Financial Information

Undergraduate College Expenses

Tuition

The tuition charge at Claremont McKenna College for the 2019-2020 academic year is $56,190. Tuition covers only a portion of the actual cost of the education each student receives. The College bears the additional cost through past gifts, now in use as endowments, and through current gifts. These additional resources in effect provide every student with a scholarship. Based on recent experience, tuition should be expected to increase every year due to growing costs. At the same time, CMC is committed to helping students who need financial aid through an extensive program of scholarships, grants, loans, and employment. The College reserves the right to change fees at any time.

Part-Time Student Tuition

Students carrying fewer than three courses per semester pay tuition of $9,365 per course, and $4,682.50 per one-half (0.5) course. These part-time student costs, for up to two-and-a-half (2.5) courses, also apply to CMC students who have received permission to study in absentia. The charge for three (3) or more courses in absentia is full tuition.

Summer Senior Thesis Tuition

CMC students may register to complete the senior thesis requirement over the summer in consultation with a faculty reader. The charge for a completing the senior thesis requirement in Summer 2020 is $3,900.

Room and Board

• Residence Halls
  The charge for a room in a CMC residence hall is $9,300 per student, per year. The charge for a triple or quad room is $8,120. These rental charges cover only the period when classes are scheduled, and the residence halls are closed for occupation during winter break.
• CMC Apartments
  The rental charge for the apartments is $10,680 per student, per year.
• Board Plans
  Resident students may sign up for one of four meal plan options:
  • 16 meals/$200 Board Plus (per semester) for $8,000 per year
  • 14 meals/$140 Board Plus (per semester) for $7,600 per year
  • 12 meals/$120 Board Plus (per semester) for $7,200 per year
  • 8 meals/$80 Board Plus (per semester) for $6,700 per year

Board Plus dollars can be used to purchase additional meals during the semester at any dining hall at The Claremont Colleges, or to purchase food and beverage items at any of the snack bars at the Colleges that utilize a card reader. Students who commute may purchase meals as they choose. The CMC dining hall is closed during winter and spring breaks. See Guide to Student Life for further residential life policies.

Student Fees

Students are responsible for a variety of fees, including the following:

• Student Activities Fee (ASCMC)
  Current students pay a student body fee of $285 per year; fees are used to support student activities.
• Student Orientation Fee
  First time students pay an orientation fee of $500 in the year of entrance to the College; fees are used to support student orientation activities.
• Off-Campus Students Fee
  Full-time students living off-campus pay a fee of $200 per year to contribute to the cost of maintaining college facilities that are not only used by on-campus students but also by those living off-campus (e.g. the Marian Miner Cook Athenaeum, Emett Student Center, Roberts Pavilion, McKenna Auditorium, etc.).
• Vehicle Registration Fee
  All motor vehicles must be registered with Campus Safety during college registration, or within three days after the vehicle is brought to Claremont. The fee for vehicle registration is $75 per semester. With a valid registration, sophomores, juniors and seniors may park in designated CMC parking lots. First years are not permitted to have cars on campus.
• Laboratory and Other Course Fees
  Students taking courses with a laboratory are charged laboratory fees; some other courses also have fees. After the final date to enter courses, no course fees are refunded. Fees amounts are indicated individually in the online course schedule for courses with fees.
• Library Processing Fee
  The Claremont Colleges Libraries charge a processing fee for lost library books. The fee is not refundable if a book is later returned.

Other Expenses

Actual costs for a year at CMC include expenses for books and supplies, clothing, travel, recreation, and incidentals. Generally, books cost about $1,200 per year; other expenses vary considerably from student to student, but $1,500 is adequate for most students.  Travel expenses vary based on residency of the student.

Insurance

All students are required to carry health insurance. Information about insurance expectations is provided to all students through the student portal and is available from the Office of the Dean of Students. An accident and sickness medical policy is available to all full-time students to protect them against major costs. It is designed to supplement care provided by Student Health Services, which would be the primary care provider; it includes benefits for accidental injuries, hospitalization, surgery, doctors’ visits in the hospital, emergency care, and ambulance.

The College assumes no responsibility for loss or damage to students’ personal property; private coverage is advised.

Graduate School Expenses

The information on undergraduate expenses, scholarships, and financial aid does not apply to the graduate students enrolled at CMC.

Graduate Student Tuition

The tuition charge for the Master of Arts in Finance program is $62,416 for the one-year program.

Graduate Student Fees and Other Expenses

• Off-Campus Students Fee
  Graduate students live off-campus and pay a fee of $200 per year to contribute to the cost of maintaining college facilities that are not only used by on-campus students but also by those living off-campus (e.g. the Marian Miner Cook Athenaeum, Emett Student Center, Roberts Pavilion, McKenna Auditorium, etc.).
• Vehicle Registration Fee
  All motor vehicles must be registered with Campus Safety during college registration, or within three days after the vehicle is brought to Claremont. The fee for vehicle registration is $150 for one year. With a valid registration, graduate students may park in designated CMC parking lots.

Other Financial Information for Undergraduate Students

Payment Options

• Electronic Check (highly recommended)
  The preferred payment option is to make an electronic check (ACH) payment by accessing the Claremont McKenna College online student account system. Authorization for other interested parties to review and make payments on behalf of a student’s account may be granted directly by the student from within the system. No service fees are charged for electronic check payments. Be sure to follow the instructions and carefully input your bank’s routing number and your checking or savings account number. DO NOT use your debit or credit card number.

• Paper Checks Sent via Traditional Mail
  Payment may also be made by sending paper checks via traditional mail to be delivered by the U.S. Postal Service to the address below. Include the student identification number in the memo line of all paper check payments. No cash payments will be accepted at this address.
  
