California Institute of Technology Financial Aid and Scholarships
Students Receiving Aid
59%
Total Aid Amount
$22.318M
Financial Aid Official Website
www.finaid.caltech.edu/
Notably, 71% of the students at California Institute of Technology get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $240,692. One can visit CIT's financial aid page at http://www.finaid.caltech.edu/ for more information. The total percentage of candidates applying to California Institute of Technology who receive the Federal Grant is 15%. On the other hand, 55% of the candidates get the Student Grant, 55% receive the Institution Grant, and 12% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,637, and the same stands at $9,084 for State Grant awardees and $42,708 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,313. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $65,000 per year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $55,647 and $55,010, respectively. On the other hand, the average federal aid stands at $42,796 for those with an annual family income between $75,001 and $110,000, and at $24,295 for an income more than $110,000. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At CIT, an estimated number of 22% of the applicants choose to go for student loans.
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