Financial Aid Office

5 Facts About University of California Affordability

While it’s no secret that student loan debt is on the rise across the nation, a University of California degree remains one of the best investments you can make in your future. With that in mind, the Office of Financial Aid and Scholarships would like to share the following Five Facts about University of California Affordability:

1. Over 50% of all CA resident undergraduates receive grants and scholarships (“gift aid”) that cover 100% of their systemwide tuition and fees.

2. UC continues to enroll a much higher percentage of low-income Pell Grant recipients than comparable universities. Last year, 39% of UC students received Pell Grants. In contrast, the estimated percentage at other AAU public institutions was less than 25%, and less than 20% at AAU private institutions.

3. Nearly half of UC’s 2010-11 graduating class had no student loan debt. The 51% who did borrow had average debt of about $17,700, well below the national average of about $25,000.

4. UC students’ average debt can be repaid with monthly payments of about $200 – less than 6% of their estimated average starting salary – based on a standard 10-year payment plan. Income-based payment plans are available for students with unusually high debt or low income.

5. After taking grants and scholarships into account, the average net tuition paid by all UC students was about $4,400 in 2010-11 – lower than at many comparable public research universities.

Stafford Loan Interest Rate Increase

Without legislative action, the interest rates for Stafford loans are planned to double from 3.4% to 6.8% on July 1, 2012. UC President Mark Yudof, along with the rest of the UC system, urges the United States government to maintain the current interest rate.

Read a letter from President Yudof to United States House of Representatives Minority Leader, Nancy Pelosi.

Cal Grant and Pell Grant Recipients: IMPORTANT Enrollment Requirements

Are you an undergraduate student that currently receives the Cal Grant and/or Pell Grant for the 2011-12 school year?

In order to remain eligible to receive your full Cal Grant and/or Pell Grant award, you must be enrolled in a minimum of 12 units at census date every quarter. Census date occurs one day after the last day to add classes on GOLD. For spring 2012, census date is April 23rd. If you are enrolled in less than 12 units on the census date, your Cal Grant and/or Pell Grant will be reduced or prorated accordingly after the census date has passed, which may result in a charge on your BARC account.

Cal Grant

Full-time award (12 units): $4064 per quarter (nothing billed back)
3/4-time award (9-11 units): $3048 per quarter ($1016 reduction)
1/2-time award (6-8 units): $2032 per quarter ($2032 reduction)

Pell Grant

Full-time (12 units): Nothing billed back
3/4-time (9-11 units): Reduction depends on award amount
1/2-time (6-8 units): Reduction depends on award amount

Our office will only check your enrollment at the census date of every quarter, so a student may make changes to their enrollment during the first 3 weeks without penalty (add or drop classes, crash classes, etc.). If you are adding classes with approval codes or with special professor approval, be sure these are completed by the census date to maintain your grant eligibility.

Students must also meet published campus academic standards. Additional information regarding those standards can be found in the 2011-2012 General Catalog.

Tipos de Ayuda Económica y Solicitud FAFSA

Para determinar requisitos a programas disponibles, a nível Federal, llenar y presentar la Solicitud Gratuita de Ayuda Federal para Estudiantes (FAFSAsm), favor de ir a la siguinete página de internet:
http://studentaid.ed.gov/PORTALSWebApp/students/spanish/funding_new.jsp#01

También recuerde que el código de la Universidad de California en Santa Barbara (UCSB) es 001320; este código es necesario para que su solicitud, después de ser procesada por el Departamento de Educación de los Estados Unidos de América, sea enviada a UCSB. Para recibir becas universitarias y estatales, en California, debe de presentar la FAFSA antes del 2 de marzo cade año. Por ejemplo, para recibir ayuda en septiembre 2012, debe de presentar la solicitud entre el 1° de enero y el 2 de marzo del 2012:

Para información de becas disponibles, a nível estatal en California, por favor de ir a la siguiente página de internet: http://www.csac.ca.gov/pubs/forms/grnt_frm/i3_spCAworkbook.pdf.

3 Minute Verification! IRS Data Retrieval on the FAFSA

Can I really verify my FAFSA information in 3 minutes?

Yes, you can.

