SpringNewsletter UC 5500 Newsletter Spring2010
User Manual: UC 5500
Open the PDF directly: View PDF .
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
Financial Aid Quarterly
Furlough Closures
In accordance with University
of California Furlough
Requirements, the Financial
Aid Office will be closed on
the first and third Friday of
each month (with the
exception of December)
during the 2009-2010
academic year. Front desk and
phone services will be closed
on the following dates: !
April 2 and 16!
May 7 and 21!
June 4 and 18!
July 2 and 16!
August 6 and 20
We understand these closures
will cause some minor
inconveniences and the
Financial Aid Office appreciates
your patience and
understanding during these
mandated furlough days.
UC SANTA BARBARA
Issue No. 3 Spring 2010
APRIL
13 - Summer Financial Aid
Application Available
16 - Spring Census Date
MAY
28 - Summer Financial Aid
Application Priority Deadline
JUNE
11 - Spring Quarter Ends
21 - Summer Session Starts
30 - Summer Financial Aid
Application/Revision Deadline
JULY
Dear UCSB Families,
Whether it is the University of California as a whole or your average Californian family, the turbulent economy
has affected everyone. We have all had to make adjustments and changes to the way we live and operate.
Financial aid offices are no exception. Across the nation we are feeling the pinch as we look for ways to process
record numbers of applications and spread limited resources to more students than ever before.
The UCSB Financial Aid Office would like to share some of the ways our families can navigate the application
process more efficiently and ensure they do not make mistakes that could potentially cause them to lose out on
funding.
1.!Review the UCSB Financial Aid Website: Our website can be found at www.finaid.ucsb.edu.
There is a wealth of information on our website and it is updated on a weekly basis. Students and
parents should make it a point to review the bulletins section weekly to ensure they do not miss out
on any important information.
2."Respond to Requests Immediately: In many cases, families that filed a 2010-2011 FAFSA will be
asked to submit additional documentation to verify the information they provided on the FAFSA.
It is important to return all requested documents to our office in a timely manner. The UCSB
Financial Aid Office will process nearly 16,000 financial aid applications this year, so we advise
families to be as proactive as possible. Don’t procrastinate; missing the deadline to submit
documents could result in the loss of certain types of aid.
3.!Read Directions Carefully: The number one reason for delays in the application process is
incomplete information supplied on requested documents. Most of these delays are caused my
minor mistakes that could be eliminated by referring to the directions provided on the requested
documents.
4.!Ask Questions: The UCSB Financial Aid staff is available to answer your questions and help you
determine how you will fund the most important investment of your lifetime, a college education.
Drop by or call our office with any questions you may have.
5.!All financial aid recipients should register for eRefund with the BARC Office. Using eRefund will
allow students to access their financial aid refunds (if applicable) four to five days sooner than a
paper check.
While we expect to serve more students than ever before in 2010-2011, we expect that these five simple and easy
tips will help you complete the application process as efficiently as possible.
The Financial Aid Office staff would like to congratulate our 2010 graduates and welcome the new incoming
class. We look forward to working with you all in the future. Please let us know if we can be of any assistance.
Regards,
Michael M. Miller
Acting Director, Financial Aid
From the Desk of the Director
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
Financial Aid Quarterly Issue No. 3 Spring 2010
Summer Session is an excellent opportunity
to get ahead in units for your major, or to
catch up on required courses you may have
missed during the academic year. The
Financial Aid Office is here to guide you
through the application process and answer
any questions or concerns that you may
have. In addition to guiding you through the
application process, we want to make sure
you are aware of some important dates in
order to maximize your financial aid
eligibility for the 2010 Summer Session.
How does the application process
work?
In order to apply for summer financial aid,
you must have a completed financial aid file
at UCSB, including a 2009-2010 Free
Application for Federal Student Aid (FAFSA).
