financing a uc education what freshman applicants need to know n.
Skip this Video
Loading SlideShow in 5 Seconds..
Financing a UC Education: What Freshman Applicants Need to Know PowerPoint Presentation
Download Presentation
Financing a UC Education: What Freshman Applicants Need to Know

play fullscreen
1 / 34
Download Presentation

Financing a UC Education: What Freshman Applicants Need to Know - PowerPoint PPT Presentation

jihan
123 Views
Download Presentation

Financing a UC Education: What Freshman Applicants Need to Know

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. Financing a UC Education:What Freshman Applicants Need to Know University of California Counselor Conferences Fall 2003

  2. Topics of Discussion • Basic Principles • Covering College Costs • Building a Financial Aid Package • How and When (3/2!) to Apply • Resources

  3. Basic Principle #1 • Students can afford to attend UC with • The support of a partnership involving: • Students • Their parents (if applicable) • The University • Thoughtful money management • Sound use of credit

  4. Basic Principle #2 • While student fees will increase for 2003-04, financial aid will be increased as well • UC undergrads eligible for Cal Grants or UC grants will have their fee increase fully offset by increased grant • Generally students from families making less than $60,000 annually • Financially needy UC undergrads who are not eligible for Cal Grants or UC grants and whose families make less than $90,000 annually will have ½ of the fee increase offset with grant

  5. Basic Principle #3 • University financial aid recipients can expect to work and borrow • However, the University’s grant program keeps student loan and work levels manageable

  6. Basic Principle #4 • UC undergraduates enroll full-time and work part-time rather than the other way around • The University’s financial aid program is designed to make this possible • Enrolling full-time allows a student to enter the workforce with a UC degree sooner

  7. Covering College Costs from a Student Perspective (A) COST OF ATTENDANCE less(B) PARENT CONTRIBUTION* less(C) GRANTS + SCHOLARSHIPS = (D) STUDENT RESPONSIBILITY *if applicable

  8. (A) UC Cost of Attendance(1 of 2) Total Living On-campus 2003-04: $18,930

  9. (A) UC Cost of Attendance(2 of 2) • Typical cost of attendance for full academic year (9-months) • Off-campus student attending full time

  10. (B) Expected Parent Contribution Generally speaking, students under the age of 24 are considered dependent students, so their parent information is considered when calculating financial aid eligibility • For many low-income families, the Parent Contribution is zero • Parent Contribution can be paid from savings, current income, or loans

  11. (C) Grant Assistance Gift aid distributed based largely on family’s ability to cover expenses. • Grants come from many sources, including the federal government, the state of California, and UC • University grant assistance is used to fill the gap left after accounting for a parent contribution, manageable student loan/work levels, and state & federal grants

  12. (C) Scholarships Gift aid offered in recognition of academic achievement or special talents • Generally reduce need to work or borrow • Apply for UC scholarships with the UC admissions application • Many resources on the Web • Beware of scholarship “scams”

  13. (D) Student Responsibility (1 of 2) • Work • University grants help reduce work hours so that students can make academic progress toward their degrees • The University assumes that students work no more than 20 hours weekly when enrolled and full time when not enrolled • Job placement assistance is available, and many students work on campus

  14. (D) Student Responsibility (2 of 2) • Borrowing • University grants help reduce borrowing to levels that result in manageable payments upon graduation • Nearly all UC undergraduates qualify for federal low-interest student loans • Students can generally decide how they want to balance working and borrowing

  15. Financial Aid Packaging: Cost of Attendance Living On-campus 2002-03

  16. Financial Aid Packaging: Student Loan and Work Living On-campus 2002-03

  17. Financial Aid Packaging: Parent Contribution Living On-campus 2002-03

  18. Financial Aid Packaging: Grant Support Living On-campus 2002-03

  19. $1,331 $2,080 $3,429 $4,980 $3,551 $4,000 $3,429 $3,000 $2,540 $3,400 $400 $3,300 $3,300 $3,300 $4,900 $3,700 $3,700 $3,700 Financial Aid Packaging: Specific Programs Living On-campus 2002-03