  Claremont McKenna College
  PO Box 848142
  Los Angeles, CA 90084-8142
   
• Paper Checks Sent via Overnight Courier (FedEx, UPS, DHL, etc.)
  Paper checks may also be sent via overnight courier to the address below. Include the student identification number in the memo line of all paper check payments. No cash payments will be accepted at this address.
  
  Wells Fargo Lockbox E20001-049
  Claremont McKenna College
  3440 Flair Drive
  El Monte, CA 91731
   
• Wires (International payments)
  Payment can also be made by wire transfer through Flywire.  Go to flywire.com, choose Claremont McKenna College, and follow the steps

Monthly Payment Plan

Annual charges may be paid in 8 monthly installments (due on the 20^th of August, September, October, and November for the fall semester and on the 20^th of January, February, March, and April for the spring semester). The service charge for the monthly payment plan is $100 per semester. This payment privilege may be revoked for cause.

Due Dates and Delinquent Accounts

Payments are due on the 20^th of each month. Delinquent accounts are subject to late charges and financial holds. A 1% late fee will be applied on the outstanding balance as of the last day of every month following the tuition due date.  Delinquent payments may cause the suspension of dining hall, residence, and classroom privileges. In the event of repeated failure to make payments on schedule, the privilege of deferred payments under a Payment Plan will be withdrawn. Students who have outstanding charges at the end of a semester may have grades and transcripts withheld until all bills have been paid. A financial hold will be placed on the account and the student will not be allowed to register for the following semester.

Refunds

Students who withdraw during the semester may be eligible for refunds, depending upon the time of the withdrawal. Students must give written notification to the registrar of their decision to withdraw and complete the withdrawal procedures in order to be eligible for any refunds.

Tuition, student body fees, board charges, scholarships, and grants will be prorated based on the number of days a student is registered at CMC, up to the sixty percent point of the semester. After that point, a student is no longer eligible for refunds. Room charges will not be prorated unless a new student occupant is immediately available.

Students suspended or dismissed from the College for disciplinary reasons during the semester receive no refunds.

Tuition insurance is available through Allianz Tuition Insurance.  To get a quote or learn more about tuition insurance, call 1.888.427.5045 or visit allianztuitioninsurance.com

Financing Off-Campus Study

• Study Abroad
  CMC students participating in study abroad or international exchange programs are charged CMC tuition, room, and board fees. The ASCMC fee is not charged. CMC pays the study abroad or international exchange program tuition and fees, including room and board. CMC provides a meal allowance for students participating in programs which do not include meals. CMC also provides a travel allowance toward the cost of the round-trip airline ticket from Los Angeles to the study abroad destination. An allowance for local transportation and for international health insurance is also frequently provided as determined by program needs.
  
  Study abroad participants must personally pay for passport and visa fees, cost of medical examinations and immunizations, and refundable security/damage deposits. On site, students pay for personal needs such as books, supplies, clothing, medical charges, laundry, postage, recreation, entertainment, phone bills, snacks, and weekend or holiday travel. These costs vary considerably from site to site, and are likely to be higher than in Claremont. If a CMC student commits to a study abroad program, and then withdraws, the program’s non-refundable commit deposit and any CMC Center for Global Education issued stipends or airline ticket amounts will be added to the student’s account. Students receiving financial aid will continue to receive their full CMC package during their semester off-campus. Scholarships for study abroad are listed below.
• Washington, D.C. Program
  CMC students participating in the College’s Washington Program continue to pay CMC tuition and the ASCMC fee to cover the costs of the academic program, special events, field trips, and transportation. Expenses for housing, meals, health insurance, and local transportation are the responsibility of the participants. If a CMC student commits to the Washington, D.C. program, then withdraws, a $500 withdrawal fee will be added to the student’s account.  A non-CMC student will be invoiced a $500 withdrawal fee. Students receiving financial aid continue to receive state and federal aid, as well as private and merit scholarships. Students with CMC grants-in-aid will also continue to receive their grants. For students on the Washington Program, the total financial aid package received will include a moderate increase in aid to compensate students for the higher cost of living in Washington, D.C.
• Silicon Valley Program
  CMC students participating in the SVP pay CMC tuition and the SVP room fee to cover the costs of the academic program, special events, field trips, and housing. Expenses for meals, health insurance, and local transportation are the responsibility of the participants. If a CMC student commits to the Silicon Valley program and then withdraws prior to a housing commitment, a $500 withdrawal fee will be added to the student’s account. If housing has been secured for the student, a $1000 withdrawal fee will be added to the student’s account. Non-CMC students will be invoiced the withdrawal fee. Students receiving financial aid continue to receive state and federal aid, as well as private and merit scholarships. Students with CMC grants-in-aid will also continue to receive their grants.
• U.S. Exchange Programs
  CMC students participating in U.S. exchange programs pay CMC tuition, room and board, and student body fee. Students receiving financial aid will continue to receive their full CMC package during their semester off-campus. Participants are responsible for transportation expenses to the program.

Financial Aid for Undergraduate Students

Claremont McKenna College coordinates a comprehensive program of scholarships, grants, loans, and student employment with funds from its own resources, federal and state governments, and other sources. Approximately half of CMC students receive aid to help meet their expenses.

Financial aid is awarded in the form of grants, student employment, loans or some combination of these sources. The combined aid awarded to a student is called a “package.”

Students with questions about financial aid should first consult a financial aid officer; appeals may be taken to the Senior Director of Financial Aid, Associate Vice President/Dean of Admission & Financial Aid, chair of the Committee on Admission and Financial Aid, the Committee itself, and, finally, to the President.

