Financial Aid/Scholarships

College is expensive, and costs are rising each year. But financial aid makes paying for college easier. Financial aid comes in two basic forms: gift aid, such as grants and scholarships that do not have to be repaid, and self-help, such as loans (which must be repaid with interest) and work-study (part-time jobs on campus). Do not eliminate a college because you think it costs too much. There are many types of aid available if you and your family qualify.

Here are some general principles about financial aid:

  • Financial aid assists families in paying for college.
  • The primary obligation of paying for college costs rests with the family.
  • Generally, financial aid depends on your financial need.
  • Families with similar circumstances are expected to contribute similar amounts.
  • Financial aid distributes limited resources in an equitable manner.

Need-Based Aid

Financial aid is based on the amount a family is expected to pay for college, called the Expected Family Contribution (EFC). This amount is based on the family's income and assets, the number of children in college, and family size. Basically, if you take the costs of going to college, called the Costs of Attendance (COA), which includes tuition, fees, room and board, travel expenses, books, supplies, and personal expenses, and subtract from this amount your Expected Family Contribution, you will end up with your Financial Aid Eligibility. You can calculate an estimate of your EFC at www.FAFSA4caster.com.

Cost of attendance (COA)
minus Expected Family Contribution (EFC)
= Financial Aid Eligibility

Not all colleges will meet your family's financial aid eligibility, but many will. It is not uncommon for students to pay less for a private school than they would have to pay at a public school with in-state tuition because private colleges often have more money available for financial aid.

It is important that you check with each school to which you are applying to determine its financial aid deadlines and requirements. The deadline for California public schools is March 2nd, but the deadlines for private schools could be earlier.

FAFSA

To apply for need-based aid, you must fill out the Free Application for Federal Student Aid (FAFSA). This is a free form required to determine your eligibility for financial aid, including grants, scholarships, loans, and work-study. You can fill out this form online at www.fafsa.ed.gov. Beware of other similar sites that are for-profit and where you will be charged a fee. A paper version is also available, but we recommend you fill out the online version. It is important to fill out this form as soon as possible after January 1st but in no case later than the earliest financial aid deadline for the colleges to which you are applying. We recommend that families submit the FAFSA because they may be entitled to financial aid and not realize it.

To complete a FAFSA, you must also get a PIN, or personal identification number, which is a code used by the US Department of Education to identify you online. A PIN can be obtained at www.pin.ed.gov. Both parents and students should request a PIN as soon as possible. With a PIN, you can sign your online FAFSA electronically, check the status of your FAFSA, make corrections to your FAFSA, and complete online yearly renewals of your FAFSA.

After obtaining your PIN, you need to assemble all your documentation. In order to complete the FAFSA you will need:

  • The student's driver's license and social security number
  • The student's income tax returns, W-2 forms, and 1099 forms for the prior year
  • The parents' income tax returns, W-2 forms, and 1099 forms for the prior year
  • Current bank statements and mortgage information
  • Records relating to stocks, bonds, mutual funds, and other investments
  • Documentation of non-taxable income, such as Social Security income, AFDC, and Veterans Benefits
  • Business and farm records
  • Records relating to any unusual family circumstances, such as medical and dental expenses not covered by health insurance, tuition expenses at elementary or secondary schools, unusually high child care costs, death, divorce, and loss of employment.

You will need to renew your FAFSA each year. There is no automatic renewal.

After you submit your FAFSA you will receive a Student Aid Report (SAR), which summarizes the information you submitted on the FAFSA and presents your Expected Family Contribution. The colleges you designate will also receive this information.

Here are some quick links to FAFSA websites:

CSS/Financial Aid PROFILE

  • The CSS/Financial Aid PROFILE is the financial aid application service of the College Board and is required by many private colleges.
  • The CSS/Financial Aid PROFILE can only be filled out online at www.collegeboard.com/profile. It is used by many member colleges for non-federal student aid. Register as soon as you're sure about where you'll be applying.
  • For help completing the CCC/Financial Aid PROFILE, you can call 800-915-9990 or ask questions online at help@cssprofile.org.

School-Specific Forms

Some colleges require additional forms. It is very important to check with each school to determine its requirements and deadlines.

State Aid

The California Student Aid Commission administers all Cal Grants and is a great source for information about financial aid in California. Cal Grants do not need to be paid back. A Cal Grant recipient must:

  • Be a resident of California
  • Be a U.S. citizen or eligible non-citizen
  • Have a social security number
  • Have financial need based on your college costs
  • Attend an eligible California school (see list at www.csac.ca.gov)
  • Have at least a ½ time enrollment in postsecondary education
  • Maintain satisfactory academic progress as defined by the college or university
  • Meet U.S. Selective Service requirements (most males)
  • Not exceed the program income and asset ceilings
  • Be a high school grad or have obtained a GED
  • Meet the minimum GPA requirements.

Recipients may not be in default on a student loan or owe a grant repayment, or have already obtained a bachelor's degree or higher.

