Paying for College
Every college hopeful must inevitably face
the dreaded question: How am I going to pay for my education?
Thankfully, there are many ways for students to get assistance with
paying for college. Financial aid is key to understanding how your
family, your school, and your government can play an important role in a
successful college experience.
There are three types of financial aid:
- Gift Aid: grants or scholarships that do NOT need to be repaid. Examples are Cal Grants and Federal Pell Grants.
- Work-Study: Money earned by the student as payment for a job on or off campus.
- Loans: Borrowed money to be paid back, usually with interest. Federal loans can be either subsidized or unsubsidized.
Financial aid can come from different sources. These include
the federal government, the state government, the college/university
that you will be attending, private companies or foundation, and
parents' employers.
About Cal-Grants: Cal-grants come in two main types, A
and B. The A entitlement grant is awarded to students with at least 3.0
GPA, family income and assets below state ceiling, and demonstrate
financial need. The B entitlement has the same requirements, except the
minimum GPA is 2.0. A third, Cal-grant C, is reserved for low income
students attending vocational schools. Additional requirements include
being a U.S. citizen or eligible noncitizen, being a resident of
California, and attending an accredited California college/university at
least halftime. The application process involves completing and
submitting the FAFSA and Cal Grant GPA Verification form, available by
talking to your high school advisor/counselor.
About California Chafee Grant: The California Chafee
Grant program provides up to $5,000 annually to current and former
foster youth for college or vocational training at any accredited
college in the U.S. based on available funding. To be eligible, foster
youth must have been in California foster care on their 16th birthday
and not have reached their 22nd birthday before July 1 of the year of
application. Foster youth are encouraged to apply during their senior
year of high school. To apply, the foster youth must complete their
FAFSA and the California Chafee Grant program application. For more
information, visit http://www.chafee.csac.ca.gov.
Other application forms that may be required by your college
are the CSS/Financial Aid Profile, Institutional Scholarship and/or
Financial Aid application, and federal tax returns (along with all
schedules and W-2s) or other income documentation.
