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

2. What We Will Cover Today
Financing a UC Education Assistance for Specific Populations Outcomes for Students Conclusion Questions?

3. Financing a UC Education

4. Affordability UC is affordable! 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.

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

6. Average UC Cost of Attendance (2015-16)
The net cost actually is much less for about two-thirds of UC’s undergraduate students because they receive gift aid.

7. Net Cost
NET COST is the key to comparing different college prices.

8. 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.

9. Sample Financing Plans

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

11. Blue + Gold 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.

12. 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.

13. 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).

14. 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.

15. 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

16. Parent 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.

17. PLUS Loans
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 loan, 4.3% loan fee for amounts borrowed during ; 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.

18. 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!

19. 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.

20. 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 housing and tuition and fee payments.
Some UC campuses permit use of certain credit cards to pay tuition and fees.

21. 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

22. Typical UC Undergraduate
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).

23. Financial Assistance for Specific Populations

24. 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.

25. 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.

26. 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 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.

27. 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.

28. 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 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!

29. 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.

30. 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.

31. Outcomes for UC Students Receiving Financial Aid

32. 2-Year Freshman Persistence Rates by Entering Year, Parent Income, and Academic Preparation

33. Units completed After 2 Years by Entering Year, Parent Income, and Academic Preparation

34. Four- and Six-year Graduation Rates by Entering Year, Parent Income, and Academic Preparation

35. Average Elapsed Years to Degree by Entering Year, Parent Income, and Academic Preparation

36. Conclusion

37. 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.

38. Campus Financial Aid Resources
UC Berkeley
(510)
financialaid.berkeley.edu
UC Davis
(530)
financialaid.ucdavis.edu
UC Irvine
(949)
UCLA
(310)
fao.ucla.edu
UC Merced
(209)
financialaid.ucmerced.edu
UC Riverside
(951)
finaid.ucr.edu
UC San Diego
(858)
fao.ucsd.edu
UC Santa Barbara
(805)
finaid.ucsb.edu
UC Santa Cruz
(831)
financialaid.ucsc.edu

39. For More Information Paying for UC
admission.universityofcalifornia.edu/paying-for-uc
UC Online Admissions Application
universityofcalifornia.edu/apply
Electronic FAFSA
fafsa.gov
California Dream Act Application dream.csac.ca.gov
U.S. Dept. of Ed. & FAFSA Processing
ed.gov
Cal Grant Information
csac.ca.gov

40. Questions?