  20. About Educational Loans (1 of 3) • Federally backed educational loans are a good investment and available to almost all students • Federal subsidized loans are made to financially eligible students • Federal unsubsidized loans are made to students without regard to finances • 2003-04 interest rate: 3.42%

  21. About Educational Loans (2 of 3) • Subsidized Loans are a Good Investment • The Government pays the interest while the student is in school • Interest rates are low • Loans may be consolidated into a single payment • Repayment begins 6 months after last day of attendance

  22. About Educational Loans (3 of 3) • Unsubsidized loans are a good investment • Interest rates are low • Loans can be consolidated into one payment • Recipient may opt to pay interest while enrolled or choose to capitalize interest until repayment 6 months after attending

  23. Strategies to Reduce Working and Borrowing • Reduce expenses • Earn scholarships • Through the University • From outside sources • Save summer earnings for use during the academic year

  24. Direct vs. Indirect Costs • Much of the cost of attendance listed on award letters is for indirect costs • Most of student budget is for room, board, and living costs • Those costs that are paid to the University are not all paid at one time

  25. Urge all Students -- Even CC-Bound -- to Apply • Many eligible community college students miss out on federal grants because they don’t apply • Some eligible CC students don’t apply because they can work full-time and attend part-time • With aid, might be able to attend full-time and transfer sooner

  26. Urge all Students -- Even CC-Bound -- to Apply • Cal Grant award recipients know that they have aid when they transfer • This reduces anxiety about financing • CC-bound students may receive a Cal Grant B or a Cal Grant A reserve award, which can be activated upon transfer

  27. Urge all Students -- Even CC-Bound -- to Apply • High school entitlement award eligibility requirements • Cal Grant A: Minimum 3.0 high school GPA plus additional eligibility criteria • Cal Grant B: Minimum 2.0 high school GPA plus expanded/stricter eligibility criteria

  28. How to Apply: • FAFSA: collects data to calculate eligibility for need-based financial aid (completed by student/family) • GPA VERIFICATION FORM: Collects GPA information used to make Cal Grant awards (completed by school)

  29. FAFSA Variations: • Paper FAFSA • FAFSA on the Web • www.fafsa.ed.gov • Renewal FAFSA

  30. When to Apply for Aid • Between January 1 and March 2 • Students need not have been accepted for admission to apply for financial aid

  31. What Happens After Applying? • The federal FAFSA processor sends a “SAR” to the student • The California Student Aid Commission sends letter on Cal Grant eligibility • Information is sent from the UC campus • follow-up requests (e.g. verification items) • preliminary aid estimates • financial aid offer letters

  32. UC Berkeley 510 642-6442 www.uga.berkeley.edu/fao UC Davis 530 752-2390 faoman.ucdavis.edu UC Irvine 949 824-8262 www.fao.uci.edu UCLA 310 206-0400 www.saonet.ucla.edu/fa.htm UC Merced* 559 241-7474 www.ucmerced.edu UC Riverside 909 787-3878 www.students.ucr.edu/finaid UC San Diego 858 534-4480 www.ucsd.edu/finaid UC Santa Barbara 805 893-2432 www.finaid.ucsb.edu UC Santa Cruz 831 459-2963 www2.ucsc.edu/fin-aid *Opens in 2004 Campus Financial Aid Information/Resources

  33. Websites UC Pathways: www.ucop.edu/pathways U.S. Department of Ed: www.ed.gov Calif. Student Aid Commission: www.csac.ca.gov College Board: www.collegeboard.org Electronic FAFSA : www.fafsa.ed.gov Phone numbers General Questions to U.S. Dept. of Ed: 800 433-3243 FAFSA Processor 319 337-5665 Cal Grant Information 888 224-7268 Resources for More Information:

  34. Questions???? • Please see us at the Financial Aid Information table for questions