Financial Aid
Overview
Parents often ask whether their family should apply for financial aid. The California Student Aid Commission, which administers the Cal Grant program, recommends that every student apply for financial aid. Applying is also a good safety measure in case the family’s financial situation changes.
The term Financial Aid includes need-based grants, scholarships, work study, student loans, and parent loans. All institutions of higher education evaluate requests for any type of financial aid by considering a student's Free Application for Federal Student Aid (FAFSA). Even if a family’s income is too high for need-based aid, the student may qualify for scholarships, work-study, or low interest student loans.
Don't assume you will not qualify for financial aid. The FAFSA formula not only considers income and savings in calculating a family's Expected Family Contribution (EFC) but also other factors such as the age of the parents and the number of children enrolled in college. To estimate your EFC use the FAFSA4caster. The benefit of using this pre-application estimator is that data can be saved to pre-populate the online FAFSA form. A PIN isn't required to use the site, but having a PIN gives users access to many additional resources. The logon and PINs created for the FAFSA4caster will also be used for your FAFSA form.
Filing the FAFSA on time is important in case circumstances suddenly change (e.g. a parent loses a job); it is much easier to ammend an existing application and ask a college to reconsider the application before their discretionary funds are distributed. Families should NOT wait until the last year's tax return to complete the FAFSA; estimate information based on the previous year, then ammend the application when you have the most accurate data. It's important to file the FAFSA on time; check the colleges for specific deadlines
Family Contribution
Depending on the college or university, the cost of attendance varies. Therefore, the financial need of a family can vary depending on the cost of attending the school.
Financial Need = Cost of Attendance - Expected Family Contribution
The FAFSA must be completed to apply for federal and state student grants, work-study grants, and loans. The filing period for the FAFSA is between January 1st and March 2nd for California public colleges and universities. Other colleges and universities may have earlier or priority deadlines; it is important to check filing dates for specific colleges. The preferred method of filing is online at fafsa.ed.gov, although a limited supply of paper applications are available in the College & Career Center (C&CC).
The State of California provides aid for students through its Cal Grant program, calgrants.org. To apply for a grant, students must verify their grade point average records by filing a GPA Verification form in addition to the FAFSA application form. The GPA Verification form is also available in the C&CC. Eligibility for a Cal Grant is based on family income, family assets, and the student’s unweighted state GPA (calculation includes sophomore and junior year grades only). Students who have demonstrated financial need and a 3.00 minimum GPA are entitled to a Cal Grant A. Students who have need and at least a 2.00 GPA are entitled to a Cal Grant B. Students attending a vocational school may qualify for a Cal Grant C. The following figures will help you determine whether you meet the 2007-2008 family income ceilings.
Income ceilings for students who are financially dependent upon their parents, and for independent students with their own dependents other than a spouse:
| Family Size | Cal Grant A & C | Cal Grant B |
| Six or more | $84,600 |
$46,500 |
| Five | $78,400 | $43,000 |
| Four | $73,200 | $38,500 |
| Three | $67,400 | $34,600 |
| Two | $65,800 | $30,700 |
Income ceilings for independent, unmarried or married students with no other dependents:
| Marital Status of Independent Student with no Additional Dependents | Cal Grant A & C | Cal Grant B |
| Single | $26,800 |
$26,800 |
| Married | $30,700 | $30,700 |
The amount of family assets (including savings and investments) is determined from information submitted on the FAFSA form (home equity is not included in the FAFSA asset calculation).
Asset ceilings for the 2007-08 Cal Grant Program:
| Student Status | Cal Grant A, B, & C |
| Dependent student | $56,600 |
| Independent student with dependents other than a spouse | $56,600 |
| Independent single or married student with no dependents other than a spouse | $26,900 |
The Cal Grant A Tuition Award amounts for dependent students in 2007-2008 are: CSU- $2,772; UC- $6,636; Cal Grant B Tuition Award amounts for 2007-2008 are $1,551 for the first year, then $1,551 plus tuition and fees (same as Cal Grant A) for subsequent years. Independent students could receive up to $9,708. Cal Grant C (for vocational school) pay up to $2,592 a year in tuition and fees, and up to $576 for training-related costs:
Institution |
Cal Grant A |
Cal Grant B |
Cal Grant C |
UC |
$6,636 |
$1,551 |
- |
CSU |
$2,772 |
$1,551 |
- |
vocational school |
- |
- |
$2,592 |
In addition to both federal and state aid, colleges and universities often provide their own institutional aid and scholarships for incoming students. Refer to the financial aid information accompanying each application for specifics and deadlines. Many private schools will ask you to complete the College Scolarship Search (CSS) Profile. Registration forms for the Profile are available in the C&CC. Students must register and file the CSS Profile online.
Financial Aid websites
• General information about the financial aid process: finaid.org
• Free Application for Federal Student Aid (FAFSA): fafsa.ed.gov
• Federal Student Aid, an office of the U.S. Department of Education: studentaid.ed.gov
• California Student Aid Commission (Cal Grant): csac.ca.gov
• College Scolarship Search (CSS)/Financial Aid Profile: collegeboard.com
• College Board Expected Family Contribution (EFC) Calculator: apps.collegeboard.com
• FAFSA pre-application EFC estimator: FAFSA4caster
• National Association of College Admission Counseling’s Parent's Guide to Financial Aid: nacacnet.org
• FastWeb financial aid search: www.fastweb.com
• Financial aid award letters FAQ: californiacolleges.edu
• Hebrew Free Loan: www.hflasf.org
Non-profit community-based organization that provides interest-free loans to Jewish residents of Northern California to attend any college or university (in or out of state) for undergraduate or graduate study, as well as for vocational training. Undergraduate student loans range from $3500 to $6000 per year. For information by phone, call (415) 546-9902.