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Services - Financial Aid Assistance |
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Overview: |
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Attending a college is very
rewarding, but can be so expensive. The cost is
usually shared by parents, students, government
aid programs, and sources of private aid funds.
Parents of dependent students provide income and
asset information on aid application forms; then
aid formulas determine how much they are
expected to pay for their child's education.
Students are also expected to contribute from
their income and assets. Parents' and student
contributions are added together to form the
Expected Family Contribution (EFC). |
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The following is a
description of the type of financial aid
available, who qualifies for it, and how to
apply. If you would like personal help
with this process, feel free to fill out the
assistance request form (bottom of the page). |
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Meeting the Need: |
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The college's total Cost of
Attendance is determined based on the school you
are planning to attend, your Expected Family
Contribution (EFC)
is determined by parents/student income and
asset. The difference between the two is known
as the family need. It varies depending on the
cost of each college. Even though your family
may be "eligible" for the amount of aid needed,
not all colleges are able to provide the full
amount. If full aid is not awarded, there is an
aid "gap" (unmet need). Parents of dependent
students may borrow through the
PLUS loan program to help pay EFC and to
cover any aid gap. |
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Self Help: |
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Aid packages may contain grants
and scholarships. They also contain student
loans and jobs! The portion of the package that
consists of the student's loans and work-study
job allotment is self-help. Every student is
entitled to borrow under the Stafford Loan
program, so a Stafford Loan will be part of
almost every aid package. |
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Need and Merit: |
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Federal aid and most private aid
are based on financial need. The college's Cost
of Attendance (COA) minus Expected Family
Contribution equals "Need" (eligibility) for
aid. Need-based financial assistance is
sometimes available to families with relatively
high incomes, depending on such variables as
Cost of Attendance, asset values, and number of
children in college. Aid that is not
based on financial need is known as "merit" aid.
It is used to attract students that college
admissions officers hope to enroll. It may be
based on academic ability, musical talent, home
state or other special qualities of the student.
Athletic scholarships are an example of merit
aid. For students who aren't eligible for aid,
merit awards are a bonus. When students are
eligible for aid, merit awards will be included
in the aid packages. |
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Sources of Financial Aid: |
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Loans must be repaid.
Scholarships and grants are FREE money. Military
aid requires the student to commit to service
time. Work-study awards enable a student to earn
money for books and living expenses. |
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Request Form: |
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Financial Aid
Assistance Request Form |
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Relevant Documents: |
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Financing a UC Education |
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Financial Aid Workshop Presentation |
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Financial Aid Info - Cal Grants |
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Financial Aid Info - Federal |
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Financial Aid Info - Grants |
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Financial Aid Info - Loans |
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Financial Aid Info - Scholarships |
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Financial Aid Presentation - 2006 |
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