Financial Aid & Scholarships

Why apply for financial aid?

Applying for financial aid is crucial for making college accessible and affordable, regardless of your or your family's income level. 

Here are the key reasons why applying for financial aid is essential:

  • Financial aid makes college affordable:
    • Many families find the high cost of tuition and related expenses daunting, and financial aid can help cover these costs and reduce the financial burden on students and families.
    • Financial aid can cover a range of educational expenses, such as tuition, fees, room and board, books and supplies, and transportation.
    • Scholarships and grants, a form of financial aid, do not need to be repaid, reducing the overall cost of a degree.
    • Federal student loans generally have lower, fixed interest rates compared to private loans, and repayment typically doesn't begin until after you leave college.
  • You could be eligible for aid even if you think you won't qualify:
    • Eligibility for federal student aid is based on various factors, not just income, such as family size and the student's year in school.
    • Don't assume your family's income is too high, as many families qualify for some form of federal student aid.
    • The Free Application for Federal Student Aid (FAFSA) is the only way to determine your eligibility for federal and, in many cases, state and institutional aid.
    • Approximately 86% of full-time undergraduates receive some type of financial aid.
  • Maximize aid opportunities by applying early:
    • Some forms of financial aid, including grants and scholarships, are awarded on a first-come, first-served basis, so applying early increases your chances of securing these funds.
    • Completing the FAFSA early allows you to receive your financial aid award letters sooner, giving you ample time to compare packages from different institutions and make an informed decision.
    • Applying early also provides more time to seek other funding sources, such as private student loans, if federal aid doesn't fully cover the cost.
  • Potential eligibility for federal loans regardless of income:
    • Completing the FAFSA qualifies students for direct federal student loans, regardless of their family's financial strength.
    • Federal student loans offer several benefits over private loans, including potentially lower interest rates and flexible repayment plans.
    • Proper debt structure, starting in the first year of college, is crucial, especially if graduate school is a future consideration.
  • Some scholarships require FAFSA completion:
    • Many institutional and private scholarships require a completed FAFSA form as part of their application process, even if they are not solely based on financial need.

FINANCIAL AID

OVERVIEW

Financial aid refers to money provided to help students pay for the costs of college or career school. Financial aid can significantly reduce the cost of higher education and make college more accessible for many students. This funding can come from a variety of sources, including: 

  • The federal government
  • State governments
  • Colleges and universities
  • Nonprofit and private organizations 

TYPES OF FINANCIAL AID

There are four primary types of financial aid available to help students pay for college: 

  1. Grants: These are forms of financial aid that do not typically have to be repaid. They are usually awarded based on a student's financial need.
  2. Scholarships: Scholarships are also monetary awards that don't need to be repaid. They can be awarded based on various factors, including academic achievement, athletic talent, or financial need.
  3. Work-Study Jobs: These programs offer part-time jobs, often on or near campus, to students who demonstrate financial need. Students can use the money earned to help pay for their educational expenses.
  4. Loans: Student loans are funds that must be repaid with interest, typically after the student leaves school or graduates. 

APPLYING FOR FINANCIAL AID

To be considered for federal student aid, students must complete the Free Application for Federal Student Aid (FAFSA) form. The FAFSA gathers information about the student's and, if applicable, their parents' financial situation to determine their eligibility for various types of aid. Some colleges and universities may also require the CSS Profile for institutional aid. 

Once a student is accepted to a school, they will receive a financial aid offer (also called an award letter) detailing the types and amounts of aid they are eligible to receive. This can include a combination of grants, scholarships, work-study funds, and loans.

RESOURCES

OVERVIEW

The FAFSA, or Free Application for Federal Student Aid, is a form that students fill out to apply for financial aid to help pay for college or career school. It is the first step in the financial aid process for many students seeking to fund their education, and it is used to determine eligibility for federal grants, work-study, and loans. Many states and colleges also use the FAFSA information to award their own financial aid.

  • How to apply: Students can fill out the FAFSA form online at studentaid.gov
  • When to apply: The FAFSA typically opens on October 1. Students should plan to submit the FAFSA during their senior year, not before. Applying early is recommended.