Summer is considered the last quarter in the
academic year; therefore, the 2009-2010
FAFSA must be on file. If you have not
already done so please complete a 2009-2010
FAFSA at www.fafsa.gov as soon as possible.
The Summer Session Application will be
available on the Financial Aid website on
April 13, 2010. The priority filing deadline
for this application is May 28, 2010. It is
important that you submit your application
by this date in order to be considered for
University Grant in your Summer Award
Letter. You may still submit the application
until June 30, 2010, but your aid will be
limited. Log on to My Aid Status and select
“Summer Session Application.” We will base
your financial aid award on the number of
units and number of sessions you plan to
take. Thus it is critical that you provide
accurate summer enrollment information.
What are the fees for the summer
session and what is included in the
budget?
The summer session fees for undergraduates
are $229 per unit plus a campus based fee of
$321. The summer session fees for graduate
students are $286 per unit with a campus-
based fee of $127. Your budget will include
an adjustment for books and living expenses.
!
Example of a summer budget for an
undergraduate student:
•If you are enrolled in 6 weeks and 6 units,
the budget will be $4,431.
•If you are enrolled in 12 weeks and 12
units, the budget will be $8,541
If you need more information on the fees,
please visit the Summer Session website
www.summer.ucsb.edu
Who is eligible for summer financial
aid?
Financial Aid is available to all continuing
and returning degree-seeking UCSB
students who are in good academic
standing. This includes all of the following:
•Undergraduate and Graduate Students
•Incoming Freshmen and Transfer students
•Graduate students who are enrolled in the
Summer Language Institute Program
•Graduate students who are enrolled in the
Teacher Education Program
Unfortunately, there are some students
that are not eligible for summer financial
aid. This includes:
•Students who were academically dismissed
prior to Spring quarter 2010
•Non-UCSB students as determined by the
UCSB office of the Registrar
What types of aid are available for
summer?
Federal Pell Grant – Pell grant assistance
is available to students in Summer Session for
the first time. Students who received a Pell
Grant during the 2009-2010 academic year
will qualify for an additional summer Pell
Grant. Pell Grant recipients can maximize
their awards by attending full-time (12 units).
Pell Grant amounts are determined based on
enrollment. If you enroll in less than full-
time, your Pell Grant will be reduced.
CONT’D, PAGE 3
Q&A
Mischa Lopez
Financial Aid and the 2010 Summer Session
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
SUMMER, CONT’D
Summer UC Grant – University grant
is available to eligible undergraduate
students who have financial need and
apply for the Financial Aid Summer
Session Application by the priority
deadline of May 28, 2010. The
maximum UC Grant for Summer 2010 is
$1600.
Federal Direct Loans and Federal
PLUS Loans – Federal loans are
available to all enrolled students, both
graduate and undergraduate. The amount
available for summer is based on your
remaining eligibility for the 2009-2010
academic year. For example, if you are a
junior and borrowed $2000 of your grade
level maximum of $7500, then you may
receive up to $5500 for the summer term
to cover your cost budget.
Can I get financial aid for special
programs?
Yes, financial aid is available for the
following special programs: The
Education Abroad Program (EAP); the
Freshman Summer Start Program (FSSP);
UC Washington Program (UCDC); Blue
Horizons; Summer Language Institute
Program (SLI); Junior Transitions
Program; Querétaro, Mexico; Procida,
Italy; Athens and Paros, Greece; and
Ephesos, Turkey.
Also, if you plan on attending another UC
during the summer, you will be able to
receive the same amount of aid that you
would receive if you were attending
UCSB. You can also receive financial aid
if you plan to attend another university
outside of the UC system, or if you plan
to enroll in a program based in the U.S.
that allows you to attend classes abroad.
These are known as “Consortium
Agreements.” If you plan to attend
another UC, university, or program you
must complete a Consortium Agreement
with our office. These forms will be
available on April 13, 2010. If you have
any questions regarding the special
programs, attending another university, or
about programs not listed, please contact
our office.
