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.
• 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 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
SAMPLE FINANCING PLANS (On-Campus)
Estimated cost (living on campus): $33,100
Student Contribution
$9,400
$11,100
$9,400
$9,400
$9,400
$9,400
$9,400
$700
Parent Contribution
$5,100
$11,500
$19,500
$22,700
$22,000
Independent
student
$23,700
$20,000
$23,000
$18,600
$12,200
$40,000*
$60,000*
$80,000*
UC COUNSELOR CONFERENCE SEPTEMBER 2014
$4,200
$100,000*
$1,000
Gift Aid
$120,000*
*Could be eligible for the American Opportunity Tax Credit
NET COST is the key to comparing different
college prices.
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Average UC Cost of Attendance (2014-15)
Living on campus: $33,100
$14,000
room & board
$13,300
tuition/fees
$2,400
personal &
transportation
expenses
$1,500
$1,900
health care
books & fee/allowance
supplies
UC COUNSELOR CONFERENCE SEPTEMBER 2014
The net cost actually is
much less for over twothirds of UC’s
undergraduate
students because they
receive gift aid.
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).
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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 10year 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.
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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 10year term—lower monthly payments are available)
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Financial Assistance for
Specific Populations
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.
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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.
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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
Tips on Managing Cost
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
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Bring Down Expenses
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
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Campus Financial Aid Resources
UC Berkeley
(510) 664-9181
UCLA
(310) 206-0400
UC San Diego
(858) 534-4480
financialaid.berkeley.edu
fao.ucla.edu
fao.ucsd.edu
UC Davis
(530) 752-2390
UC Merced
(209) 228-7178
UC Santa Barbara
(805) 893-2432
financialaid.ucdavis.edu
financialaid.ucmerced.edu finaid.ucsb.edu
UC Irvine
(949) 824-8262
UC Riverside
(951) 827-3878
UC Santa Cruz
(831) 459-2963
www.ofas.uci.edu
finaid.ucr.edu
financialaid.ucsc.edu
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
U.S. Dept. of Ed. &
FAFSA Processing
1-800-433-3243
ed.gov
Resources for Undocumented
Students at UC
Federal PIN for FAFSA
pin.ed.gov
undoc.universityofcalifornia.edu/
California Dream Act Application
dream.csac.ca.gov
UC COUNSELOR CONFERENCE SEPTEMBER 2014
Cal Grant Information
1-888-224-7268
csac.ca.gov
Questions?
AskUC@ucop.edu