Interest is not charged and repayment of principal isn t required while a student maintains a continuous course of study as a graduate student. Repayment begins 9 months after leaving school or dropping below half-time status. Interest is then charged at a rate of 5 percent on the unpaid balance until the loan has been repaid in full. More specific information is provided to each borrower on the promissory note. Notes are payable within 90 days.
Interest is charged on past-due loans.
Refunds Students who officially withdraw from the Institute during an academic term will receive a tuition refund based on a schedule published in the Caltech Catalog . When granting refunds to financial aid recipients, the award is reduced by the amount of the tuition refund and any adjustments in the actual living costs. An entrance interview is required at the time a borrower signs the loan repayment agreement. Additionally, an exit interview is required prior to the student leaving the Institute. Both interviews review the borrower s rights and responsibilities.