Summer Tutorials
We are pleased to provide a summer
tutorial for all students and/or parents
who need assistance with filing their
Summer Session Application. This
summer session tutorial can be a great tool
as it navigates through the application and
provides important summer session
information. This tutorial will be available
in mid-May on the Financial Aid Website
under Video/Audio Presentations.
We hope you find this information helpful.
Please feel free to stop by our office or call
to inquire about your financial aid options
for the 2010 Summer Session
For more information on UCSB Summer
S e s s i o n , v i s i t t h e i r w e b s i t e a t
www.summer.ucsb.edu.
!Like many Americans, you have likely
been tracking the new Student Loan
Reform Bill that was attached to the
Health Care Reform Bill, and may be
wondering how it will impact you as a
current college student. The legislation
generates $61 billion in savings by
streamlining student loan programs and
reinvesting the money to make college
more affordable to needy students. It will
also help reduce the federal budget deficit.
!The federal Stafford Loan program is
strong and will continue to be a reliable
resource for students. The streamlining of
the program means that in the future all of
these loans will be administered through
the Direct Stafford Loan Program. As a
UCSB student, you will not notice a
difference as UCSB has been participating
in the Direct Loan Program for many
years.
"Additionally, the legislation ties
annual Pell Grant increases to the
consumer price index beginning in 2013.
This will provide a minimum base that
Congress will hopefully consistently exceed
in order to assist needy students. Aside
from making college more affordable and
reducing students’ need to borrow, Pell
Grants also stimulate local economies by
helping students pay for textbooks, food,
rent, gas, and other necessities in addition
to tuition and fees.
!The legislation also expands the
Income-Based Repayment (IBR) program
for borrowers who take out their first
federal student loan after 2014. These
borrowers will not have to spend more
than 10 percent of their discretionary
income on student loans, and responsible
borrowers who make 20 years of payments
will have any remaining debt forgiven.
(Current law caps IBR payments at 15
percent of discretionary income and
forgives remaining debt after 25 years.)
Student Aid and Fiscal Responsibility Act
Financial Aid Quarterly Issue No. 3 Spring 2010
Student Loan Reform Bill
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
How do I qualify?
If you or your parents earn less than $180,000 a year ($90,000 for
single-filers) and you’re enrolled as an undergraduate at UC at
least half time, you may qualify. If your parents claim you as a
dependent on their tax return, your parents get the credit. You
may be able to claim the Lifetime Learning Tax Credit if you
don’t qualify for the American Opportunity Tax Credit.
How much will I get?
The maximum credit is $2,500. If your tax liability is less than
that, you’ll get a credit up to what you owe or $1,000, whichever is
more. The dollar value of the credit is gradually reduced for
taxpayers whose incomes are $80,000–$90,000 (single filers) and
$160,000–$180,000 (couples filing jointly).
What educational expenses qualify?
Qualified expenses include tuition, fees, course materials and
textbooks. Not included are room and board, student activity fees,
health insurance premiums, equipment, transportation or other
personal living expenses. You must subtract from your qualifying
expenses all non-taxable grants and scholarships you received
during the year.
How do I get the credit?
You (or your parents) claim the credit on your federal income tax
return. In February 2010, you should have received your copy of
the IRS “Tuition Statement” form, or 1098-T; it will show your
UC fees and your grants and scholarships. You may find it useful in
calculating your eligibility for the tax credit. If you’re a dependent
student, be sure to give the 1098-T to your parents so they can get
the credit, and save all receipts for qualified expenses for your
records.
Can I get the credit if I use loans to pay for school?
Yes. Qualified expenses paid with student or parent loans are eligible
for this tax credit.
Can I claim the credit if I have a 529 plan?
If you plan on claiming the credit, the tax-free portion of 529 college
savings plans, 529 “prepaid” tuition plans and Coverdell Educational
Savings Accounts can’t be used to pay for qualifying expenses. In
other words, you can use those funds for room and board, but not
fees and books.
