Financial Aid

Colleges and Universities A-Z California Institute of Technology
1

<p>This come sout of another thread - I think it was 3 questions for the Caltech expert - on how Caltech's formula is different than other schools. Specifically how, if at all, are Caltech awards more generous than those received at peer institutions. The two main ways are
1) We give fewer loans and more grant in the financial aid packages that are offered than peer (HYPSM) schools.
2) We do not take home equity into account when computing the estimated family contribution. The other schools on that list (I believe all of them, could be wrong; it is <em>not</em> the case for most state schools) do consider home equity when calculating estimated family contribution. Essentially, we don't expect you to take out a second mortgage.
Apparently there are small other variants, but those are the two big ones. Apparently on Princeton's financial aid website there is a calculator, it gives you both the institutional estimate, and the federal estimate. Apparently frequently the institutional estimate is substantially greater, and this is what you are expected to pay. Apparently in most, though not all, circumstances, the Caltech figure is much closer to the federal figure listed.</p>

<p>Hope that helps,</p>

<p>Galen</p>

2

<p>I was playing around w/ Pton's efc calculator, and your living home is not taken into account but other real estate is. That item alone, based on that calculator, doubles my EFC (otherwise, I would actually be getting some fin aid). So I'm assuming Caltech also has a similar formula.</p>

3

<p>Just was passing along what the financial aid office told me. However, I can't think of why they would tell me something incorrect, and offer an invalid reference... i guess I'm a bit confused now :x.</p>

<p>Galen</p>

4

<p>Well, it is a valid reference assuming that Caltech's fin aid office doesn't take into account the house your family lives in, but will use other real estate that your family owns.</p>