Fees, Payments and Refunds Permanent and Total Disability Deferments Loan Cancellations Tax information Contact Us Fees, Payments and Refunds Payment Due Dates Student Loans Links Forms Contacts Current Students Former Students Home Forms and Policies Frequently Asked Questions Where we are What We Do Loan Programs Scholarships

 

Search site using Google.com:

 


Loan Programs

William D. Ford Federal Direct Stafford Loans
Loans under this program, ARE NOT serviced by Caltech. You may contact the Department of Education at 1-800-848-0979 or visit their web site at https://www.dl.ed.gov/

Federal Perkins Loans

  • Loan Type
    Within the Federal Perkins Loan Program there are two loan categories: Direct Loans and Perkins Loans. You have a Direct Loan if you had an outstanding balance on any loan under this program (or under the older National Defense Loan Program) as of July 1, 1987. You have a Perkins Loan if you had co-outstanding Direct or Defense Loan as of July 1, 1987.     [Back to Top]
  • Grace Period
    All Perkins Loans have a 9-month grace period. The grace period begins on the day after you ceased to be registered as at least a half-time student. Interest begins to accrue the day after the grace period ends. If you resume at least half-time study (at either Caltech or any other eligible school) before the grace period expires, the entire grace period will be rescheduled to begin at the end of your certified period of study if we receive a completed, certified deferment form.
  • Post-Deferment Grace Period
    Loans issued after September 30, 1980 are eligible for a 6-month grace period following any deferment.     [Back to Top]
  • Late Charge
    We are legally required to assess a late charge if you fail to:
    1. Make a payment when due.
    2. File timely evidence of entitlement to deferment.
    To avoid a late charge, either your payment or a completed and certified deferment form should reach our office on or before the scheduled payment is due. [Back to Top]
  • Cancellation
    Under certain conditions, a portion of your loan, plus accrued interest, may be cancelled. You should file a Postponement Request Form at the beginning of each year in which you will be eligible for cancellation. Upon completion of the year of service, you must send a Cancellation Form to the school from you received your loan. Please note that until the completed postponement is received, you must continue to make your regular monthly or quaterly payments. These payments are not eligible for refund if the postponement period overlaps the repayment period.     [Back to Top]
  • Deferment
    For eligibility information and applications, go to Forms.

Caltech Loan Programs

  • Loan Type
    Caltech Loans are issued by Caltech and have the same provisions and regulations as the Federal Loans. Caltech determines the terms of the loan it makes.
  • Grace Period
    All loans have a 9-month grace period. There is no interest on these loans. Your promissory note will indicate the loan type.
  • Late Charge
    There will be a late charge applied to a loan if you fail to make a payment when due or file timely evidence of entitlement to deferment. To avoid a late charge, either your payment or a completed and certified deferment must reach our office on or before the scheduled payment date.
  • Cancellation and Deferment
    Also have the same provisions and regulations as the Federal loans.     [Back to Top]

William D. Ford Federal Direct, Subsidized, Unsubsidized and PLUS Stafford Direct Loans

  • When you received your Direct Loans, you promised to repay them. The Department of Education wants to make it easy for you to keep that promise. The Direct Loans Program offers repayment plans that are designed to meet the needs of almost every borrower, and the program allows you to switch plans if your needs change. The Direct Loan Servicing Center staff will help you manage your loans until they are paid in full.
  • Grace Period
    All loans have a 6-month grace period. The grace period begins on the day after you cease to be registered as at least a half-time student. For Direct PLUS Loans, your first payment is due no later than 60 days after the date the loan is fully disbursed. Thus, repayment may begin while the borrower is still in school.     [Back to Top]
  • Interest Rate
    If you borrowed Direct Unsubsidized Loans, interest started accruing from the time the funds were disbursed to you. You had the choice of either paying the interest while you were in school or letting it accumulate. If you chose to postpone paying the interest until you left school, when you enter repayment any unpaid interest that accumulated while you were in school will be capitalized (that is, added to the principal of your loan). Capitalization increases the principal balance you owe when your repayment period begins, and thus, increases the total amount on which interest is charged. The Interest rate on all new Direct Loans as of July 1, 2006 is 6.8% for students' Direct Subsidized and Unsubsidized Loans. The interest rate for students' Direct Subsidized and Unsubsidized Loans made before July 1, 2006 is variable and it's adjusted every July 1st. By Law both rates are capped at 8.25%. As of July 1, 2006 interest rate for parents' new Direct PLUS Loans is 7.9%. The interest rate for parents' Direct PLUS Loans made before July 1, 2006 is capped at 9%. Contact the Servicing Center at 1-800-848-0979 or go to Direct Loan Servicing for more information on your interest rates.     [Back to Top]
  • Deferment
    You may be eligible to postpone your loan payments with an in-school deferment if you are attending an eligible school at least half-time. If you are attending less than half-time and think you might have difficulty repaying your loans, contact the Servicing Center. You may be able to obtain a forbearance to postpone your payments.     [Back to Top]
 


This site is maintained by IMSS.