Financial Aid and Scholarships

A grant is a form of financial aid that doesn’t have to be repaid (unless, for example, you withdraw from school and owe a refund, or you receive a TEACH Grant and don’t complete your service obligation). A variety of federal and state grants are available, including:

Federal Grants

• Pell Grants
• Federal Supplemental Educational Opportunity Grants (FSEOG)
• Teacher Education Assistance for College and Higher Education (TEACH) Grants
• Iraq and Afghanistan Service Grants

CA State Grants

• Cal Grant
• Middle Class Scholarship
• Golden State Teacher Grant Program
• Chafee Grant for Foster Youth
• Educational Opportunity Program Grant
• California Dream Act Service Incentive Grant Program (DSIG) for Dream students
• California College Promise Grant (Community Colleges)
• California Military Department GI Bill Award Program

The Federal Work-Study Program allows you to earn money to pay for school by working part-time. You’ll earn at least the current federal minimum wage. However, you may earn more depending on the type of work you do and the skills required for the position. Your total work-study award depends on

• when you apply,
• your level of financial need, and
• your school’s funding level

Please reach out to your college’s financial aid office for more information regarding work-study.

A loan is money you borrow and must pay back with interest. If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. When you receive a student loan, you are borrowing money to attend a college or career school. You must repay the loan as well as interest that accrues. It is important to understand your repayment options so you can successfully repay your loan.

To determine how much financial aid a student needs to attend a school, use the formula: Cost of Attendance (COA) – Expected Family Contribution (EFC) = Financial Need.

• Cost of Attendance (COA)
  Cost varies by school. Each college estimates the COA by adding together the costs of tuition, fees, room and board, transportation, books, supplies, and other miscellaneous living expenses. Most colleges publish the COA on their website.
• Student Aid Index (SAI)
  The Student Aid Index (SAI) is an eligibility index number that a college’s or career school’s financial aid office uses to determine how much federal student aid the student would receive if the student attended the school. This number results from the information that the student provides in their FAFSA® form.
• Financial Need
  The difference between the COA at a school and your EFC. While COA varies from school to school, your EFC does not change based on the school you attend.

This tool from the Consumer Financial Protection Bureau (CFPB) can help you:

• Understand your financial aid offer
• Plan to cover the remaining costs
• Estimate how much you’ll owe and if you can afford that debt
• Compare offers from different schools
• Decide what to do next

In California, there are two financial aid applications: Free Application for Federal Student Aid (FAFSA) and California Dream Act Application (CADAA). Students only need to fill out ONE of these applications, depending on their status. All students should apply regardless of their income as most scholarships may require students to have a FAFSA or CADAA on file.

Both applications collect student and parent(s) financial information (income & current assets) to determine a student’s Student Aid Index (SAI). Colleges use the SAI, along with other factors, to determine a student’s financial aid package.

If a student is unsure of which application to complete, please reach out to the student’s assigned counselor or to Yia Le in the College Readiness department.