Blue + Gold = Green Keeping Education Within Reach

Transcription

1 Blue + Gold = Green Keeping Education Within Reach Jamal Collins Student Financial Support University of California, Office of the President

2 UC is affordable California s Upward-Mobility Machine The New York Times, September 16, 2015

3 The Real Cost of Attending UC Blue + Gold = Green Keeping Education Within Reach

4 Average UC Cost of Attendance for Living on campus: $34,200 Most students do not pay the full cost of attendance. $14,500 room & board 42% $13,500 tuition/fees 40% $2,400 personal & transportation expenses 7% $1,500 books & supplies 4% $2,300 health care fee/allowance 7%

5 Net Cost NET COST is the key to comparing different college prices. Financial Aid Offer TOTAL COST OF ATTENDANCE GIFT AID (all grants + scholarships) DIRECT COSTS Tuition, Fees, Dorms, Meal Plan INDIRECT COSTS Books, Suppies, Transporation, Personal Misc. Expenses NET COST (student & parent share of cost)

6 Estimated Net Cost for Student with Family Income of $100,000 Living on campus: $28,700 $5,500 Gift Aid $28,700 Net Cost

7 Estimated Net Cost for Student with Family Income of $60,000 $28,700 Living on campus: $14,200 Net Cost $14,200 Net Cost $20,000 Gift Aid

8 Estimated Net Cost for Student with Family Income of $20,000 Living on campus: $9,700 $9,700 Net Cost $24,500 Gift Aid

9 Estimated Net Cost UC by Family Income Total COA $34,200 Family Income Level UC $20,000 $9,700 $40,000 $10,300 $60,000 $14,200 $80,000 $18,300 $100,000 $28,700

10 Financing a UC Education Blue + Gold = Green Keeping Education Within Reach

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

12 Financing partnership: Parents are asked to contribute based on their financial resources Students are asked to contribute by working part-time and borrowing UC coordinates federal, state, and University resources to meet the rest

13 Estimated cost (living on campus): $34,200 SAMPLE FINANCING PLANS (On-Campus) $10,200 $9,700 $9,700 $9,700 $9,700 $9,700 $9,700 $600 $4,500 $8,600 Student Contribution Parent Contribution $19,000 $24,000 $24,500 $23,900 $20,000 $15,900 $5,500 $22,800 $1,700 Gift Aid Independent student $20,000 $40,000* $60,000* $80,000* $100,000* $120,000* *Could be eligible for the American Opportunity Tax Credit

14 Parents Based on income & assets and other info on the FAFSA or the California Dream Act Application Custodial parent(s) for dependent students under age 24 Paid through savings, current income, or federal parent loans (PLUS) May be $0 for low-income families.

15 Students: Part-time Work Part-time (< 20 hrs/wk) while enrolled Full-time when not enrolled Job placement assistance is available Not necessarily work-study or UC employment

16 Freshman: Average Loans by Income $40,000 National Average $35, % 70.0% $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 Independe nt Less than $27,000 $27,000 to $54,000 $54,000 to $80,000 $80,000 to $107,000 $107,000 to $134,000 $134,000 to $161,000 $161,000 and Above National Average Average Borrowed $24,924 $20,335 $19,916 $20,790 $21,163 $20,823 $21,435 $21,258 $28,950 Percent Borrwing 78.2% 76.1% 71.4% 66.4% 55.4% 51.0% 41.4% 24.3% 69% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0%

17 Transfer: Average Loans by Income $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5, % 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% $0 Independe nt Less than $27,000 $27,000 to $54,000 $54,000 to $80,000 $80,000 to $107,000 $107,000 to $134,000 $134,000 to $161,000 $161,000 and Above Average Borrowed $17,813 $13,146 $13,012 $13,629 $15,484 $16,115 $18,373 $17,247 Percent Borrwing 72.7% 57.1% 53.8% 50.0% 37.6% 40.1% 32.8% 21.8% 0.0%

18 UC The Blue + Gold provides a minimum promise of grant money for qualifying students. UC pulls together federal, state, and university grant funding The Middle Class Scholarship for CA undergraduate Scholarship for CA undergraduates Eligible students from families with incomes and assets up to $156,000

19 Blue + Gold Opportunity Plan More than Half California Undergraduates Pay No Tuition at UC Pay Full Tuition 25% Pay Partial Tuition 20% Pay No Tuition 55% California students whose families make under $80,000 and who are financial aid eligible will pay no systemwide tuition and fees ($12,294 for the year)

20 Financial Aid Application Process Blue + Gold = Green Keeping Education Within Reach

21 FAFSA/CA Dream Act Application Updates Apply EARLY Fall 2017 applicants can file FAFSA/CA Dream Act Application starting in Oct 2016 Applicants can apply for admissions and financial aid at the same time Using EXACT income data Will use 2015 income data No need to estimate data It is EASY to complete Transfer tax information with the click of a button using the IRS Data Retrieval Tool (Not available for CA Dream Act App) Reduces error rates on the FAFSA

22 FAFSA/CA Dream Act Application Updates Priority Deadline remains MARCH 2, 2017 FAFSA/CA Dream Act Application, GPA Verification Form UC Institutional Aid, Cal Grant; UC financial aid offers will be provided after students has been admitted Freshman admits typically receive notices in late March Transfer admits typically receive notices in late April CSAC may notify early applicants of Cal Grant eligibility

23 Financial Assistance for Specific Populations Blue + Gold = Green Keeping Education Within Reach

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. To obtain AB 540 status, students must have either attended a CA high school for three or more years or have completed the equivalent of 3 years of high school credit from CA high school plus attended a total of 3 years in a combination of CA elementary and secondary schools obtain a CA high school diploma or equivalent 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 has 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 Undocumented Students Financial Aid Available: Cal Grants Potentially Eligible Yes Application(s) File by Additional requirements CA Dream Application + Cal Grant GPA Verification Form March 2nd California DREAM Loan Yes CA Dream Application Varies None UC Scholarships Yes Undergraduate Admissions Application + CA Dream Application + Supplemental Application (in some cases) UC Grants Yes CA Dream Application Undocumented Varies March 2nd (Priority Deadline) None None None UC Work-Study Yes CA Dream Application March 2nd (Priority Deadline) Must have work authoriation (DACA approved) and be eligible for UC aid UC Resident Tuition and Fees or Equivalent Yes Statement of Legal Residency (SLR) + Supplemental Documents Varies None Private Outside Agency Awards Yes Varies Varies None

27 Former Foster Youth Each UC campus has a coordinator to work with incoming former or current foster youth. The campus coordinators are a part of the Guardian Scholars Program. Current foster youth are independent for financial aid 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 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!

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 Conclusion Blue + Gold = Green Keeping Education Within Reach

32 Know how the institution communicates financial aid information Financial Aid Requirements/Award Notifications Mailed communications communications University portals

33 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

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

35 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 FSA ID for FAFSA fsaid.ed.gov Cal Grant Information csac.ca.gov

36 Thank you! Blue + Gold = Green Keeping Education Within Reach