Financial Aid Question

Parents Forum
1

<p>Hi parents,</p>

<p>I've been accepted into my top choice (Caltech!!) and have also received a nice financial aid award from them. ($20,000 EFC; $20,000 need-based grants; $7,000 in need-based loans and work study). Caltech has this policy regarding outside scholarships: such scholarships fully replace need-based grants, loans, and work study. The order of replacement: work study, loans, grants (in other words: if I got $7,000 worth of outside scholarshps, basically my package would then be: $20,000 EFC; $20,000 need-based grants; $7,000 in scholarships). </p>

<p>Luckily, I have received just about $7,000 in outside scholarships. So it makes sense to turn down the loans/ work study, right? But if I turn down my loans/work study, will Caltech say I have a $27,000 EFC? Basically, what I'm asking is which one (A or B) will be my FA offer if I decline loans/work study:
A. $27,000 EFC; $13,000 need-based grants; $7,000 in outside scholarships
B. $20,000 EFC; $13,000 need-based grants; $7,000 in outside scholarships</p>

<p>Obviously, I hope it'll be choice A. :) Thanks for your help!</p>

2

<p>FA department at Caltech very small. If you go to prefrosh weekend, ask to talk to one of the people privately. Towards end of freshman year, expect good reinbursement if you take a campus job, and $6000 for summer SURF.</p>

3

<p>Call CalTech. They will have the definitive answer where posters here will have only guesses.</p>