CalArts loans
Jones, Parsons and Clifford/Whitaker Loan Funds are awarded as part of the financial aid package to students who have established financial need, with priority given to those students who have met the priority financial aid deadline. These loans may not exceed $2,500 per academic year with an aggregate limit of $10,000. They may be used for any educational cost. If you are offered one of these loans, the loan application will be included in the Offer of Financial Aid package. The promissory note requires a financially responsible co-signer. These loans are interest free while you are officially enrolled on at least a half-time status. On Parsons repayment begins six months, and 9 months on Jones and Clifford/Whitaker, after you leave school or graduate. Repayment begins and continues on a monthly basis thereafter until the loan is repaid. When repayment begins, interest accrues at 5% on Jones, and Clifford/Whitaker and 1/2 of prime for Parson loans. Minimum payments are $25 a month, and repayment must be completed within ten years. Cancellations and deferment provisions are the same as the Perkins Loan program.