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The Real Cost of UC: Financial Aid for 2015-16. UC COUNSELOR CONFERENCE SEPTEMBER 2014 It costs less than you think. Most families pay less than the full.

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Presentation on theme: "The Real Cost of UC: Financial Aid for 2015-16. UC COUNSELOR CONFERENCE SEPTEMBER 2014 It costs less than you think. Most families pay less than the full."— Presentation transcript:

1 The Real Cost of UC: Financial Aid for

2 UC COUNSELOR CONFERENCE SEPTEMBER 2014 It costs less than you think. Most families pay less than the full price of attending UC. Over 50% of undergraduates pay no systemwide tuition at all. Over two-thirds of students receive grants and scholarships, with an average award of around $16,300. All students should apply for financial aid. This is the only way to guarantee consideration for every type of aid possible, regardless of income level. There are lots of ways to finance a UC education. UC is affordable!

3 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Financing a UC education is a partnership between the student, his or her parents and UC.

4 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Students UC expects students to cover part of the cost of attendance through working and borrowing. Parents UC expects parents to contribute based on their financial resources and circumstances as reported on the FAFSA or California Dream Act Application. UC UC covers the remaining costs with gift aid from a variety of sources. Each campus determines a student’s total grant eligibility and meets it using federal, state and UC’s own gift aid programs.

5 UC COUNSELOR CONFERENCE SEPTEMBER 2014

6 NET COST is the key to comparing different college prices.

7 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Average UC Cost of Attendance ( ) The net cost actually is much less for over two- thirds of UC’s undergraduate students because they receive gift aid.

8 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Our Blue + Gold Opportunity Plan will cover systemwide tuition and fees for students who qualify.

9 UC COUNSELOR CONFERENCE SEPTEMBER 2014 How does it work? The Blue and Gold Opportunity Plan gives California families who qualify for financial aid the assurance that they won’t have to pay UC’s systemwide tuition and fees if their total income is less than $80,000. Qualified students must be in their first four years of attendance for students entering as freshmen (first two for transfer students). How do students apply? Students must file a FAFSA or the California Dream Act Application and Cal Grant GPA Verification form by March 2 of the year they plan to enter UC. No separate application is needed; students will receive benefits automatically if they qualify.

10 UC COUNSELOR CONFERENCE SEPTEMBER 2014 The Blue and Gold Opportunity Plan provides a minimum amount of grant money for qualifying students. Students with sufficient financial need can qualify for even more grants to cover other educational expenses, such as room and board, books and transportation. UC currently provides grant and scholarship assistance averaging over $16,000 per student to more than two-thirds of undergraduates.

11 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Starting in the academic year, California’s Middle Class Scholarship (MCS) program will provide scholarships to undergraduate California students who apply for aid on time and have family incomes up to $150,000. Eligible students will be notified of the actual scholarship amount by the California Student Aid Commission (CSAC).

12 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Student Responsibility: Part-Time Work UC expects that a student will work less than 20 hours per week when enrolled and full time when not enrolled. Job placement assistance is available on campus. Students do not have to qualify for a work-study job in order to find part-time work, either on or off campus.

13 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Loans: Investing in the Future Education loans are available to families and students at all income levels. 55% of undergraduates borrow while enrolled at UC A typical undergraduate at UC who borrows has a manageable 10- year loan repayment—around $230/month. Borrowing can enable students to work less and graduate sooner! Federal Student Aid Repayment Estimator Shows federal student loan balances and estimated payments under Standard, Graduated, Pay As You Earn, Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR) plans: studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action

14 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Family Responsibility Determined by UC based on information reported on the FAFSA or the California Dream Act Application Amount based on the income and assets of custodial parent(s) for dependent students under age 24 Can be paid from savings, current income or federal parent loans (PLUS) May be $0 for low-income families Approximately $700 for families earning $40,000

15 UC COUNSELOR CONFERENCE SEPTEMBER 2014 PLUS Loans Available to most families; maximum that can be borrowed is cost of attendance minus all other sources of financial aid 7.21% fixed interest rates for the life of the loan, 4.3% loan fee for amounts borrowed during ; rates applicable to subsequent year’s loans may change based on the statutory index Family repayment can be reduced or deferred until a student and siblings leave college Students can borrow additional unsubsidized Stafford loans ($4,000 during the first two years and $5,000 during the remaining years) if family does not qualify for a PLUS loan

16 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Federal Education Tax Credits To the extent that students or their families pay for their tuition, certain required fees, and/or qualified books and supplies out of their own pockets (without grant or scholarship), they may qualify for a federal education tax credit of up to $2,500 on the first $5,000 that they pay. Tax credits reduce the amount of taxes owed!

