Some colleges do not offer merit aid only need-based aid!• Princeton:

“All financial aid awards are based solely on need”

• Harvard:“Aid is based entirely on need, not merit.”

• Brown:“All financial aid awarded by Brown is need-based”

Don’t Believe the Sticker Price

88% of students at private colleges receive an

institutional price break!

Private Scholarship: • Awarded by an organization, business, foundation, or

company.• Requires an application which may include an essay,

letters of recommendation, copy of transcript, test scores, and/or FAFSA Student Aid Report.

• Can usually be used at any college.• Often is a “one-time” award which is not renewable.• Look for the policy on “outside scholarships” on the

college’s website.• May affect the college’s financial aid award.

Private Scholarships

Cost of attendance

• Application Fees - $0-$100 per collegeUC - $70 per campusCal State - $55 per campus

• Sending official test scores SAT - $11.25 per test per college (fee waivers available)ACT - $13.00 per test per college

• Sending official transcript from your high schoolMay be a charge. Check with your registrar for procedure.

• FAFSA – free and all colleges require• CSS PROFILE - $25 for first college, $16 for each college

thereafter. (fee waiver for low-income student)

Cost of Applying to College

Need-based Financial Aid

What would a financial aid package look like?

Gift Aid/Free MoneyThis money does not need to be paid back.

1. Institutional Merit Scholarship: �free� money given by the college for academics, talent, athletics.

2. University Grant: �free� money given for need, special talent or merit.

3. Pell Grant: Federal financial aid. Up to $6,095 per year at any college for exceptional need.

4. Supplemental Educational Opportunity Grant (FSEOG): Federal aid for exceptional need, up to $4,000 per year

5. *Cal Grant: State financial aid for exceptional need at a California college. Cal Grant A or B up to $5,742/yr at CSU or $12,630/yr at UC. Up to $9,084/yr private school.*There is a MINIMUM GPA requirement to receive this grant.

Self-Help/Loans and Work Student

This money DOES need to be paid back.

1. Subsidized Federal Direct Loan: Student loan that does not accrue interest while in school. Maximum $3,500 (1st yr), $4,500 (2ndyr), $5,500 (3rd & 4th yrs) at a rate of 5.05%.

2. Unsubsidized Federal Direct Loan: Student loan that accrues interest while student in school. Maximum $2,000 per year at a rate of 5.05%.

3. Federal Work Study: Campus job where a student receives a paycheck. While this does not need to be repaid, it does require the student to work for the money.

Parent PLUS Loans: Federal loans that students and parents can use to help pay for school. Interest rate of 7.6%.

Private Student LoansThis money DOES need to be paid back.

Maximum amount of Federal Student Loans is $27,000 ($5,500, $6,500, $7,500, $7,500)

Private Student Loans: The borrower may borrow up to the full cost of the college.

Almost ALL private loans require an adult co-signer. That adult must qualify with decent credit.

Private loans:• Variable interest rates that start from 4.12% APR to 10.98% APR• Fixed interest rates that range from 5.74% APR to 11.85% APR

Cal Grant Income Ceilings 2018-2019

Based on total family income including total taxable & non-taxable income reported on the FAFSA.

Student must also have at least a 3.0 academic GPA.

Cal Grant – State AidYou must:• Be a California resident when you graduate from high school.• Be a US citizen.• Attend a qualifying California college.• Submit the FAFSA or California Dream Act Application no later than

March 2nd• Have financial need based on the FAFSA.• Have at least a 3.0 academic GPA.• Have your Cal Grant verified GPA sent by your school counseling

office, in most cases.• Opt in at your high school, if that is an option.CAR – California Aid Report received by mail if you are offered a Cal Grant.

UC ScholarshipsBlue and Gold Opportunity Plan• Covers system-wide tuition and fees (in 2018-2019

cost of $12,630/yr on average). • Eligibility:

– CA resident, apply for financial aid by March 2nd.

– Family income of less than $80,000 demonstrate financial need (FAFSA/DREAM APP)

• Significant financial need may qualify for additionalgrant support, beyond the BLUE AND GOLD

Regents Scholarships• $2,000-$10,000 per year. Very few awarded.