If you are selected for the verification process and use the IRS Data Retrieval tool, our office will waive the requirement to submit tax transcripts. Other documentation must still be submitted, but you will no longer need to send your sensitive tax information through the mail.

Avoid the lines!

Submit your sensitive data in the most secure way possible!

View the brief tutorial below for information on how to use IRS Data Retrieval to submit FAFSA corrections.

• IRS Data Retrieval Option for 2012-2013 FAFSA An explanation of the new IRS Data Retrieval Option on the 2012-2013 FAFSA

Moving Off-Campus? Read our FAQ

• Will I still receive money for rent and food if I move off-campus?
  
  Yes! The total financial aid you receive will be equal to your cost of attendance. Remember that financial aid includes all of your grants, loans, and work-study, so it is likely that you will need to borrow some of your loans if you need financial aid to meet all of your expenses. Your financial aid will credit to your BARC account like normal, but since your rent and food expenses from living on-campus are not charged to BARC, you can expect to receive a larger refund with which to pay your rent and buy food.
• When will I receive the money?
  
  BARC will begin issuing refund checks no sooner than 10
  days before the start of the quarter for which the aid is intended. For example, refunds for fall 2012 will begin going out no sooner than September 13, 2012. Remember to set up eRefund with the BARC office to expedite the delivery of your refund!
• My rent is due earlier than that. Can I get my refund early?
  
  Federal student aid is intended to cover only your period of enrollment. There are strict rules regarding when we are allowed to disburse funds to you, and unfortunately, there are no exceptions for the 10-day rule mentioned above.
• What if my grants are less than my tuition?
  If your total grants are less than the charges on your BARC account, it is your responsibility to make sure that you pay the remaining balance prior to the published fee payment deadline. Loans are available both to help you pay for any remaining balance, and for living expenses. After you request your loan and complete all entrance requirements, it will usually take 1-2 weeks for your loans to credit to your BARC account. Please see Loans for more information.
• What if my expenses are higher than your estimates?
  As every student will have slightly different costs, we use standard amounts when calculating a student’s cost of attendance. These costs are determined by a survey conducted by the UC Office of the President, and are adjusted annually for inflation. If you find that you need additional funding to meet the expenses included in your cost of attendance, we encourage you to complete a Student Request for Budget Increase (SRFBI) to increase your potential loan eligibility. The SRFBI forms will typically be available near the beginning of fall quarter for the current academic year, and may be found in Forms.

Renewing Your Aid

• Renewing Your Aid This brief tutorial describes the steps necessary to reapply for Financial Aid in the 2012-2013 academic year.

California Dream Application (AB 131)

• California Dream Application This tutorial is a guide to the California Dream Application

The California Dream Application is now available at www.caldreamact.org. Students made eligible for financial aid based on the recent AB131 legislation must complete this application in order to be considered for financial aid.

Read our FAQ below or visit www.ucop.edu/sas/sfs for more information.

• What will AB 131 do?
  
  AB 131 will allow all students who qualify for AB 540 nonresident tuition exemptions, including those who are undocumented, to apply for Cal Grant awards and for grants and scholarships awarded by California public colleges and universities. This new law will take effect on January 1, 2013 with respect to UC institutional aid and Fall term of the 2013-14 school year with respect to Cal Grants.
• How is it different from AB 130?
  
  AB 130 allows these students to apply only for grants and scholarships funded from private sources, such as gifts to UC and UC endowments. AB 131 will have a more meaningful impact on these students because it makes them eligible for Cal Grants and for UC grants and scholarships from other fund sources, too. AB 130 takes effect on January 1, 2012, while AB 131 takes effect on January 1, 2013.
• Why did UC support AB 131?
  
  UC believes that students who attended and graduated from high school in California, but are not legal residents, should have access to higher education. These students are highly motivated to succeed despite the obstacles they face. Through their hard work and perseverance, they have met the academic standards required to attend UC. Their accomplishments should not be disregarded or their future jeopardized because of their immigration status. By allowing AB 540 students to apply for and receive financial aid from the State and UC, these bills help place these students on a more equal footing with other needy students and would enhance their access to college.
• How many students will benefit under AB 131?
  
