the authority reverse decisions. The Ofce o the Ombudsman walso work to bring about changes that will help preveuture problems or other student loan borrowers.
The Ombudsman will inormally research yoproblem and determine i you have been treated airI your student loan complaint is justifed, the Ofo the Ombudsman will work with you and the ofcagency, or company involved in the problem. On yobehal, the Ofce will contact:
Other ofces within the U.S. Department oEducation,
Your private lender (banks, credit unions,savings and loan association, and others),
Your loan guaranty agency, and The servicing agency or frm collecting you
loan.
I your complaint is not justifed, they will take the timto explain how they came to this conclusion.The Ombudsman is not an advocate or someone wh
will automatically take your side in a complaint. ThOfce o the Ombudsman must consider all sides an impartial and objective way. Oten, the proce
o fnding all the acts o a complaint and explaininthat inormation to all the parties involved leads the development o reasonable and air solutions.is the Ombudsmans job to help develop air solutioto complex and difcult problems.
I you need the assistance o the Ombudsman in ordto resolve disputes or problems, contact the ofcethe address, phone number, or email address listebelow:
U.S. Department o EducationFSA Ombudsman830 First Street, NE
Washington, DC 20202-5144(202) 377-3800 toll ree: (877) 557-2575via ax: (202) 275-0549via e-mail: [email protected] the Ombudsman website at:
http://www.ombudsman.ed.gov
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financial PaymenT Plan
Several private organizations oer a variety o nancing
options (such as monthly payment plans and long-term
loans) to assist students and amilies in meeting college
expenses. Inormation describing these programs is
available on the Caltech Financial Aid home page
at www.fnaid.caltech.edu orupon request rom theCaltech Financial Aid Oce.
yoUr riGhTs and resPonsibiliTiesasa financial aid reciPienT
riGhTs
3 You have the right to have your eligibility for
financial aid determined in a manner that isconsistent and impartial for all applicants.
3 You have the right to privacy. All records and data
submitted with your application or nancial aid
will be treated as condential inormation subject
to legal requirements concerning disclosure o such
inormation.
3 You have the right to a complete explanation o the
award process. I you do not understand your
nancial aid award, or eel your application has not
been evaluated airly, please contact us.
3 You have the right to be notifed o cancellation or
withdrawal o aid and to be told why this action is
being taken.
3 You have the right to appeal. An administrative
appeal process has been established to review
student requests or reconsideration. Should you
wish to appeal your award, contact the Financial
Aid Oce and request to speak to a member o
the proessional sta. Ater speaking with a sta
member, we will ask you to submit a letter o appeal
along with supporting documents to the Financial
Aid Oce.
3 You have the right to apply or emergency or short-term
loan assistance i you encounter an emergency or
unexpected expense.
resPonsibiliTies
3 You have the responsibility to report changes in yo
fnancial status. Additional unds or benets, ro
any source (such as a job or an outside scholarshi
that you receive or are promised, beore or at
you are awarded nancial aid rom Caltech, mu
be reported.
The Financial Aid Oce is required by law to ma
adjustments to prevent or correct overawards. Yo
will save yoursel rustration and inconvenience an
possible nancial penalty by reporting any changes
your nancial status promptly.
3 You have the responsibility to report any chan
in your student status immediately.
I you move, change your name, drop below utime status, withdraw rom school, or do anythin
else that aects your nancial situation, please repo
that inormation to the Financial Aid Oce and an
student loan lender.
I you plan to take an academic leave or a stude
sabbatical, please let us know in advance.
Let us know when you plan to return.
Complete a Leave o Absence orm or a Cal Granwhen applicable. Without approval o this orm
the Caliornia Student Aid Commission may canc
your Cal Grant.
Inorm your lender in writing, and keep a copy your letter.
Notiy outside agencies (e.g. the National Me
Scholarship Corporation) which have provideyour aid. Some o these agencies have speci
requirements or students on sabbatical or leave
3 You have the responsibility to use fnancial aid un
only or educationally-related expenses such as tuitio
and ees, books, supplies, and living costs.
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3 You have the responsibility to report on your ederal taxreturn any amount o your grants and scholarships thatexceeds tuition, ees, books and supplies.
3 You have the responsibility to respond to requests andinquiries rom ederal, state, and college auditors.
3 You have the responsibility to keep copies o allcorrespondence regarding your fnancial aid, whetherit is with the Financial Aid Oce, governmental
agencies, or outside lenders.3 You have the responsibility to repay loans on time.
Unless you do, loan unds will not be available orother students.
saTisfacTory academic ProGress
In order to continue to receive nancial aid at Caltech,students must maintain satisactory academic progresstoward completion o the baccalaureate degree asdeined in the Caltech Catalog. Whenever this is
not maintained, approval or reinstatement by theUndergraduate Academic Standards and HonorsCommittee, the Registrar, or the Dean o UndergraduateStudents (as described in the Caltech Catalog) shallusually reestablish satisactory progress or purposeso nancial aid eligibility.
