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

2. COUNSELOR CONFERENCE 2015 Financing a UC Education Assistance for Specific Populations Outcomes for Students Conclusion Questions? What We Will Cover Today

3. Financing a UC Education

4. COUNSELOR CONFERENCE 2015 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

5. COUNSELOR CONFERENCE 2015 Financing a UC education is a partnership between the student, his or her parents and UC.

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

7. COUNSELOR CONFERENCE 2015 NET COST is the key to comparing different college prices. Net Cost

8. COUNSELOR CONFERENCE 2015 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. COUNSELOR CONFERENCE 2015 Sample Financing Plans

10. COUNSELOR CONFERENCE 2015 Our Blue + Gold Opportunity Plan will cover systemwide tuition and fees for students who qualify.

11. COUNSELOR CONFERENCE 2015 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

12. COUNSELOR CONFERENCE 2015 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

13. COUNSELOR CONFERENCE 2015 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. COUNSELOR CONFERENCE 2015 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

15. COUNSELOR CONFERENCE 2015 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

16. COUNSELOR CONFERENCE 2015 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

17. COUNSELOR CONFERENCE 2015 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

18. COUNSELOR CONFERENCE 2015 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

19. COUNSELOR CONFERENCE 2015 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?

20. COUNSELOR CONFERENCE 2015 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

21. COUNSELOR CONFERENCE 2015 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

22. COUNSELOR CONFERENCE 2015 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

23. Financial Assistance for Specific Populations

24. COUNSELOR CONFERENCE 2015 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

25. COUNSELOR CONFERENCE 2015 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

26. COUNSELOR CONFERENCE 2015 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

27. COUNSELOR CONFERENCE 2015 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

28. COUNSELOR CONFERENCE 2015 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

29. COUNSELOR CONFERENCE 2015 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

30. COUNSELOR CONFERENCE 2015 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

31. Outcomes for UC Students Receiving Financial Aid

32. COUNSELOR CONFERENCE 2015 2-Year Freshman Persistence Rates by Entering Year, Parent Income, and Academic Preparation

33. COUNSELOR CONFERENCE 2015 Units completed After 2 Years by Entering Year, Parent Income, and Academic Preparation

34. COUNSELOR CONFERENCE 2015 Four- and Six-year Graduation Rates by Entering Year, Parent Income, and Academic Preparation

35. COUNSELOR CONFERENCE 2015 Average Elapsed Years to Degree by Entering Year, Parent Income, and Academic Preparation

36. Conclusion

37. COUNSELOR CONFERENCE 2015 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

38. COUNSELOR CONFERENCE 2015 UC Berkeley (510) 664-9181 financialaid.berkeley.edu UC Davis (530) 752-2390 financialaid.ucdavis.edu UC Irvine (949) 824-8262 www.ofas.uci.edu UCLA (310) 206-0400 fao.ucla.edu UC Merced (209) 228-7178 financialaid.ucmerced.edu UC Riverside (951) 827-3878 finaid.ucr.edu UC San Diego (858) 534-4480 fao.ucsd.edu UC Santa Barbara (805) 893-2432 finaid.ucsb.edu UC Santa Cruz (831) 459-2963 financialaid.ucsc.edu Campus Financial Aid Resources

39. COUNSELOR CONFERENCE 2015 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 dream.csac.ca.gov U.S. Dept. of Ed. & FAFSA Processing 1-800-433-3243 ed.gov Cal Grant Information 1-888-224-7268 csac.ca.gov For More Information

40. Questions?