Any other limitations?
You can’t use any of the following sources of cash to pay for the
portion of the qualified expenses used as the basis for claiming the
credit: tax-free scholarships or grants, Pell Grants, employer-provided
educational assistance, veterans’ educational assistance and other tax-
free payments received as educational assistance.
My parents have two children in college. Can they claim
the credit for each of them?
Yes, provided both students are undergraduates enrolled at an eligible
institution at least half time in the first four years of a program
leading to a degree or certificate.
For more information:
Education Tax Benefits Guide: www.nasfaa.org/taxbenefitsguide2009
Internal Revenue Service: www.irs.gov*
UC Tax Credit Reporting Service: www.1098T.com or 877.467.3821
Guide to Financial Aid: www.finaid.org
* search for American Opportunity Credit and/or IRS Publication 970
We Protect Your Identity And Right To Privacy!
Parents do not have automatic access to your financial aid information.
As a student at the University of California, Santa Barbara, the confidentiality of your student financial aid information is protected in
accordance with the Federal Family Educational Rights and Privacy Act (FERPA) of 1974 and UC Santa Barbara Policy and Procedure
“Student Education Records – Disclosure of Information” issued March 2004 (available from the UCSB Registrar).
Providing access to student financial aid records or information contained in these records to unauthorized persons is also prohibited.
Your information cannot be disclosed to other third parties (parent, spouse, sibling, friend, landlord, associate, etc.) without your
expressed written consent.
If you wish to grant access to your parents or another third party, you must complete the 2010-2011 Student Consent to Release UCSB
Financial Aid Information to a Designated Third Party Form. This form is available for download on the Financial Aid Office web site under the
Forms section or by clicking here: http://www.finaid.ucsb.edu/Forms/1011/StudentConsentToReleaseInformation.pdf
Financial Aid Quarterly Issue No. 3 Spring 2010
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
Direct Loan Servicing
Loan Repayment
!
!With the hustle and bustle of spring
and the excitement of planning for life
after college life, student loan repayment
plans are often pushed to the back
burner. Investing in your education is
likely the best investment you will ever
make, but it is important to plan for the
repayment of your loans.
!Below is a summary of information
to help you decide which repayment plan
will work best for you and whether or not
loan consolidation is an option for you.
The most important piece of advice the
Financial Aid Office can give you is to
work with the Direct Loan Servicing
Center regardless of your circumstances.
If you are unable to make your full loan
payment when your grace period ends,
p l a n a h e a d a n d c a l l t h e m
(1-888-447-4460) to determine what
options you may have.
Leaving school: graduating,
withdrawing, or dropping below
half-time
!When you graduate, withdraw, or
drop below half time, you'll receive a 6-
month grace period (see below) on your
Direct Subsidized and Unsubsidized
Loans during which you are not required
to make payments. You must begin
repayment at the end of your grace
period.
Grace periods for Direct loans
!When you graduate, drop below
half-time, or withdraw from your
academic program, you will receive a 6-
month grace period for your Direct
Subsidized and Unsubsidized Loans.
!Your grace period begins the day
after you stop attending school on at least
a half-time basis. Once your grace period
ends, you must begin repaying your
loan(s).
!If you re-enroll in school at least half
time before the end of your 6-month
grace period, you will receive the full 6-
month grace period again when you stop
attending school or drop below half-time
enrollment. However, if you have an in-
school deferment on a Direct Subsidized or
Unsubsidized Loan that entered
repayment before you returned to school,
you will be required to immediately begin
making payments on the loan once you
fall below half time. This is because the
6-month grace period was already used
up before you re-entered school; there is
no second grace period.
!Make sure that both your school and
the Direct Loan Servicing Center know
that you are no longer enrolled. If you
don't begin making payments when
required, there is the possibility that you
will lose repayment incentives you may
have received and possibly go into
default.