The information provided in this section does not apply to graduate students.

Eligibility

To be eligible for federal financial aid, students must:

• have demonstrated financial need
• be a U.S. citizen or permanent resident
• make satisfactory academic progress
• be enrolled as a CMC student
• register with the Selective Service, if required
• sign a statement of educational purpose/certification statement on refunds and default

Institutional aid eligibility varies according to the program (i.e. grants, college loans, etc.); in most cases, students must meet the above standards to receive college financial aid.

• Financial Need
  The total amount of aid awarded a student is based upon financial need as determined by the Office of Financial Aid. The calculation of a student’s need considers many financial factors in the applicant’s family circumstances. The financial need of all recipients is reviewed each year and may be revised depending on changes to a family’s financial situation. Students and parents must apply annually for need-based financial aid.
  
  Financial need is based on the cost of a CMC education, minus a student’s expected family contribution. Family contribution is calculated from the information provided by students and parents on the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile. Federal aid eligibility is calculated by a formula established by Congress. CMC uses a more in-depth formula to establish family contributions for a student’s CMC institutional aid.
  • Parent Contribution
    Your parental contribution is determined from income, assets, total number of family members, and the number of siblings attending college. In order to be counted in our institutional formula, siblings must be enrolled full-time in an undergraduate program that leads to a college degree or certification. The calculations make allowances for necessary family expenses such as taxes, reasonable living costs, unusual medical expenses, and a percentage of assets for retirement.
     
  • Student Contribution

    As a Claremont McKenna College (CMC) student, you are expected to contribute toward your own cost of education. This contribution is based on a percentage of your reported assets AND a percentage of either your previous year’s total income OR a set minimum amount based on your grade level.
     
• Satisfactory Academic Progress
  Continuing eligibility for financial aid requires that students make satisfactory progress toward a degree. To do so, they must meet the following minimum requirements:
  • Complete at least three (3) full courses per semester (an average of four full courses per semester are required to make normal progress towards graduation)
  • Not be on probation for more than two (2) consecutive semesters
  • Maintain at least a cumulative grade point average of C (6.00) or have academic standing consistent with the institution’s requirements
  • Complete the following minimum cumulative number of courses toward the degree:

• Federal regulations require that all student financial aid recipients make satisfactory academic progress (SAP) toward graduation. Students must meet all three of the SAP standards outlined below in order to maintain eligibility to receive federal, state, and institutional financial aid. These standards apply to all terms of enrollment, regardless of whether or not the student received financial aid. SAP is measured by three components:
  • Qualitative (Grades): a minimum cumulative grade point average (GPA) of 6.0 must be attained at the end of each academic year.
     
  • Quantitative (Pace of Progression): a student must complete a sufficient number of course credits to be on pace to graduate within 150% of the standard eight semester program completion timeframe. Therefore, cumulative completed credits, divided by cumulative attempted credits must be greater than or equal to 67%. This percentage is derived from the following: 32 credits are required to graduate; 150% X 32 credits = 48 credits; 32 credits/48 credits = 67%.  Attempted course credits include completed credits, courses dropped after census, withdrawals, failed courses, repeated courses, incomplete grades (until a successful grade is assigned), and transfer work accepted for credit at Claremont McKenna College. Credits from a semester wherein a student completely withdrawals from the College also count towards attempted credits. 
     
  • Maximum Timeframe: a student becomes ineligible for financial aid at the evaluation point at which it becomes evident that they cannot graduate within the 150% maximum. A student cannot receive aid beyond 48 attempted credits (150% of the required 32 credits to graduate).

• All three components (Qualitative, Quantitative, and Maximum Timeframe) are measured at the end of each academic year for degree-seeking students. Additionally, a student who completes the academic requirements for their degree, but does not yet have the degree, is not eligible for further additional financial aid. 

• You may appeal the loss of aid eligibility by submitting all of the following to the Office of Financial Aid:

  • A signed, dated statement describing (a) the extenuating circumstances that prevented you from meeting SAP requirements and (b) what has changed or positive steps you have taken to ensure you will meet SAP in the future.

  • Third-party documentation from your physician, counselor, lawyer, social worker, academic advisor, religious leader, etc. that confirms the extenuating circumstances.

  • Submit an Academic Improvement Plan (AIP) with assistance from Susan Layden, Senior Associate Dean of Students for Student Success.

• All three items must be submitted to the Office of Financial Aid prior to the beginning of the semester for which you are requesting placement on Financial Aid Probation.

• Extenuating circumstances eligible for consideration include:

  • Death of an immediate family member

  • Student injury or illness

  • Other special circumstances

• All appeals are reviewed by the Financial Aid Committee and all decisions are final. You are limited to three appeals during your tenure at CMC. The extenuating circumstances described in a second or third appeal cannot duplicate those described in a previous appeal. If you are enrolled while your appeal is pending and the appeal is ultimately denied, you will be responsible for all charges incurred during that semester without the benefit of any financial aid.

• If you successfully appeal you will be placed on Financial Aid Probation and you may receive aid for:

  • One subsequent semester, or

  • Multiple semesters if you successfully following your AIP

• Students on Financial Aid Probation are reviewed at the end of the probationary semester. A student will regain financial aid eligibility for subsequent periods of enrollment if they satisfactorily complete the probationary semester and meet all of the Satisfactory Academic Progress Standards.  Likewise, a student who successfully follows the requirements outlined in their AIP may continue to receive financial aid beyond their initial probationary semester, even though SAP standards have not been met.  They will be monitored in accordance with their AIP at the end of each semester up to the point in time established in their AIP wherein they plan to regain SAP.  After that specified point in time has passed, they will be evaluated against the regular Qualitative, Quantitative and Maximum Timeframe standards.