  UC estimates that about 800 undergraduates who will qualify Cal Grant entitlement awards worth about $7 million. Among these students who are newly-eligible for Cal Grants, UC estimates that about 300 are undocumented and 500 are documented. UC estimates that about 440 undocumented undergraduates will qualify for roughly $4.3 million in UC grants and scholarships. These are rough estimates only, however, because UC does not currently collect information about the income or other financial resources of undocumented students.
• Will expanding aid to undocumented students result in less aid for documented students?
  
  Cal Grants received by undocumented students will not reduce the number or amount of Cal Grant awards available for other students. For UC grants and scholarships, the impact on other students will be negligible because undocumented students represent a tiny fraction of the student body. (UC estimates that fewer than one-half of one percent of its students are undocumented.)
• Where will funding for UC awards come from?
  
  UC’s financial aid programs are primarily funded from tuition revenue. UC sets aside about 30 percent of undergraduate tuition revenue for financial aid. Undocumented students pay into this pool but have been prevented from receiving any assistance from it. Under AB 131, eligible undocumented students with financial need can apply for aid.
• How will undocumented students apply for Cal Grants and UC financial aid?
  
  Eligible students will apply for financial aid using the California Dream Application, administered by the California Student Aid Commission. The application will be available at www.caldreamact.org in April 2012. Documented students, who are eligible for financial aid based on AB 131 qualifications, must file the FAFSA at www.fafsa.gov.
• Does AB 131 affect all undocumented students?
  
  No. AB 131 affects only students who are exempt from paying nonresident tuition under AB 540. To qualify, students must have attended a California high school for at least three years and graduated from a California high school. In addition, undocumented students must attest that they have filed an application to legalize their immigration status, or will file an application as soon as they are eligible to do so.

Event - Tips for Financial Success

Wednesday, October 19, 2011
6pm-8pm
Corwin Pavilion, UCSB

Free Pizza.

Want to avoid living with your parents for the next 30 years?

Spending all your money on cheeseburgers, video games, or another pair of jeans might sound like a good idea today, but tomorrow? Not so much! Start on the path to a financially successful life! Attend "Tips for Financial Success" and learn how to manage your money, pay for college and build wealth. You will receive top-notch information from a panel of career professionals working in various fields of the Finance Industry, including a Financial Aid representative. You will also be given the chance to ask questions during a Q&A session. For information and to view the bios of the panelists, please see below. Students must RSVP to attend.

To RSVP please visit Tips for Financial Success 2011 to Register.

Sponsored by the UCSB Alumni Association and the Office of Financial Aid and Scholarships.

Become a Peer Advisor

Join our team! Become an Office of Financial Aid and Scholarships Peer Advisor.

Download the Peer Advisor Application (PDF)

Work-Study Referral Availability

The 2011-2012 Federal Work-Study Referral is now available online for printing from Tab 4 of My Aid Status.

Should you encounter technical issues please submit a "Website/Technical" question through the Contact Form. A Work-Study coordinator will respond shortly thereafter.

For those requiring immediate assistance with their Federal Work-Study Referral, you can visit our office to have a Referral issued in-person.

Parent PLUS Loan Instructional Video

PLUS Loans are unsubsidized loans for the parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Your PLUS Loan eligibility is listed on your student's Financial Aid Award Letter. Parents and graduate students can apply for a Federal Direct PLUS Loan at studentloans.gov.

Budget Control Act: Impact on Graduate Students

Congress recently passed the Budget Control Act which eliminates the in-school interest subsidy for graduate and professional students beginning July 1, 2012. This new law will not impact subsidized loans for the 2011-2012 academic year, but will go into effect Fall 2012. The legislative language clarifies that students in programs leading to teacher certification where the credential is awarded by the state instead of the institution will continue to receive the subsidy providing they qualify based on need. For more information on the Direct Loan program, please visit the Direct Loan website.

