the real cost of uc: financial aid for 2015-16
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The Real Cost of UC: Financial Aid for 2015-16. UC is affordable!. 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. - PowerPoint PPT PresentationTRANSCRIPT
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 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!
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Financing a UC education is a partnership between the student, his or her parents and UC.
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.
UC COUNSELOR CONFERENCE SEPTEMBER 2014
$22,000 $23,700 $23,000 $18,600 $12,200 $4,200 $1,000
$700
$5,100
$11,500
$19,500
$22,700
$11,100$9,400 $9,400 $9,400 $9,400 $9,400 $9,400
SAMPLE FINANCING PLANS (On-Campus)
Estim
ated
cos
t (li
ving
on
cam
pus)
: $3
3,10
0
Independent student
$20,000 $40,000* $60,000* $80,000* $100,000* $120,000*
*Could be eligible for the American Opportunity Tax Credit
Student Contribution
Parent Contribution
Gift Aid
UC COUNSELOR CONFERENCE SEPTEMBER 2014
NET COST is the key to comparing different college prices.
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Average UC Cost of Attendance (2014-15)
The net cost actually is much less for over two-thirds of UC’s undergraduate students because they receive gift aid.
$13,300
tuition/fees
$1,900health care
fee/allowance$1,500
books & supplies
$2,400personal & transportation
expenses
$14,000
room & board
Living on campus: $33,100
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Our Blue + Gold Opportunity Plan will cover systemwide tuition and fees for students who qualify.
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.
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.
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Starting in the 2014-15 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).
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.
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
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
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 2014-15 loan, 4.3%
loan fee for amounts borrowed during 2014-15; 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
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!
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.
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)
Financial Assistance for Specific Populations
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.
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.
• New resource: undoc.universityofcalifornia.edu
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.
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.
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!
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.
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.
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
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
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Campus Financial Aid Resources
UC Berkeley(510) 664-9181financialaid.berkeley.edu
UC Davis(530) 752-2390financialaid.ucdavis.edu
UC Irvine(949) 824-8262www.ofas.uci.edu
UCLA(310) 206-0400fao.ucla.edu
UC Merced(209) 228-7178financialaid.ucmerced.edu
UC Riverside(951) 827-3878finaid.ucr.edu
UC San Diego(858) 534-4480fao.ucsd.edu
UC Santa Barbara(805) 893-2432finaid.ucsb.edu
UC Santa Cruz(831) 459-2963financialaid.ucsc.edu
UC COUNSELOR CONFERENCE SEPTEMBER 2014
For More Information
Paying for UCadmission.universityofcalifornia.edu/paying-for-uc
UC Online Admissions Applicationuniversityofcalifornia.edu/apply
Resources for Undocumented Students at UCundoc.universityofcalifornia.edu/
California Dream Act Application dream.csac.ca.gov
Electronic FAFSAfafsa.gov
U.S. Dept. of Ed. & FAFSA Processing1-800-433-3243ed.gov
Federal PIN for FAFSApin.ed.gov
Cal Grant Information1-888-224-7268csac.ca.gov
Questions?