• Upon completion of a probationary semester, a student who does not attain SAP or fails to meet the requirements outlined in their AIP will no longer be eligible to receive financial aid.  A student who has lost financial aid eligibility may choose to enroll without the benefit of any financial aid. If SAP is regained during such a period of enrollment, they will regain eligibility for financial aid for subsequent terms of enrollment. The student is responsible for contacting the Office of Financial Aid if they believe all SAP standards have been attained and they request to have their eligibility for financial aid reinstated.

• Involvement in Campus Disruptions

Federal and/or state financial aid funds may be terminated, rescinded, or denied a student as a result of involvement in campus disruptions as defined in the annual appropriations act of the Department of the Education and sections 69810-69813 of the California Educational Code. Copies of the applicable statutes are available in the OFA.

Length of Financial Aid

First-time, new students may receive financial aid for up to eight (8) semesters. Only under special circumstances may a student petition the Admission and Financial Aid Committee for a ninth (9) semester of aid. 

Eligibility for transfer students is determined by their academic classification at entry and their expected graduation date. The Registrar determines the transfer courses accepted toward the degree, which determines the number of remaining semesters for which aid may be offered.

A transfer student’s eligibility depends on the number of semesters remaining for normal completion of the degree based on the chart below at the time of their matriculation to CMC.

Students, who withdraw from courses, either during the semester or retroactively, are not making satisfactory progress if they complete less than three (3) courses per semester. Students will not receive credit for incomplete courses until all work has been completed and a final grade posted by the registrar. Credit for repeated courses is granted only if the student previously received a grade of F. If a student fails to make satisfactory academic progress as outlined above, the student must submit a written request detailing any extenuating circumstances to the Office of Financial Aid to appeal to receive any further financial aid.

Returning students who initially did not receive any financial aid but find themselves in need because of changed circumstances are encouraged to contact the Office of Financial Aid to explore eligibility. However, students who did not apply for or did not receive need-based financial aid previously at CMC are not guaranteed they will receive financial aid or be considered for financial aid in the coming academic year. Each year financial aid consideration will be determined based on the availability of funds.

Student Rights and Responsibilities

It is the student’s right to:

• Know what financial aid programs are available at CMC.
• Know the deadlines for submitting applications.
• Expect fair treatment in the awarding of financial aid.
• Have full information on the requirements for various types of aid available at CMC.
• Know what portion of the financial aid you receive must be repaid and what portion is grant or gift aid.
• Know if the student must apply for a particular type of aid, such as financing offered by CMC.
• Reject any particular type of financial aid or other assistance.
• Appeal the financial aid award or any other decisions of the OFA pertaining to the student which do not fall under the jurisdiction of federal or state regulations. The right includes answers to questions, explanations of OFA policies and decisions, and the request for reconsideration.

It is the student’s responsibility to:

• Read and respond to all communications from the Office of Financial Aid.
• Apply for financial aid on a yearly and timely basis. Students who do not file on time or fail to supply the OFA with upper class standing are expected to contribute more towards their requested documentation will seriously jeopardize their chances of receiving financial aid.
• Access the Net Partner financial aid portal for a list of missing applications and documents, financial aid award updates and your current status.
• Accept or decline the components of your financial aid award via Net Partner.
• Be aware of and comply with all financial aid application deadlines.
• Provide correct information. Please be aware that misrepresenting information on the financial aid application is a violation of federal law and is subject to fine, imprisonment, or both.
• Read, understand, and accept the responsibility for all agreements that you sign. Students should keep copies of all documents for record-keeping purposes.
• Report all new or increased resources if they were not known by the OFA at the time you first accepted your offer of aid. If you fail to report all resources, you could jeopardize future eligibility for financial aid and be required to repay funds previously awarded.
• Complete and return the Outside Scholarship Form to the OFA (required of all students receiving outside scholarships).
• Return Sibling Enrollment Verification forms by October 1.
• Keep records as a matter of good practice, and receipts of expenses than underclass students incurred during the academic year. If a student applies for additional funds, because students’ earning power presumably increases as they progress toward their degree of higher than standard costs, s/he must provide receipts and records.
• Off-Campus notify the OFA if any of the following changes occur:
  • name change
  • change of address
  • drop below half-time
  • leave of absence
  • withdrawal from CMC
  • transfer to another school
• Be aware of possible tax liability for Grants and Scholarships received that exceed tuition, fees, books, and supplies. Please consult your tax advisor or the IRS for further information.
• Complete an Entrance Counseling Session prior to receiving your first loan disbursement.
• Complete an Exit Interview before withdrawing, transferring, or graduation from CMC. Exit interviews are required for all federal and college loans.
• Repay any loans, regardless of whether the student is successful in completing the program and obtaining employment.

Credit Balance

Students may have credit balances on their account. These balances are not disbursed until funds creating the balance (a student grant, for example) are received and processed.

Financial Aid and Study Abroad

Students studying abroad through CMC who receive financial aid continue to receive all financial aid while abroad, including state and federal aid, as well as private and merit scholarships. Students with CMC grants-in-aid continue to receive their grants.

California Residents and Cal Grants

CMC requires all students who are California residents to apply for a Cal Grant. To be considered, students must submit a GPA Verification Form certified by a high school or college official no later than March 2 and it must be submitted directly to the California Student Aid Commission.