REASONS TO SUBMIT THE FAFSA

  • Access to various forms of aid: The FAFSA isn't just for federal student loans; it's also the gateway to grants, scholarships, and work-study programs. These can significantly reduce the overall cost of attending college.
  • Unlock grant and scholarship opportunities: Completing the FAFSA can help determine your eligibility for need-based grants (which don't need to be repaid) from the government, states, and individual institutions. It can also open doors to scholarships that may not be based on financial need, but still require FAFSA completion.
  • Demonstrate financial need: Even if you don't intend to take out loans, filing the FAFSA helps demonstrate your financial need to colleges and universities, potentially making you eligible for their institutional aid.
  • Access low-interest federal student loans: Federal student loans often come with lower interest rates and more flexible repayment options compared to private loans, and you can't access them without first completing the FAFSA.
  • Open doors to work-study opportunities: The Federal Work-Study program offers part-time jobs, often on campus, that allow you to earn money to help cover education-related expenses while gaining valuable work experience.
  • Prepare for potential financial changes: Life can be unpredictable, and having a FAFSA on file acts as a safety net in case unexpected financial situations arise during your college journey, allowing you to access federal aid if needed.
  • Simplify future aid applications: Once you've completed the FAFSA once, renewing it in subsequent years is quicker and easier.
  • Better compare college costs: Filing the FAFSA early enables you to receive your financial aid award letters sooner, giving you ample time to compare packages from different institutions and make informed decisions about affordability.
  • Maximize aid potential: Some federal and state financial aid programs are awarded on a first-come, first-served basis, so filing early can increase your chances of receiving the maximum aid you're eligible for.
  • Reduce stress: Applying early removes a significant item from your to-do list, allowing you to focus on other important aspects of your senior year of high school or college planning.
  • Address common myths: It's crucial to understand that there is no income cutoff for federal financial aid, and many factors are considered beyond just income. Your grades or ethnicity also won't disqualify you from receiving aid.
  • In essence, applying for financial aid is a strategic move that can significantly reduce the cost of higher education and create a more secure path toward achieving your educational and career goals. 

RESOURCES

OVERVIEW

The California Dream Act Application (CADAA) is a state financial aid application in California for students who are not eligible for federal financial aid (like the FAFSA) due to their immigration status. It allows eligible students, including undocumented students, those with DACA, U Visas, or Temporary Protected Status (TPS), to apply for state and institutional financial aid.

What is it?

The CADAA is specifically for students who meet the requirements for the California non-resident tuition exemption (AB 540), which allows them to pay in-state tuition at California colleges and universities.

Who is it for?

  • Undocumented students
  • Students with DACA (Deferred Action for Childhood Arrivals)
  • Students with a U Visa
  • Students with Temporary Protected Status (TPS)
  • Students from mixed-status families (where some family members are not US citizens)
 

What does it do?

  • The CADAA allows eligible students to apply for state financial aid programs, such as:
    • Cal Grants
    • California Community College Fee Waivers
    • University grants and scholarships
    • Private scholarships funded through public universities
  • It helps students determine their eligibility for in-state tuition at California public colleges and universities.
  • The information provided on the CADAA is used by colleges and universities to determine eligibility for financial aid.
 

Key points:

  • Students should only complete either the FAFSA or CADAA, not both.
  • The CADAA is available annually, and students should apply each year they plan to attend college.
  • CSAC processes the CADAA and determines eligibility for state aid.
  • The CADAA is a crucial step for undocumented and other eligible students to access financial aid for higher education in California.
 

RESOURCES

OVERVIEW

The CSS Profile, which stands for College Scholarship Service Profile, is an online application used by many colleges and universities to determine a student's eligibility for non-federal financial aid. It's administered by the College Board, the same organization that handles the SAT and AP exams. The CSS Profile collects more detailed financial information than the FAFSA (Free Application for Federal Student Aid) and allows institutions to tailor their aid packages to a student's specific circumstances.

RESOURCES

 

OVERVIEW

The Cal Grant is a California-specific financial aid allocation that does not need to be paid back. Cal Grant applicants must apply using the FAFSA or CA Dream Act Application by the deadline and meet all eligibility, financial, and minimum GPA requirements of either program. Grants are for students attending Universities of California, California State Universities or California Community Colleges, or qualifying independent and career colleges or technical schools in California.

RESOURCES

 

OVERVIEW

The Net Price Calculator is an online tool provided by colleges and universities to help prospective students and their families estimate the actual cost of attending that institution. It calculates the "net price," which is the cost of attendance minus any grants and scholarships the student is eligible to receive. This provides a more realistic picture of the financial commitment than simply looking at the "sticker price" of tuition and fees.

OVERVIEW

Scholarships are financial awards given to students to help them pay for their education, and unlike loans, they don't need to be repaid. Scholarships can be merit-based, awarded for academic achievement, talent, or other accomplishments, or need-based, awarded to students with financial need. They can cover various educational expenses, such as tuition, fees, room and board, and books.

RESOURCES