Request for Review Update

Has a parent recently lost a job or seen a reduction in employment? Are you a transfer student who had to quit a job back home before coming to UCSB? Did your family have a large amount of medical expenses in 2010 that were not covered by insurance? The Request for Review (RFR) process addresses changes in a family’s financial situation where the 2010 tax information used on the FAFSA does not represent a family’s current circumstances. The UCSB Office of Financial Aid and Scholarships may be able to make adjustments to certain data elements on a student’s FAFSA, so long as proper documentation can be provided. The RFR form can be found in Forms and lists the changes in circumstances our office will consider, along with what is required to complete the request. The deadline to submit a 2011-12 RFR is February 24, 2012.

We are currently reviewing RFRs that have already been submitted. We understand the importance of the decisions on these RFRs and ask you for your patience. The student and/or parent will receive an email from our office when a RFR is completed and the student’s Financial Aid Award will be adjusted within a week of the decision, if applicable.

Fee Increase Notice

How Will the July 14, 2011 Fee Increase Impact Me and My Financial Aid?

On July 14, 2011 the University of California Board of Regents approved a 9.6% fee increase ($1,068) for the 2011-2012 academic year. The Office of Financial Aid and Scholarships understands the impact fee increases have on UCSB students. We want all families we serve to know that we will be working to ensure they have additional resources added to their financial aid awards to account for this $1,068 increase.

In the coming weeks we will be increasing student cost of attendance budgets and adjusting financial aid awards. Students do not need to initiate these revisions to their financial aid awards. Through a combination of larger Cal Grant and UC grant awards, financially needy undergraduates with family income up to $120,000, who meet grant eligibility requirements, will receive additional grant support to offset 2011-12 systemwide tuition and fee increases, including the $1,068 approved on July 14. Students who have already been notified about their financial aid awards for 2011-12 will receive revised award letters with the increased tuition amounts along with any adjustments to their financial aid well before the fall fee payment deadline of September 15. Additionally, some students may be offered additional loan eligibility. Student and parent borrowers who have already accepted their loans and want to accept the additional eligibility must reapply by logging into My Aid Status.

The Office of Financial Aid and Scholarships is committed to ensuring UCSB is affordable for all students. Our staff will be working diligently to adjust awards as quickly as possible. As always, we recommend that students check their U-Mail accounts as well as our website for important updates and reminders. For more information regarding the fee increase, please read this UC Newsroom article. We appreciate your patience and understanding.

Warmest Regards,

Michael M. Miller
Director, Office of Financial Aid and Scholarships

We Welcome Your Feedback

Do you have a commendation or concern? E-mail FinAidDirector@sa.ucsb.edu

Online Presentation: Financial Aid 101

The UCSB Office of Financial Aid and Scholarships would like to invite you to join us for an interactive online presentation covering Financial Aid basics. These sessions are intended for new students and their families.

Please join us in a Connect Pro Meeting on one of the following dates:

• July 13, at 6pm - Live Recording
• July 27, at 6pm - Live Recording
• August 17, at 6pm - Live Recording
• August 31, at 6pm

To join the meeting visit our Adobe Connect page. There is no need to sign up for an account; simply login as a guest. We hope to see you there!

If you have never attended a Connect Pro meeting before, test your connection.

Work-Study Job Board Retired!

We have removed the Work-Study Job Board, and now students can research Work-Study Job opportunities using GauchoLink! GauchoLink is simply a much better tool that serves a similar purpose. We feel that consolidating the Job Board function with GauchoLink will better serve our students and employers. Work-Study referrals may now be accessed on tab 4 of My Aid Status.

Instructions for using GauchoLink:

First Time Users

• Go to Gaucholink
• Enter your UCSBnetID as both your Username and Password
• Fill out the Registration Form making sure you complete the required red fields
• Click the Submit button

Returning Users

• Go to Gaucholink
• Enter your Username and Password. Forgot your password? Select Forgot Password and the system will generate and e-mail a new password.

Searching for Work-Study Jobs

• After you have registered and signed in, select Advanced Search at the top of the menu
• Select the Work-Study checkbox. This will restrict your results to jobs that require Federal Work-Study

Applying for a Position

• Information is located in the upper right corner. Several options may be provided: Employer E-mail, Web Site, or GauchoLink Document Submittal.
• Follow any application instructions provided by the employer
• Take your Work-Study Referral with you to your interview! The Referral can now be printed through tab 4 of My Aid Status or requested at our office.