International Students

Although the College occasionally gives financial assistance to international students, it rarely provides them with sufficient funds to cover all expenses. Foreign students who cannot carry a substantial portion of their expenses should not apply to CMC. Merit or need-based financial aid is not available after enrollment.

Federal Regulations and the Academic Year

Federal financial aid regulations, state that the academic year consists of two semesters. Classes begin on a Tuesday in both the fall semester and the spring semester, and the semesters end with the last day of final exams. Students are expected to complete an average of four (4) courses per semester, which is the equivalent of 16 semester units per term, in order to maintain their eligibility for financial aid.

The fall semester includes partial weeks at the beginning of the term, fall break, and Thanksgiving. The spring semester begins the third Tuesday in January following winter break.

Financial Aid Applications

CMC strongly recommends early application for financial aid.  Financial Aid applications are available October 1 prior to each academic year.  2017 federal tax information will be utilized in completing the financial aid forms for 2019-20. New and returning students who apply late for financial aid are not guaranteed aid. Detailed information on the aid application process and links to the applications are available on the CMC Office of Financial Aid website.

New Students

New students admitted for the fall semester (first-year and transfers) who have demonstrated financial need and applied for financial aid by the required deadlines and demonstrate financial need are awarded the aid to meet their demonstrated need. While CMC strives to meet each student’s full demonstrated need, late applicants may not receive scholarships or grants, because of funding availability and need of on-time applicants. Candidates should pay close attention to the application deadlines and other required documentation listed below.

All first-year and transfer candidates who wish to apply for financial aid must complete their financial aid file by the following deadlines:

• Free Application for Federal Student Aid (FAFSA) Form - File by November 1 for Early Decision I and Spring Transfer candidates; January 5 for Early Decision II and Regular Decision candidates; and March 1 for Fall Transfer Candidates.
  This application must be submitted directly to the Federal Processor. Be sure to enter CMC’s institutional code 001170 in the appropriate place on the form.
• CSS Profile Application - File by November 1 for Early Decision I and Spring Transfer candidates; January 5 for Early Decision II and Regular Decision candidates; and March 1 for Fall Transfer Candidates
  This form must be submitted to the College Board. CMC’s CSS code #4054 must be listed on the CSS Profile form. Further information is available from high school guidance counselors or the CMC Office of Admission and Financial Aid..
• Institutional Documentation Service (IDOC)- Upload documents within two weeks of receiving notification.
  The Institutional Documentation Service is a portal where the College Board collects families’ federal tax returns and other documents on behalf of participating colleges and programs. Students are notified by the College Board if an IDOC packet is required. Further information is available by contacting the Office of Financial Aid and monitoring the CMC Financial Aid portal, Net Partner.

Returning Students

Returning students must reapply for financial aid for the next academic year by completing and submitting the FAFSA and the CSS Profile by December 1 of the prior academic year and upload items to IDOC within two weeks of receiving notification (if required). CMC provides renewal application instructions during the fall semester to all students receiving some form of financial aid. Additionally, the Office of Financial hosts application workshops and will schedule individual appointments to assist students with the renewal process. If a student does not receive renewal application instructions, or has questions, it is the student’s responsibility to contact the Office of Financial Aid.

Notification

Financial aid award letters are usually sent to new CMC students with their letter of admission, assuming the student filed the appropriate forms by the required deadline. CMC tries to help students make a commitment decision by providing financial aid information as soon as possible. Returning students that complete their file on time are notified of their renewal award during the spring semester prior to the upcoming academic year.

Types of Financial Aid

Grants

• CMC College Grants
  CMC uses gifts given to the College by individuals and organizations to fund College Grants to help students with their college costs. Grants are usually available to students who demonstrate a need and apply for financial aid.
• Cal Grants
  The California Student Aid Commission awards Cal Grants on the basis of academic ability and financial need. CMC requires all students who are California residents to apply every year for a Cal Grant.
• Pell Grants
  Federal Pell Grants are a direct grant from the federal government to students.
• Federal Supplemental Educational Opportunity Grants (FSEOG)
  FSEOG are awarded to CMC by the government to aid exceptionally needy students. Individual FSEOG grants vary in amount, and are awarded according to CMC’s packaging policies.
• Veterans Benefits/ Post-9/11 GI Bill Yellow Ribbon Program
  Eligible CMC students may receive education benefits from the U. S. Department of Veterans Affairs.  Up to 10 students at CMC are eligible to receive Yellow Ribbon funding.  Only Veterans entitled to the maximum benefit rate, as determined by service requirements, or their designated transferees may receive this funding.  The maximum CMC contribution per student per year for Yellow Ribbon recipients is $15,000, which is awarded on a first-come, first-served basis.

Loans

• Federal Direct Loans
  The William D. Ford Federal Direct Loan Program offers a variety of low-interest federal loans to help students pay for college. These loans are made and insured by the federal government. These loans have an adjustable interest rate that changes each July 1. Six months after graduation or withdrawal, student borrowers begin repayment in quarterly installments. Postponement of repayment is available for graduate studies, military service, and other approved circumstances.
   
• Federal Direct PLUS Loans
  Federal Direct Parent PLUS Loans are available regardless of demonstrated financial need to parent borrowers (biological parents, adoptive parents, and stepparents). More than one eligible parent may apply. Eligible borrowers must be US citizens or eligible non-citizens. The borrower must not have an adverse credit history as determined by the US Department of Education. Parent borrowers, who fail to meet the established credit criteria, may appeal the decision or may apply with an endorser (co-borrower) who does meet the credit criteria. Parents who establish eligibility by virtue of an appeal or an endorser must complete online counseling at studentloans.gov. If a parent is ineligible to borrow under the Federal Parent PLUS Loan program, the student may be eligible to borrow additional Unsubsidized Federal Direct Loan.
  