The state provides three major types of Cal Grants: A, B, and C. Cal Grant A can be used for tuition and fees at public and private colleges and some private career colleges. You need to be working toward a 4-year or 2- year degree. There are two types of Cal Grant A awards. For the first, the Entitlement Award, a student must have a minimum 3.0 GPA and meet financial and academic requirements. The entitlement Grant covers full system-wide fees at a CSU ($3,354) or UC ($7,788). If you are attending a private college, you are eligible for $9,708 towards tuition and fees. In the second, the Competitive Award, the student must have at least a 3.0 GPA and meet income, parent education level, GPA, time out of high school, and other requirements. The Competitive Award is for those students who aren't eligible for the Entitlement Award, and it is not guaranteed. Cal Grant A also encompasses a Community College Reserve Grant. If a student has attended a community college first, the award is reserved for up to 3 years until the student transfers to a 4-year school. Finally, for the California Community College Transfer Entitlement Cal Grant, a student must attend a community college, have at least a 2.4 community college GPA, meet administration requirements for a 4-year school, meet Cal Grant eligibility and financial requirements, and be under the age of 24.

Cal Grant B Entitlement Award gives low-income students a living allowance and assistance with tuition and fees. A student must have a minimum GPA of 2.0. Most first year students get up to $1,551 for books and living expenses. After that, it helps pay for tuition and fees in the same amount as in Cal Grant A. Coursework must be at least one academic year. Cal Grant B also has a Competition Award. The student must have a minimum GPA of 2.0 and be from a disadvantaged or lower income family. It can be used for tuition, fees, and (first year only) for access costs at qualifying schools. Your program must be at least one year long. Again, this award is not guaranteed. Cal Grant B also has a Community College Entitlement Award.

Cal Grant C assists with tuition and training costs at an occupational or vocational program. This includes an amount of $576 for books, tools, and equipment. You may also receive an additional $2,592 for tuition at a school other than a California community college. Funding is for up to 2 years, and the program must be at least 4 months long.

Merit Aid (Scholarships and Grants)

Many schools offer merit aid, usually scholarships or grants. Merit aid can be based upon the student's academic achievement, or special talents, extracurricular involvement, leadership, volunteer work, or artistic ability. Students can also enter essay contests and science and math competitions to earn scholarship money. There is no limit to the amount of money for which you can qualify. Hundreds of thousands of scholarships are awarded each year. Awards are granted to students who:

  • Fit the initial criteria required for the scholarship
  • Apply for the scholarship
  • Win the scholarship when compared with other applicants

Some scholarship programs specify how funds can be used. Others are open-ended. Scholarship funds may be paid directly to the college. Amounts range from a few dollars to a full scholarship. Once you are admitted to a college, you can work with individual financial aid officers at your school.

Merit aid can come from a variety of sources: federal and state governments, individual colleges and universities (institutional scholarships), community organizations, private organizations, service organizations, and employers, to name a few. The criteria and application process vary with the type of aid. Scholarships are offered by both private and public colleges. Scholarships are used by colleges to craft and build the entering class. Each college may be looking for a particular type of student to receive the award, whether need-based, merit-based, or both. Institutional scholarships often include consideration of test scores and GPA.

Organize your scholarship search. Utilize several scholarship search engines (listed below) and create a file folder for each scholarship and a checklist for dates and deadlines. Keep a copy of all submissions. Start searching for scholarships early, not later than the start of your senior year. Continue adding scholarships to your list as you discover them. Don't ignore small awards - they can add up.

The CCC gets information about some scholarships, and you are welcome to come in and look these up. But you also need to get information yourself. You should ask about scholarships at all of the schools to which you apply. We also recommend you complete a scholarship notebook the second semester of your senior year to apply for scholarships.

QuestBridge. QuestBridge offers a unique program that links bright, motivated, low income students with scholarship opportunities at over 20 of the country's best colleges, including Yale, Stanford, Columbia, Princeton, and MIT. QuestBridge offers full, four-year scholarships. Students complete one application and use it for up to 8 member schools. Go to www.QuestBridge.org for more information.

There are several good scholarship search engines that you should use to identify scholarship opportunities:

To look for scholarships for minority students, go to:

Additional sources of information include:

  • Books
    • The Scholarship Book, 12th Edition (National Scholarship Research Service)
    • The College Board Scholarship Handbook 2008
    • Kaplan Scholarships 2008
    • Scholarships, Grants, and Prizes 2008 (Petersons)
  • College financial aid administrators
  • Local library
  • Community leaders
  • Friends and neighbors

Beware of scholarship scams!

Students looking for scholarships and other sources of financial aid are frequently the target of scam artists. Here are some warning signs:

  • If you must pay money to get money, it's probably a scam.
  • If it sounds too good to be true, it probably is.
  • Nobody can guarantee that you'll win a scholarship.
  • Legitimate scholarship foundations do not charge application fees.
  • Never send in money up front or pay a redemption or disbursement fee.
  • Never disclose bank account, credit card, or social security numbers.
  • Don't trust an organization just because it has an official-sounding name.
  • Beware of unsolicited scholarships.
  • Red flags:
    "guaranteed winnings"
    "everyone is eligible"
    "millions of dollars go unclaimed"
    "you've won"
    "you're a finalist"
    "first come, firt served"

Financial Aid Resources