In general, assistance is available to eligible studentsor the rst 12 terms o enrollment (or the equivalentor transer or less-than-ull-time students). Exceptionsmay be approved ater submission o a petition to the
Financial Aid Oce. Petition orms are available in theFinancial Aid Oce.
class level
For nancial aid purposes, undergraduate studentsare classied according to the number o units earnedand the number o terms o residence at Caltech. Boththese criteria must be satised or class level eligibility.Students are regarded as reshmen until eligible orsophomore status, and as sophomores, juniors, or
seniors, i they meet the corresponding criteria setbelow. Units earned are dened as units completed
with a passing grade.
ParT-Time enrollmenT (Underloads)
As described in the Caltech Catalog, academic underloa(carrying less than 36 units) must be approved by tRegistrar or Undergraduate Academic Standards anHonors Committee. Students enrolled hal-time (taki18 to 26 units) may be expected to work additionhours during the academic year, as well as to accep
reduction in the tuition, books and supplies allowano their college expense budget. All students planningcarry an underload (less than 36 units) should contathe Financial Aid Oce beore Add Day.
refUndand rePaymenT Policy
Caltech has established an equitable reund policy students who nd it necessary to withdraw rom tInstitute.
Students who withdraw rom the Institute during academic term will receive a tuition reund based the schedule published in the Caltech Catalog. Studenliving in Caltech housing may also be eligible orpartial reund rom the Housing Oce.
When issuing reunds to nancial aid recipients, itCaltechs policy to reduce the aid award by the amouo the reund. Thereore, an aid recipients reund is, most cases, returned to the original aid account.
An overpayment or overaward occurs when a studereceives more aid than he or she is eligible to receivThereore, the Financial Aid Oce will compare actuaid eligibility to aid disbursed in accordance with ederguidelines. I aid disbursed exceeds aid eligibilitthe student may be responsible or the overpaymenOverpayments will usually be charged to the studeon his or her student account.
I a student receives ederal student nancial aid unas a cash disbursement to cover living expensesrepayment may be required.
Additional inormation about this reund and repaymepolicy is described in the Caltech Catalog.
Classication Minimum Units
Earned
Minimum in
Residence
Sophomore 108 3 Junior 216 6Senior 324 9
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Welcome to the Caltech Oce o Financial Aid
MEET THE STAFF:
David Levy, DirectorAbby Parsons,Associate Director
Susan Kolden,Assistant Director
Isabel Houser, Financial Aid Analyst
Beth Larranaga, Financial Aid Counselor
Gloria Balderrama, Financial Aid Technician
Ofce Hours:
Monday through Friday8:00 a.m. - 5:00 p.m.
Telephone: 626-395-6280Email: [email protected]
We are available via email or appointments. I you have any questionsand/or concerns about your nancial aid, please contact our oce.
Mailing address:CaltechFinancial Aid Oce
Mail Code 110-87Pasadena, CA 91125
For Fedex/UPS:CaltechFinancial Aid Oce
414 S. Holliston AvenuePasadena, CA 91106
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checklisT
Dont let an oversight delay your nancial aid. Beore returning your award letter,
please use this checklist.
3 Read your nancial aid award letter careully.
3 Check or accuracy in your name and Caltech UID number. Correct any er-rors or attach a note calling the problem to our attention.
3 I you have been awarded a Cal Grant by the Caliornia Student Aid
Commission (CSAC), but it is not listed on your Financial Aid Award letter,
send us a copy o your award announcement rom CSAC.
3 I a Cal Grant is listed on your Financial Aid Award letter, and you learn
that you will not be receiving a Cal Grant or that your Cal Grant has been
adjusted, send us a copy o your announcement as soon as you receive it
rom the CSAC.
3 Check accept or decline or each type o aid awarded.
3 Remember to list any outside resources, such as the names and amounts o
any outside scholarships awarded or 2006-2007 that we have not listed on
your award letter, on the Resource line above your signature.
3 Return your signed award letter as soon as possible to the Financial Aid O-
ce, even i you will be requesting a revision to your award.
3 Retain the student copy o the award letter or your records.
Policy o Nondiscrimination
The Caliornia Institute o Technology is committed to the concept o equal educational opportunity or all. Individuals are considered or admission to student sta
and all services, acilities, programs, and activities are administered in a nondiscriminatory manner without regard to (a) race, religion, color, sex, sexual orientation
parental or amily or marital status, national or ethnic origin, or nondisqualiying handicap; or (b) any other actor which is, in act, irrelevant to student status or t
the rendering o services, acili ties, programs, or activities. In addition, the many Federal and State laws, and regulations issued thereunder, which bar discriminatio
in educational programs and related activities, are also applicable.
This brochure describes the programs, policies, and procedures in eect at the time o printing, all o which are subject to change without prior notice. While Calte
believes that the inormation contained herein is correct and actual, this document has not been reviewed or approved by the U.S. Department o Education or the
Caliornia Student Aid Commission.
December, 2005