Grace periods for Direct PLUS
loans
"Traditionally, there is no grace
period for Direct PLUS Loans taken by a
parent—the repayment period for each
Direct PLUS Loan you receive begins 60
days after your school makes the last
disbursement of the loan. However, if
you're a graduate or professional student
who borrowed a Graduate PLUS loan (or
if you're a parent PLUS borrower who is
also a student), you can defer repayment
while you're enrolled in school at least
half time and (for Direct PLUS Loans
first disbursed on or after July 1, 2008) for
an additional 6 months after you
graduate or drop below half-time
enrollment.
!If you're a parent PLUS borrower,
you can defer repayment of Direct PLUS
Loans first disbursed on or after July 1,
2008, while the student for whom you
obtained the loan is enrolled at least half
time, and for an additional 6 months after
the student graduates or drops below
half-time enrollment.
!Remember, if you choose to defer
payment on a Direct PLUS Loan, any
interest that accumulates during the
deferment period will be added to the
unpaid principal amount of your loan.
This is called "capitalization," and it
increases your debt because you'll have to
pay interest on this higher principal
balance.
Repayment plans
!The Direct Loan Program offers
loan repayment plans designed to meet
the needs of almost every borrower.
Direct Loans are funded by the U.S.
Department of Education through your
school and are managed by the Direct
Loan Servicing Center, under the
supervision of the Department. The
Direct Loan Program allows you to
choose your repayment plan and to
switch your plan if your needs change.
! If you currently have a Direct Loan
and would like the exact payment
amount on your loan, you can look it up
online on the Direct Loan Servicing
Center website or you can call the center
at 1-888-447-4460.
!Direct PLUS Loan borrowers may
only choose from the standard, extended,
or g r adu ated opti ons. H owe ve r,
beginning July 1, 2009, student Direct
PLUS Loan borrowers may choose the
income contingent repayment plan or the
income-based repayment plan.
Standard Repayment
!With the standard plan, you'll pay a
fixed amount each month until your
loans are paid in full. Your monthly
payments will be at least $50, and you'll
have up to 10 years to repay your loans.
The standard plan is good for you if you
can handle higher monthly payments
because you'll repay your loans more
quickly. Your monthly payment under the
standard plan may be higher than it
would be under the other plans because
your loans will be repaid in the shortest
time. For the same reason - the 10-year
Type to enter text
Financial Aid Quarterly Issue No. 3 Spring 2010
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
limit on repayment - you may pay the
least interest.
Extended Repayment
!To be eligible for the extended plan,
you must have more than $30,000 in
Direct Loan debt and you must not have
an outstanding balance on a Direct Loan
as of October 7, 1998. Under the
extended plan you have 25 years for
repayment and two payment options:
fixed or graduated. Fixed payments are
the same amount each month, as with the
standard plan, while graduated payments
start low and increase every two years, as
with the graduated plan below.
!This is a good plan if you will need
to make smaller monthly payments.
Because the repayment period will be 25
years, your monthly payments will be less
than with the standard plan. However,
you may pay more in interest because
you're taking longer to repay the loans.
Remember that the longer your loans are
in repayment, the more interest you will
pay.
Graduated Repayment
!With this plan your payments start
out low and increase every two years.
The length of your repayment period will
be up to ten years. If you expect your
income to increase steadily over time, this
plan may be right for you. Your monthly
payment will never be less than the
amount of interest that accrues between
payments. Although your monthly
payment will gradually increase, no single
payment under this plan will be more
than three times greater than any other
payment.
Income Contingent Repayment
(not available for parent PLUS loans)
!This plan gives you the flexibility to
meet your Direct Loan obligations
without causing undue financial hardship.
Each year, your monthly payments will be
calculated on the basis of your adjusted
gross income (AGI, plus your spouse's
income if you're married), family size,
and the total amount of your Direct
Loans. Under the ICR plan you will pay
each month the lesser of:
1. The amount you would pay if you
repaid your loan in 12 years
multiplied by an income percentage
factor that varies with your annual
income, or
2. 20% of your monthly discretionary
income.