17 UC COUNSELOR CONFERENCE SEPTEMBER 2014 What if parents don’t pay their share? UC will attempt to help students find additional education loans so they don’t work more than half-time. A creditworthy U.S. co-signer will bring the price down for such private loans. UC will try to offer refinancing advice when a student leaves UC so their monthly repayment amount is manageable.

18 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Typical Undergraduate at UC Enrolls full time and graduates in 4.2 years Works fewer than 20 hours per week Borrows while enrolled Earns an average of $37,000 with liberal arts BA and $44,000 for science and math BS upon graduation Those who borrow have monthly student loan repayments of around $230/month reflecting loans from UC (based on current interest rates and a 10- year term—lower monthly payments are available)

19 Financial Assistance for Specific Populations

20 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Undocumented Students May qualify for a nonresident tuition exemption under AB 540 and for state and UC financial aid under the California Dream Act. The student must attend a CA high school for three or more years and graduate and Certify that he or she is taking steps to legalize his or her immigration status or will do so as soon as eligible to do so (“AB 540” application/affidavit). These students must file a California Dream Act Application and submit a Cal Grant GPA Verification Form by March 2.

21 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Undocumented Students (cont’d.) Some UC campuses are providing institutional student loans to AB 540-eligible students who are not eligible to obtain federal student loans. UC is sponsoring a state bill (SB 1210) that would establish a state student loan program to serve AB 540- eligible students who are not eligible for federal student loans. Outside agency loans, grants or scholarships are the only option if students are not eligible for AB 540 status.

22 UC COUNSELOR CONFERENCE SEPTEMBER 2014 DACA-eligible Students Deferred Action for Childhood Arrivals (DACA) entitles students to be employed legally—which makes it much easier to find jobs to help cover some of their educational costs. DACA has no effect on eligibility for the AB 540 tuition exemption or financial aid. Some UC campuses are setting up programs so that AB 540-eligible students with DACA certification may work in institutional work-study programs.

23 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Former Foster Youth Each UC campus has a liaison to work with incoming former or current foster youth. Current foster youth are “independent” for financial aid eligibility. Foster youth benefits are treated as scholarships, so they do not reduce other grant eligibility. Assistance is available during school breaks.

24 UC COUNSELOR CONFERENCE SEPTEMBER 2014 U.S. Military Veterans Most of UC’s student veterans transfer to UC from a community college. Each UC campus has special services available to help veterans transition to college. Notify the campus as early as possible about the veteran status of an incoming student. Federal law no longer allows a Vet to have simultaneously the benefits of both a Cal Grant and also Chapter 33 education benefits for tuition and fees. Tip: Try to save Chapter 33 benefits to use when attending a higher cost program!

25 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Student Parents UC welcomes student parents. Campuses have support services for students with children. Family housing may be available on or near campus. Documented child care costs may be added to the student budget to increase eligibility for financial aid.

26 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Changed Circumstances When family income or other significant circumstances change after the filing of the FAFSA or California Dream Act Application, students may petition to have their financial aid awards reconsidered. Each campus has a financial aid appeal process—check with the financial aid office on campus.

27 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Paying Up-Front Costs Financial aid is disbursed in equal installments by term Students and families who have completed the financial aid process will be expected to pay only the difference between the UC charges and the financial aid applied to the student account Payment Plans / Credit Cards UC campuses have options to spread out UC tuition and fee payments Some UC campuses permit use of certain credit cards to pay tuition and fees Tips on Managing Cost

28 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Finish at UC as soon as possible Apply for outside scholarships Work part time Make cost-saving choices Roommates Rent required text books Travel cost Choose on-campus meal plan wisely Leave cars at home Bring Down Expenses

29 UC COUNSELOR CONFERENCE SEPTEMBER 2014 Campus Financial Aid Resources UC Berkeley (510) financialaid.berkeley.edu UC Davis (530) financialaid.ucdavis.edu UC Irvine (949) UCLA (310) fao.ucla.edu UC Merced (209) financialaid.ucmerced.edu UC Riverside (951) finaid.ucr.edu UC San Diego (858) fao.ucsd.edu UC Santa Barbara (805) finaid.ucsb.edu UC Santa Cruz (831) financialaid.ucsc.edu

30 UC COUNSELOR CONFERENCE SEPTEMBER 2014 For More Information Paying for UC admission.universityofcalifornia.edu/paying-for-uc UC Online Admissions Application universityofcalifornia.edu/apply Electronic FAFSA fafsa.gov California Dream Act Application dream.csac.ca.gov dream.csac.ca.gov U.S. Dept. of Ed. & FAFSA Processing ed.gov Federal PIN for FAFSA pin.ed.gov Cal Grant Information csac.ca.gov

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