Understanding Financial Aid Revisions

When students receive additional funding from sources outside of what is offered in their initial Financial Aid award letter, your Financial Aid award is reevaluated and may change. The following presentation explains this process:

IRS Data Retrieval Option for 2011-2012 FAFSA

Beginning January 30th, 2011 you will be able to select the IRS Data Retrieval option on your FAFSA. We strongly recommend that parents and students select this option during the initial filing or when subsequent corrections are made to a 2011-2012 FAFSA application. This option will streamline and expedite the processing of your financial aid application with the UCSB Office of Financial Aid and Scholarships.

In order to successfully use the IRS Data Retrieval option, you must have a federal tax return filed with the IRS, have a valid Social Security number, a Federal Aid Personal Identification Number (PIN), and have an unchanged marital status since December 31, 2010. For parents without a Federal Aid PIN, you will be prompted to apply for one during the FAFSA application process. The PIN will also help you (student or parent) electronically sign the FAFSA.

If on the FAFSA you listed your tax filing status as “Will File” because you had not yet filed a return, please remember to change this status to “Already File,” update all relevant income fields to your FAFSA, and select the IRS Data Retrieval option once you have actually submitted a federal tax return to the IRS.

According to the IRS:

• Electronically filed tax return information will be available online from the IRS site in 1-2 weeks after the return has been filed
• Data from paper tax returns will be available in 6-8 weeks

Persons unable to use the IRS Data Retrieval option include the following IRS tax filing statuses:

• Amended federal tax returns
• Married filing separately
• Foreign tax returns

How It Works

When either a parent or student selects the IRS Data Retrieval option, the FAFSA Central Processing System (CPS) will conduct a data match with the IRS. As the federal income tax filer, you will be redirected to a secure IRS website, where you will permit the IRS to transfer income data to the CPS. Data that is successfully matched will be marked on the FAFSA with the following notation, “Transferred from the IRS.” It’s as simple as that.

A successful match between CPS and the IRS will allow us to forego the need for certain federal income tax return documents, so long as income data fields are not subsequently altered on your FAFSA. This process avoids reporting errors and processing delays that can otherwise occur when the option is not selected. Please note that you may still be required to supply other income information as part of general verification process.

We hope that both parents and student elect to use this streamlining process for the 2011-2012 application cycle. The IRS Data Retrieval tool will make reporting easier and accurate for FAFSA filers, as well as allowing us to redirect our administrative focus to better serve your needs and enhance your application experience.

Parent PLUS Direct Loans

This is the first year of operation for the online PLUS Loan application at StudentLoans.gov. We hope this has helped parent borrowers in providing real time credit checks, the option to have an Endorser co-sign for the loan electronically and options to appeal the credit decision should their application be initially denied.

During the online application, many parent borrowers chose to have the “credit balance” go to the parent after any student fees were paid. As detailed in the PLUS Loan Instruction Sheet (available on Tab 6 of a student’s My Aid Status), UCSB does not currently have the ability to apply a Parent PLUS Loan to a student’s BARC account and then provide the credit balance to the parent borrower. If a parent chooses this disbursement method, UCSB will send paper checks to the parent borrower during the second week of class. As the checks won’t arrive until after the Fall Fee Payment deadline, the parent must pay or defer the student’s fees on their BARC Account and then get reimbursed by the Parent PLUS Loan.

Alternatively, UCSB can apply the Parent PLUS Loan to the student’s BARC account and then provide the credit balance to the student. We recommend that parent borrowers change the Disbursement Method to have the Parent PLUS Loan credit to the student’s BARC account to go towards any student fees by filling out the PLUS Adjustment Form available on our Forms page. Any remaining credit balance will be refunded* to the student beginning on Sept. 13th. These adjustments will be given high priority as the Sept. 15th fee deadline is nearing. *We also recommend a student set up eRefund with the Billing Office to expedite this process.

Update: Many parent PLUS loans have been processed and incorporated into students’ Financial Aid Award letters. Those with PLUS Loan applications submitted after August 14th are being worked on and will be input into student’s Award letters shortly. Thank you for your patience.