  Each July 1st, the federal government establishes a new interest rate for loans made that academic year. Once established, the interest rate is fixed for the life of the loan. Interest on the Federal Direct PLUS Loan begins to accrue at disbursement.  Federal Parent PLUS Loans bear an origination fee, which is retained by the federal government to offset the cost of the program. Loans are disbursed in two equal installments not earlier than 10-days before the start of each semester for eligible students. The first scheduled payment is due 60 days after the full disbursement. These loans have a 10-year repayment term, with no prepayment penalty, and may be deferred while the student is enrolled at least half-time. Repayment periods may be extended based on amounts borrowed.
   
• Subsidized and Unsubsidized Federal Direct Loans
  These loans are made directly by the US Department of Education to students. Subsidized Federal Direct Loans are awarded based on need. Unsubsidized Federal Direct Loans are available regardless of need and may be used to replace a portion of the family contribution. The federal government pays the interest on the Subsidized Federal Direct Loan while the student is in school, grace, or deferment periods. The student is responsible for interest that accrues on the Unsubsidized Loan from the time of disbursement.
  
  Each July 1^st the federal government establishes a new interest rate for all loans made that academic year. Once established, the interest rate is fixed for the life of the loan. Federal Direct Loans bear an origination fee, which is retained by the Department of Education to offset costs of the program. The origination fee varies annually and is set on October 1st each year. Federal Direct Loans have a 6-month grace period after the student graduates, withdraws, or drops below half-time status. During the in school and grace periods, payments are not expected, but interest will accrue on the Unsubsidized Loan. Repayment generally lasts 10-years, but may be extended based on amounts borrowed. Loans may be deferred for at least half time enrollment in an approved program of study.

• Federal Perkins Loans
  Federal Perkins Loans are low-interest (5 percent) loans for students with exceptional financial need. They are made through CMC’s Office of Financial Aid and CMC is the lender. Interest accrual and repayment of principal do not begin until nine months after graduation or withdrawal. Postponement of principal and interest payments is available for graduate studies, military service, and other approved circumstances. [Notice: no new loans will be made under this program beginning with the 2018-19 academic year.]
  
  Check the financial aid website for information on federal annual student loans limits, interest rates, and loan fees.
   
• College Student Loans
  College student loans are also available. CMC uses these funds when needed to supplement federal programs. College loan funds may carry interest, and monthly repayment of the principal usually begins six months after students leave CMC, graduate, or cease enrollment on at least a half-time basis. CMC may postpone repayment for full-time graduate study.

Student Employment

Many students contribute toward part of their college expenses through student school year employment, which is funded by both the College and the Federal Work-Study program. On-campus jobs are available in such places as the Athenaeum, Information Technology Services, Roberts Pavilion, The Children’s School, and in a number of academic or administrative offices, as well as our research institutes. The work-study program enables CMC to place eligible students in on- or off-campus (community service) jobs funded by both the federal program and CMC. Students must apply for financial assistance each year and meet federal or institutional eligibility requirements.

Non-Work Study employment is also available on campus. Non-Work Study employment is funded through individual departmental budgets. These positions are filled directly through the department. Jobs also are available off-campus in Claremont and nearby communities. All on- and off-campus jobs are posted through the Handshake portal. This portal is maintained by the Career Services Center.

Disbursement of Financial Aid Funds

Grants, scholarships, and loans are generally disbursed annually in two installments and are credited directly to individual student accounts. Federal Work Study and other student employment earnings are paid bi-weekly directly to the student.

Financial Aid Refund Policies

If a student who receives federal aid withdraws before the end of the semester, the College uses the formula mandated by the United States Department of Education to return these funds. Federal funds must be returned in the following order:

• Unsubsidized Direct Loan
• Subsidized Direct Loan
• PLUS
• Pell Grant
• Federal Supplemental Educational Opportunity Grant (FSEOG)
• Other Federal Title IV Programs

Work-Study is not included in the calculation of a refund.

Short Term Loans

Short term loans are available through the Dean of Students Office to students, interest-free, regardless of financial need, when faced with unexpected emergencies. Repayment is required within a short period of time, and repayment schedules are established with each student on an individual basis, contingent on their unique circumstances. These funds are made available through the Student Emergency Loan Fund.  If students will be unable to repay the loan within a short period of time, they should contact the Office of Financial Aid to discuss longer term loan options.

Scholarships

Scholarship Programs for Undergraduate Students

• Frank Seaver Leadership Scholarship
  The Frank Seaver Leadership Scholarship is a renewable full-tuition scholarship awarded to a very select group of first-year students every year. This scholarship is awarded to students who demonstrate exceptional promise to become leaders intent on making a positive impact on the world. Students who wish to be considered must apply for admission by December 1.
  
  Students selected will receive a merit scholarship equal to full tuition (students and their families are responsible for room and board costs as well as individual personal expenses). Additionally, two monetary stipends of $5,000 each will be granted to each Seaver Scholar to use in the pursuit of summer leadership development opportunities such as internships, community service, or academic travel. Throughout their time at CMC, Seaver Scholars will be expected to participate in various small group enrichment programs, provided with the intention to further developing their leadership potential.
  
  Recipients of the McKenna Achievement Award Merit Scholarship will be invited to an on-campus interview in mid-April to be considered for the Frank Seaver Leadership Scholarship. Candidates who are selected will be notified by the Office of Admission and Financial Aid in mid-April.
  