UC & CSU MC ScholarshipsMiddle Class Scholarship:• Total family income $80,000-$171,000

• Household assets of $171,000 or less.

• Not receiving the Blue & Gold Award or Cal Grant.

• Apply for Financial Aid by March 2nd.

Maximum amount that could be awarded in 2018-19 – $5,052 for UC campus, average was $1,210– $2,297 for CSU campus, average was $328

Dependent on available money and number students qualifying at each campus.

Subject to state funding each year.

Need-based Funding at California Public Universities

Comparing College Costs Spreadsheet 2018 – EFC $2,010

4 yr. UC Graduation RatesSystemwide 4 year Graduation Rates – 63.9%University of California, Berkeley 75.8%University of California, Davis 63.0%University of California, Irvine 69.6%University of California, Los Angeles 78.2%University of California, Merced 45.2%University of California, Riverside 56.9%University of California, San Diego 65.1%University of California, Santa Barbara 68.4%University of California, Santa Cruz 53.0%

Nationwide 4 year Graduation Rates• Public colleges and universities: 35%• Nonprofit private colleges and universities: 53%

4 yr. Cal State Graduation Rates• California Maritime Academy 51%• California Polytechnic State University, San Luis Obispo50%• California Polytechnic State University, Pomona 23%• California State University, Bakersfield 16%• California State University, Channel Islands 22%• California State University, Chico 30%• California State University, Dominguez Hills 8%• California State University, East Bay 13%• California State University, Fresno 16%• California State University, Fullerton 23%• California State University, Long Beach 26%• California State University, Los Angeles 8%• California State University, Monterey Bay 30%• California State University, Northridge 15%• California State University, Sacramento 12%• California State University, San Bernardino 14%• California State University, San Marcos 15%• California State University, Stanislaus 19%• Humboldt State University 17%• San Diego State University 39%• San Francisco State University 22%• San Jose State University 15%• Sonoma State University 33%

Systemwide 4 year graduation rate – 23%

What happens if you don’t graduate on time?

On Average:• One additional year of a public university =

$22,826.• Estimated lost income for one year = $45,327• Additional loans and fees = $7,500+• Approximate cost for one additional year of

college = $75,653

Complete College America Report

How funding works out of state

Out of State PUBLIC schools will not fund your need.They must serve the needs of their

in-state students.

They will provide MERIT ONLY and rarely offer need-based aid to

non-residents.

Need-based Funding at Out-of-State Public Universities

Louisiana State University Financial Aid Award for 2018 Solutions ScholarTotal Cost of Attendance = $50,709 Family EFC $6,767

Financial Aid Award includes $5,500 student loan + $45,133 parent loan =$50,633 in LOANS

Western Undergraduate Exchange (WUE)

14 States: varying schoolsReduced tuition: resident tuition + 50% at participating 2 & 4 year institutions.

Criteria is different for each school:Some schools WUE is competitive.

First come first served! $$$ limited

Guaranteed for 4 years: must maintain required GPA

http://www.wiche.edu/wue

Getting In-State Tuition at Out of State Colleges

In-State Tuition and State Residency Requirementshttp://www.finaid.org/otheraid/stateresidency.phtml

https://www.benefits.va.gov/gibill/yellow_ribbon.asp

Military BenefitsIf you are active duty, reserve, retired or disabled military you may qualify for college benefits. Typically those benefits are good for California State schools. Some private and out of state public schools may offer reciprocity.

How to Determine a College�s Generosity

1. Go on College Data (collegedata.com). Look up the school by name and click on the �money matters� tab.

2. If you qualify for Need-based Aid, search for schools that fund 85-100% on average of a student�s need.

3. If you are looking for Merit Aid, search for percent of merit aid given by school. Suggest 20%.

4. Be aware that figures from public schools include generous funding for their in-state students, so those numbers cannot be trusted for out-of-state public schools.

Collegedata.comCollege Match

Collegedata.com

Collegedata “Money Matters”Claremont McKenna College: