rEADING A Financial Aid Award Letter

Cost of Attendance:

Includes tuition & fees, transportation, housing, books. Cost of attendance listings sometimes estimate on the higher end of costs. Actual cost will vary on a case by case basis.

• Tuition and fees: Mandatory fixed cost to attend classes
• Transportation: Varies depending on where student attends school. If they go out of state/Northern California, flight costs returning home throughout the year are something to consider. The student may choose to buy a bike to get around campus. If they will be commuting, car, gas, or public transportation costs should be considered.
• Housing: Costs can vary depending on the occupancy, as well as the type of meal plan the student chooses.
• Books: Estimates are usually on the higher end. Students can cut costs by buying used books, renting books, or downloading PDFs.

Types of financial aid:

Grants

• Need based state/federal grants
  • Cal Grant
  • Pell Grant
  • California Community College Promise Grant
• Institutional grants
  • UC Blue & Gold Opportunity Plan: Grant to cover tuition and fees from UC schools offered to students with family incomes of less than $80,000. Students under this plan would have likely qualified for grants to cover tuition anyway, but the plan may supplement their financial aid.

Scholarships

• Private scholarships: Students need to submit separate applications. Look into local scholarships within the district or community.
• Institutional scholarships
  • UC/CSU Middle Class Scholarship: Covers up to 40% of tuition and fees for families with incomes less than $171,000
  • Various merit scholarships may be awarded based on things indicated by the student within their application (in the UC application scholarship section, for example)

Work study

Student can earn an hourly wage up to the designated amount. Only certain jobs on campus have work study available. The student will need to look for a job themselves, they won't be assigned a job.

Loans

• Federal Student Loans
  • Stafford
  • Perkins
  • PLUS: Parent Loans for Undergraduate Students
    • Loan taken out under the student’s parents
    • Maximum amount is cost of attendance minus any other aid already received
• Subsidized: This type of loan won’t accrue interest while enrolled in school. Government pays for interest as long as the student is enrolled at least half time and during the six month grace period after leaving school.
• Unsubsidized: Student is responsible for paying all interest accrued once their repayment period begins.

If a student chooses to take out loans, they will need to complete a Master Promissory Note. A parent or guardian will need to assist the student in completing a MPN. This will usually appear as a To-Do item on the financial aid section of their student portal.

Cost of Attendance - Financial Aid = Net Price

Students don’t have to accept the entire financial aid package offered. They can take out smaller loans or choose not to accept a Parent PLUS Loan.