  Academic scholarships are awarded with the expectation that recipients will perform academically at a level commensurate with their ability. To remain eligible for Frank Seaver Leadership Scholarship, students must at least maintain a GPA of B (9.00) and make satisfactory progress towards the degree. The two most recent consecutive semesters are used to determine if a student has met these standards. If a student fails to meet these requirements, the scholarship is suspended until the requirements are met.
   
• McKenna Achievement Award Merit Scholarship
  The McKenna Achievement Award is a renewable $15,000 scholarship. There are approximately 12-15 first-year students with this award in each CMC class. Students who wish to be considered must apply for admission by December 1.
  
  Candidates who are selected will be notified by the Office of Admission and Financial Aid at the same time they receive their admission notification letter.
  
  Finalists for the McKenna Achievement Awards are chosen from among all candidates for admission who have straight As or nearly straight As in high school, whose SAT scores are 700 or higher in each section, or whose ACT composite score is 33 or higher, and who have significant extracurricular achievement.
  
  These awards are made possible through the special assistance of the H.N. & Frances C. Berger Foundation, the Donald C. McKenna Foundation, Harris and Ann Seed, Shirley Smith Peschka, the Alice Tweed Tuohy Foundation, and the Summit Foundation. The awards are:
  • Berger Scholarships
  • McKenna Achievement Awards
  • Seed Scholarships
  • Tuohy Honor Scholarships
  • Summit Scholarships

Academic scholarships are awarded with the expectation that recipients will perform academically at a level commensurate with their ability. To remain eligible for McKenna Achievement Awards Program scholarships, students must at least maintain a GPA of B (9.00) and make satisfactory progress towards the degree. The two most recent consecutive semesters are used to determine if a student has met these standards. If a student fails to meet these requirements, the scholarship is suspended until the requirements are met.

• QuestBridge Scholars
  CMC partners with QuestBridge, a nationally recognized leader of programs supporting high-achieving student access to the leading U.S. colleges and universities. Since 1994, QuestBridge has successfully identified and assisted low-income academically accomplished youth with access to elite post-secondary institutions. All QuestBridge finalists enrolled at CMC are encouraged to participate in the QuestBridge Scholar Network Program.
  
  Prospective QuestBridge students may apply using the QuestBridge application if they ranked CMC as part of the match process. All ‘matched’ QuestBridge Scholars are members of the CMC QuestBridge Scholar Community. The award is a renewable full tuition award based on financial need. CMC QuestBridge Scholars receive funding support for internships, research or academic travel during the summer following the first year.
   
• Interdisciplinary Science Scholarship (ISS)
  A grant from The Bill & Melinda Gates Foundation funds the Interdisciplinary Science Scholarship (ISS), providing full-tuition scholarships for 10 to 12 first years every year. Designed for students interested in pursuing both a science and non-science double or dual major while at CMC, students will be asked to explore the idea of science leadership via a dual or double major such as government-biology, international relations-physics, chemistry-Spanish or one of a host of other possible combinations available within CMC’s exhaustive curriculum.
  
  Specifically, the scholarship awards will be focused on outstanding students from lower-income households. ISS Scholars will be selected based on financial need, academic excellence, leadership potential, and passion for science. They will be required to graduate with a dual or double major in a science and non-science discipline.
  
  Students who wish to be considered for the ISS scholarship should apply to CMC by December 1 for priority consideration. Students should be sure to indicate intended majors in both a science and non-science discipline. In addition, students should fill out the FAFSA and CSS Profile by published deadlines.

• Kravis Scholarship
  The establishment of the Kravis Scholars Fund by Henry Kravis ‘67 provides generous need-based financial aid assistance to under-served and first-generation CMC students. Students receive a summer-sponsored internship immediately after their first-year in college. Special mentorship and support is provided throughout their college careers. Applicants must be first generation to college, from underserved backgrounds, and have demonstrated financial need. Funding support is available for an internship, research or academic travel during summer immediately following the first year. Faculty mentorship is also provided. There are up to 12 entering first-year students awarded yearly.
   
• Wagener Family Global Scholarship
  Trustee Shaw Wagener ‘81, who was an international relations major at Claremont McKenna and studied abroad in Russia, before becoming a national leader in emerging market investment, supports this scholarship program. The Global Scholars program provides direct financial support for students who qualify for need-based aid, first-year summer internships, and stipends for students on financial aid to go abroad in the spring semester of their sophomore year to non-English speaking countries. Applicants must demonstrate an interest in global affairs, spending time abroad and learning new languages. Recipients receive funding support for an internship, research or academic travel immediately following the first year, and a study abroad program in the second semester of sophomore year to a non-English speaking country. There are up to six entering first-year students awarded yearly.
   
• National Merit Scholarship
  Each year, CMC sponsors several National Merit Scholarships and grants awards of $1,000 or $2,000. National Merit Scholarships are offered in addition to any aid based on need, with the exception of CMC-sponsored National Merit Scholarships. In some cases, other College grant aid may be reduced to coordinate with California State Grants and Federal Programs.

• Reserve Officer Training Corps Scholarship (ROTC)
  Army Reserve Officer Training Corps (ROTC) Scholarships are available to qualified applicants, including entering first-year students.
  
  Students may compete for four-year ROTC scholarships while in their junior and senior year of high school (early and regular decision cycle). The deadline for the on line application for ROTC scholarships is December 1. After December 1 and before the start of the College’s fall semester, applicants can still apply directly to the Department of Military Science and Leadership. Each year, recipients receive full tuition from the Army and a full room-and-board grant from CMC, $1,200 for books, and a $420 per month tax-free stipend.
  
