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Financial Aid at the University of California Spring 2014 UC is affordable! It costs less than you think. • Most families pay less than the full price of attending UC. • 50% of undergraduates pay no 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. 7/21/2015 2 Financing a UC education is a partnership between the student, his or her parents and UC. 7/21/2015 3 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. 7/21/2015 4 UC Cost of Attendance (2013-2014) Living on campus: $32,400 room & board $13,800 tuition/fees $13,200 (subject to change without notice) personal & transportation expenses $2,200 books & supplies $1,500 health care fee/allowance $1,700 7/21/2015 5 NET COST is the key to comparing different college prices. Estimates of annual share of UC net cost for: • Single independent students • $10K-$12K • Dependent students in a family of four with one in college: • • • • $9K-$10K for family earning $20K $11K-$13K for family earning $40K $14K-$16K for family earning $60K $19K-$21K for family earning $80K 7/21/2015 6 Our Blue + Gold Opportunity Plan will cover systemwide tuition and fees for students who qualify. 7/21/2015 7 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 (first two for transfer students). How do students apply? • Students must file the 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. 7/21/2015 8 The Blue and Gold Opportunity Plan provides a minimum amount of grant money students can receive. • 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 half of undergraduates. 7/21/2015 9 Starting in the 2014-15 academic year, California’s Middle Class Scholarship (MCS) program will provide scholarships to undergraduate students with family incomes up to $150,000. 7/21/2015 10 Nearly all UC students seeking financial aid will be expected to work or borrow. • The student share is about $9K-$10K for dependent students and about $10K-$12K for independent students. • Exceptions include students with large scholarships (a few athletes), veterans benefits, or foster youth benefits, etc. • UC expects that a student will work fewer than 20 hours per week when enrolled and full-time when not enrolled. 7/21/2015 11 7/21/2015 12 Typical undergraduate at UC • • • • • Enrolls full time and graduates in 4.2 years Works fewer than 20 hours per week Borrows while enrolled Obtains employment within 4 months after graduation Earns an average of $37K with liberal arts BA and $44K for science and math BS upon graduation • Has 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) 7/21/2015 13 Financial Assistance for Specific Populations • • • • • • Former foster youth Undocumented students DACA-eligible students Families with changed circumstances U.S. military veterans Student parents 7/21/2015 14 For more information: Paying for UC http://admission.universityofcalifornia.edu/payingfor-uc/index.html Ask UC [email protected] 7/21/2015 15