!If your payments are not large
enough to cover the interest that has
accumulated on your loans, the unpaid
amount will be capitalized once each
year. However, capitalization will not
exceed 10 percent of the original amount
you owed when you entered repayment.
Interest will continue to accumulate but
will no longer be capitalized.
!The maximum repayment period is
25 years. If you haven't fully repaid your
loans after 25 years (time spent in
deferment or forbearance does not count)
under this plan, the unpaid portion will
be discharged. You may, however, have to
pay taxes on the amount that is
discharged.
Income-based Repayment
!The IBR Plan bases your monthly
payment on your yearly income and you
must have a partial financial hardship to
enroll. This plan is an alternative to the
Income Contingent Repayment (ICR)
Plan and is designed to make repaying
education loans easier for students who
intend to pursue jobs with lower salaries,
such as careers in public service. It does
this by capping the monthly payments at
15 percent of your discretionary income
(the difference between your Adjusted
Gross Income and 150% of the poverty
guideline for your family size and state of
residence). If you are married and file
taxes jointly, both your and your spouse's
income will be considered when
calculating your IBR payment amount. If
you are married AND file taxes
separately, only your income will be
considered. Like ICR, after 25 years of
qualifying repayment, any remaining
balance on the loan will be forgiven, but
you may have to pay taxes on the amount
forgiven.
!To participate in the IBR Plan, you
must authorize the U.S. Internal Revenue
Service (IRS) to infor m the U.S.
Department of Education (ED) of the
amount of your income. If you request
the IBR Plan, we will send you a form for
you (and your spouse if applicable) to
sign and mail to us to provide this
authorization.
!The IBR Plan is available for all
your Direct Loan(s), including PLUS
Loan(s), except any Direct PLUS Loan(s)
made to parent borrowers and/or Direct
Consolidation Loan(s) that repaid PLUS
Loans made to parent borrowers. If you
have these loan types, you must repay
them under another eligible repayment
plan, even if you select IBR for your
other Direct Loan(s).
Public Service Loan Forgiveness
Program
!The Public Service Loan Forgiveness
(PSLF) Program was established to
encourage individuals to enter and
continue in full-time public service
employment by forgiving the remaining
balance of their Direct Loans after the
borrower has made 120 qualifying
monthly payments (beginning anytime
after October 1, 2007) while employed
full-time by a public service organization.
(February 3, 2010)
For additional information on this new
program, visit: https://www.dl.ed.gov/
borrower/QCNews.do
Consolidation
!If you have multiple federal
education loans, you can consolidate
them into a single Direct Consolidation
Loan. This may simplify repayment if
you are currently making separate loan
payments to different loan holders, as
you'll only have one monthly payment to
make. There may be tradeoffs, however,
so you'll want to learn about the
advantages and possible disadvantages of
consolidation before you consolidate. To
learn more, visit the Direct Consolidation
Loan website.
Financial Aid Quarterly Issue No. 3 Spring 2010
Direct Loan Servicing
ONLINE
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FINANCIAL AID, UC SANTA BARBARA !WWW.FINAID.UCSB.EDU
NEWSLETTER STAFF
Acting Director
Mike Miller
Co-Editor
Jason Valencia
Co-Editor
Aprí Medina
Layout
Beso Khidesheli
Contributors
Jami Dow
Mischa Lopez
Aprí Medina
Mike Miller
Henry T. Yang
US Department of Ed
Contact Information
Financial Aid Office
UC Santa Barbara
2101 SAASB
Santa Barbara, CA 93106-3180
(805)893-2432
Financial Aid Quarterly
Veterans Benefits
More veterans and their families are returning to college after the recent passing of the Post-911 GI Bill because of its comprehensive
tuition, book, and housing benefits. Eligible veterans and dependents of veterans are entitled to tuition and fee payments (up to the
maximum in-state tuition), a monthly housing stipend and a $1000 annual book stipend. Veterans are entitled to all or a percentage of
these benefits based on their time in service and may also have the option of transferring their benefits to spouses and dependents.