  Students on campus may also compete for three-and-a-half, three-, and two-year scholarships. Like the high school scholarships, these scholarships provide full tuition, books, the tiered tax-free stipend, and full room and board.
  
  Qualified students can enroll in Army ROTC at any point in their college careers, provided they have at least two full years of full-time academic coursework remaining. Participation in the basic course (first-year/sophomore year) carries no military obligation, except for scholarship students. Students normally sign contracts in the fall of their junior year. Service obligation is four years of active duty or eight years of reserve duty. Students may apply for a guaranteed reserve forces duty, either scholarship or non-scholarship. Graduate students may also participate in ROTC as long as they remain on full-time students and have two years remaining at their graduate institutions. Education delays are available to complete advanced schooling, usually in medical, dental, or law school.
  
  Students with prior service time, prior ROTC training, or reserve training may qualify for immediate advanced program placement. Selected students also may participate in a reserve or National Guard unit while in ROTC, drawing pay from both.
  
  All questions about Army ROTC should be directed to the Military Science and Leadership Department, Bauer Center South, room 101, (909) 621-8102.
   
• Margaret Martin Brock Internship Award (Washington Program)
  The Margaret Martin Brock Internship Fund is an endowed fund whose income is available to supplement general expenses each semester for two students who participate in the Washington Program. This scholarship is awarded by the selection committee for the internship program; no application is required.
• The Claremont McKenna Internship Award (Washington Program)
  The Claremont McKenna Internship Award is an endowed scholarship for two students who participate in the Washington Program. The scholarship is awarded by the selection committee for the internship program; no application required.
• Dreier Roundtable Scholar Award (Washington Program)
  Students who have an interest in public service and governmental studies with the promise of a future career in public policy will be considered for the Dreier Roundtable Scholar Award of $3,000. The scholarship is awarded by the selection committee for the internship program; no application required.
• The Mary and Richard Butler Award (Study Abroad)
  Deeply committed to global awareness, CMC Trustee Richard Butler and his wife, Mary Butler, have generously provided funding for CMC students participating in study abroad. These awards of up to $2,500 each include the named grants of longtime advocates for student learning abroad: CMC faculty emeritus Dr. P. Edward Haley, and current faculty members Dr. Marcos Massoud and Dr. Jonathan Petropoulos. The purpose of these awards is to help students defray study abroad expenses, to facilitate their semester of study in countries around the world, to take advantage of these rewarding opportunities, and to explore cultural understanding through personal experiences in the host culture. Eligible students apply through the Office of Off-Campus Study after they are approved for study abroad by CMC.
• The Wagener Family Awards for Sophomore Study Abroad (Study Abroad)
  Thanks to the generosity of CMC Trustee Mr. Shaw Wagener ‘81, CMC students who receive need-based financial aid and are studying abroad during the second-semester of sophomore year in non-English speaking destinations can apply for $2,500 towards their international experience. Eligible students apply through the Office of Off-Campus Study after they are approved for study abroad by CMC.
• The Asia Financial Group Exchange with the Chinese University of Hong Kong (Study Abroad)
  The Asia Financial Group has provided funding for two $2,500 semester merit scholarships per year for CMC students interested in studying at the Chinese University of Hong Kong. Students approved for study at the Chinese University of Hong Kong are automatically entered for this scholarship through the Office of Off-Campus Study. The grant will be credited toward academic expenses for the program.
• Benjamin A. Gilman International Scholarship (Study Abroad)
  The Benjamin A. Gilman International Scholarship provides grants for U.S. undergraduate students of limited financial means. Students must be a Federal Pell Grant recipient at time of application and during the study abroad academic term. Contact the Office of Off-Campus Study for more information.

• National Security Exchange program (NSEP) David L. Boren Undergraduate Merit Scholarships (Study Abroad)
  NSEP Boren Scholarships provide support to U.S. undergraduate students pursuing the study of languages and cultures currently underrepresented in study abroad and critical to U.S. national security. These merit scholarships for students with financial need provide up to $10,000 for a semester of study abroad through CMC ($20,000 for a full academic year).

In addition to those listed, CMC has a variety of scholarships and scholar communities available to eligible students.  For more information, please visit the Scholar Communities Program website.

National Scholarships and Fellowships

CMC students have been awarded some of the most prestigious scholarships and fellowships in the nation, including the Churchill, Freeman, Fulbright, Goldwater, Marshall, Mellon, National Science Foundation, Rhodes, Rotary, Soros, and Truman awards. Many programs require nomination and/or selection by the College and designated faculty members serve as program advisors to assist students with the application and, where appropriate, interview process. The majority of these programs offer funding for students after graduation but a number provide funding for undergraduates. Applications for these programs are very competitive and the process is time-consuming; interested students must start the application process well before the published program deadline dates.

General information sessions as well as program specific information sessions are held at the beginning of the fall semester and during the spring semester. Further information is available from the Center for Global Education.

Undergraduate Scholarships and Grant Funds

CMC provides a comprehensive scholarship and grant fund from its own general institutional resources. In addition, numerous donors have established several hundred scholarships to fund CMC grants. These funds are awarded based on specific donor preferences. To learn more about specific awards, contact the Office of Financial Aid. Students must complete the financial aid application process to be considered for these scholarships and grants. 

Funds provided by donor gifts include Alumni Fund Annual Scholarships.  Additional scholarships include a number of Endowed Scholarships.

Scholarship Programs for Graduate Students

Significant scholarship funding is available for students participating in the Master of Arts in Finance program. Scholarships are determined as part of the admission process to the program. Students applying for the Master of Arts in Finance program should contact the Robert Day School for details on available financial support.