Caltech to replace loans with gift aid
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Caltech announced plans Tuesday to replace loans with scholarship gift aid for domestic students whose annual family income is $60,000 or less.
The loan-elimination effort will go into effect with the freshman class that matriculates next fall. In addition to the income cap, a family’s assets can’t exceed $200,000, excluding home equity, said Erica O’Neal, assistant vice president for student affairs.
Caltech now provides financial aid to more than half of its 913 undergraduates, meeting 100% of those students’ “demonstrated need” through a combination of gift aid, loans and work-study grants. The average financial aid award, including loans, for this year’s freshman class was $28,580, or about 60% of the estimated yearly cost of tuition.
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