The Post-911 GI Bill is another addition to the numerous federal Veteran benefits that are available to Veterans and their dependents
depending on their active duty, reserve and/or disability status. As of September 2009, these federal Veteran benefits are also no longer
included in Financial Aid cost of attendance calculations. This means that students are now eligible for a complete Financial Aid award
package in addition to their federal Veteran benefits.
Dependents of Veteran California residents may also be eligible to receive the Veteran’s California Tuition Fee Waiver which entitles
them to a mandatory waiver of systemwide tuition and fees at any State of California Community College, California State University or
University of California campus.
!
Students who believe they may be eligible for federal Veteran’s benefits must apply at the Department of Veteran’s Affairs website at
www.va.gov
. Students applying for Veteran’s California Tuition Fee Waivers must go to www.cdva.ca.gov.
For more information about Veterans benefits here at UCSB please contact Gina Funderburgh in the Registrar’s Office at (805)893-8905
or Jami Dow in the Financial Aid Office at (805)893-2616.
Dear UC Santa Barbara Students:
#
I’m delighted that you have made UC Santa Barbara your academic home. We recognize that our
students help make our campus the vibrant community that it is, and we truly appreciate your many
contributions to this unique living and learning environment.
#
We are committed to providing all our students with the best education possible. And even in these
uncertain economic times, we remain steadfast in our commitment to try to keep a UC Santa Barbara
education as affordable as possible. We recognize that you now bear the burden of rising costs and fee
hikes, but it’s extremely important that you know that our campus and the UC system now have even
more opportunities to obtain financial aid than in the past.
#
Under UC’s new Blue and Gold Opportunity Plan, if you are eligible and your family income is below
$70,000, you will pay no systemwide UC fees in 2010-11. Your fees will be covered by scholarships and
grants. To learn more about the Blue and Gold plan, visit the UCSB Financial Aid Office’s Web site at
www.finaid.ucsb.edu or see www.universityofcalifornia.edu/blueandgold.
#
Even if your family’s income is above the $70,000 threshold, you may be eligible for other grants and
scholarships. This year, more than $1 billion in grants and scholarships will be awarded to
undergraduates in the UC system. These funds will help more than half of all UC families finance a
University of California education.
#
To ensure that you get the financial aid that you are entitled to, you need to be sure to do your part.
The first and among the most important steps to take is to file a Free Application for Federal Student
Aid, or FAFSA, by the March 2 deadline. I urge every UC Santa Barbara student to complete this free
online application. It is the gateway to all financial aid, including most UC scholarships and low-
interest loans. On its Web site, our own UCSB Financial Aid Office has an excellent online tutorial that
will help you complete the application in seven easy steps. The application itself can be found at
www.fafsa.gov
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Also, your family should try to take full advantage of the American Opportunity Tax Credit for
couples with adjusted gross incomes of up to $180,000 ($90,000 for single filers). This credit will
directly reduce their tax bill, providing up to $2,500 to help cover your college expenses. More
information is available at the IRS Web site at www.irs.gov/newsroom/article/0,,id=211309,00.html.
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A UC Santa Barbara education is one of the best investments you and your family will ever make. It
will provide many educational, financial, social, and personal returns in the years to come. We are here
to help you qualify for the financial assistance that you may need to help complete your education here.
I urge you to take the steps outlined above to ensure that you receive the financial aid you are entitled
to.
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############# ############# ############# ############# ############# ############# Sincerely,
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############# ############# ############# ############# ############# ############# Henry T. Yang
############# ############# ############# ############# ############# ############# Chancellor
Financial Aid Quarterly Issue No. 3 Spring 2010