The Real Cost of UC: Financial Aid for 2015-16 UC Counselor Conference September 2015.

The Real Cost of UC:Financial Aid for 2015-16UC Counselor ConferenceSeptember 2015

COUNSELOR CONFERENCE 2015

Financing a UC Education

Assistance for Specific Populations

Outcomes for Students

Conclusion

Questions?

What We Will Cover Today

Financing a UC Education


It costs less than you think.• Most families pay less than the full price of attending UC.• Over half of resident undergraduates pay no systemwide

tuition at all.• About two-thirds of students receive grants and scholarships,

with an average award of around $16,600.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!

Affordability


Financing a UC education is a partnership between the student, his or her parents and UC.


The net cost actually is much less for about two-thirds of UC’s undergraduate students because they receive gift aid.

$13,400

tuition/fees

$2,100health care

fee/allowance$1,500

books & supplies

$2,400personal & transportation

expenses

$14,200

room & board

Living on campus: $33,600

Average UC Cost of Attendance (2015-16)


NET COST is the key to comparing different college prices.

Net Cost

Financial Aid Offer

TOTAL COST OF ATTEDANCE

GIFT AID(all grants + scholarships)

NET COST(student & parent share of cost)


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.

University of California

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.


Sample Financing Plans


Our Blue + Gold Opportunity Plan will cover systemwide tuition and fees for students who qualify.


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 and

they demonstrate sufficient financial need.• 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.

Blue + Gold


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 $16,600 per student to about two-thirds

of undergraduates.

Blue + Gold


California’s Middle Class Scholarship (MCS) program

provides scholarships to undergraduate California

students who apply for aid by March 2 and have

family incomes and household assets up to $150,000.

Eligible students will be notified of the actual

scholarship amount by the California Student Aid

Commission (CSAC).


• 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.

Student Responsibility: Part-Time Work


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

Loans

https://studentloans.gov/myDirectLoan/mobile/repayment/repaymentEstimator.action





• 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.

Parent Responsibility


• Available to most families; maximum that can be borrowed is cost of

attendance minus all other sources of financial aid.

• 6.84% fixed interest rates for the life of the 2015-16 loan, 4.3%

loan fee for amounts borrowed during 2015-16; 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.

PLUS Loans


• 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!

Federal Education Tax Credits


• 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.

What if parents don’t pay their share?


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 housing and tuition

and fee payments.• Some UC campuses permit use of certain credit cards to pay

tuition and fees.

Tips on Managing Cost


Finish at UC as soon as possibleApply for outside scholarshipsWork part-timeMake cost-saving choices• Roommates• Rent required text books• Travel cost• Choose on-campus meal plan wisely• Leave cars at home

Bring Down Expenses


• 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).

Typical UC Undergraduate

Financial Assistance for Specific Populations


• 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.

Undocumented Students


• UC will be implementing the DREAM Loan

program to allow undocumented AB 540-eligible

students to choose to borrow.

• Outside agency loans, grants or scholarships

are the only option if students are not eligible for

AB 540 status.

Undocumented 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 is a separate program from AB 540, and 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. DACA students can qualify

for in-state fees.

DACA-eligible Students


• 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.

Former Foster Youth


• 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 veteran to simultaneously have the

benefits of both a Cal Grant and also Post 9-11/Chapter 33 education

benefits for tuition and fees.

Tip: Try to save Chapter 33 benefits to use when attending a higher cost

program!

U.S. Military Veterans


• 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.

Student Parents


• 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.

Changed Circumstances

Outcomes for UC Students Receiving Financial Aid


2-Year Freshman Persistence Rates by Entering Year, Parent

Income, and Academic Preparation


Units completed After 2 Years by Entering Year, Parent Income, and

Academic Preparation


Four- and Six-year Graduation Rates by Entering Year, Parent

Income, and Academic Preparation


Average Elapsed Years to Degree by Entering Year, Parent Income, and

Academic Preparation

Conclusion


• UC is affordable! Over half pay no systemwide

tuition; about two-thirds get grant or scholarship.• Financing a UC Education requires a

partnership between students, parents, and UC.• Help for specific populations is available.• Outcomes show our financial aid policies make it

possible for all students to succeed.

Conclusion


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

Campus Financial Aid Resources

http://financialaid.berkeley.edu/

http://financialaid.ucdavis.edu/

http://www.ofas.uci.edu/


Paying for UCadmission.universityofcalifornia.edu/paying-for-uc

UC Online Admissions Applicationuniversityofcalifornia.edu/apply

Electronic FAFSAfafsa.gov

California Dream Act Application dream.csac.ca.gov

U.S. Dept. of Ed. & FAFSA Processing1-800-433-3243ed.gov

Cal Grant Information1-888-224-7268csac.ca.gov

For More Information

http://admission.universityofcalifornia.edu/paying-for-uc/index.html

http://admission.universityofcalifornia.edu/paying-for-uc/index.html

http://www.universityofcalifornia.edu/apply

http://www.fafsa.ed.gov/

Questions?

Date post:	29-Dec-2015
Category:	Documents
Upload:	susanna-barker
View:	218 times
Download:	1 times

The Real Cost of UC: Financial Aid for 2015-16 UC Counselor Conference September 2015.

Documents