How Financial Aid Works at UC
College is expensive, but fortunately, several ways exist to make it more affordable. One of the best is through financial aid, which can help you pay for school and cover other expenses like books and living expenses. However, the more money you need from your family or yourself, the more work it takes to figure out how to get that money. That’s where we come in! We will walk you through everything you need about financial aid at UC: how it works, how I apply for it, and what happens next.
What is financial aid?
Financial aid is money you don’t have to pay back. It can come in a few different forms:
- Loans – You must repay these loans after graduation, usually with interest.
- Scholarships – Scholarships (or grants) are based on merit or need, not financial status; they don’t require repayment.
- Work-Study – This program allows eligible students to earn money while attending college by working part-time jobs on campus throughout the year, which helps offset the cost of tuition and other expenses like housing and food.
How do I apply for financial aid?
To apply for financial aid, complete the FAFSA (Free Application for Federal Student Aid) by March 1. You can do this online at fafsa.ed.gov or through the state’s application system, which is often easier than filing a federal one.
Once you’ve completed your FAFSA, it will be reviewed by UC and matched up with information from other sources–your state department of education, for example–to determine how much money your family can expect from various aid programs like grants or scholarships. The university receives an award letter showing how much money will be available based on these calculations in mid-March; these funds are distributed throughout the summer months until school starts up again in the fall semester.
How is financial aid awarded?
The amount of financial aid you receive is based on your family’s financial needs, calculated by subtracting the expected contribution from the cost of attendance. The expected contribution is determined by subtracting any merit-based scholarships from your annual income and dividing that number by 2 (for an independent student). For example, if your family earns $100,000 per year and there are no other sources of income (savings or investments), then their expected contribution would be $50,000. To calculate your actual cost for attending UC Berkeley for one year:
- Cost = 1/2 ($100k – $0) = 1/2 x 100k = 50k per year
Because there are four semesters during each academic year at UCB–fall semester (September through December), winter semester (January through April), spring semester (May through August) and summer session–you have eight months out of every twelve where tuition isn’t being paid. This means we must divide our total expenses over 12 months instead of 10, resulting in an average monthly payment amount of just under $5K!
How can I tell if I am eligible for financial aid?
The first step in determining eligibility for financial aid is to check the FAFSA website. You’ll need to submit your family’s tax information, so ensure you have all of it handy before starting the process.
To learn more about your college’s requirements, check their financial aid website or call their office directly. Your high school guidance counsellor can also provide helpful information about available aid options and how much each program will cost you (including interest rates). Finally, remember that asking parents for help isn’t just an option–it’s something they want!
Am I eligible for federal financial aid if my parents are undocumented immigrants?
If your parents are undocumented immigrants, you are not eligible for federal financial aid. However, suppose you are a citizen or permanent resident. In that case, you can receive federal student loans and grants.
Suppose your parents have Temporary Protected Status (TPS) or Deferred Action for Childhood Arrivals (DACA). In that case, they may still be able to apply for state financial aid programs that do not require FAFSA completion. The California Dream Act is one example of this type of program–it provides Cal Grants to qualifying students regardless of their citizenship status.
Can my parents’ income affect my eligibility for financial aid?
- Yes, your parent’s income can affect your eligibility for financial aid.
If you are a dependent student and your parents are undocumented immigrants, they may still be eligible for federal loans. If they have an income under $100,000, they could receive a Direct Unsubsidized Loan and any other federal grants or scholarships they might qualify for. The amount of money available through these loans depends on what degree program you’re in (and whether it’s undergraduate or graduate).
- No! In most cases, there is no need to worry about this because almost all UC campuses offer financial aid packages based on need rather than merit alone–no matter where your family comes from or what kind of job they have now.*
There are many ways to get college money, so don’t be afraid to ask questions!
If you’re interested in college, knowing there are many ways to get money for school is essential.
- Financial aid is available if you have a high school diploma or GED!
- Suppose you’re already enrolled in college and want to continue your education. In that case, some resources can help cover tuition and living expenses.
