Financial Aid Terms

STAR College Consulting provides basic financial aid information and can refer you to financial aid and planning experts when you’re ready.

Types of Aid

Cal Grants
- To qualify, you must meet the eligibility and financial requirements as well as minimum GPA requirements
- Cal grants can be used at any University of California, California State University or Community College, as well as qualifying independent and career colleges or technical schools in California
- Does not need to be paid back
- Three kinds of Cal Grants help with a variety of tuition, fees and living expenses
Other California Grants available for a variety of programs through the California Student Aid Commission

Perkins STUDENT Loan
- A need-based student loan offered by the U.S. Department of Education
Direct Stafford STUDENT Loan
- Subsidized Loan
  - Offered to students based on demonstrated financial need
  - No interest accrued while attending school
  - Begin paying 6 months after graduation
- Unsubsidized Loan
  - Do not need to demonstrate financial need
  - Interest accrues from date loan funded
  - Begin paying 6 months after graduation
PARENT Plus Loan
- A loan offered to parents
Work Study
- Provides part-time jobs for undergraduate and graduate students with financial need
- Earn money to help pay education and living expenses
Pell Grant
- A grant awarded based on demonstrated financial
- Does not have to be repaid

	Example	Definition
Cost of Attendance	$40,000	Cost of attendance; usually includes tuition, fees, estimate for books, housing and meals, and estimate of travel and miscellaneous personal costs.
LESS – Expected Family Contribution (EFC) from FAFSA	$15,000	Once you file your Federal Application for Financial Aid the FAFSA will calculate the Expected Family Contribution based on parent/student income and assets. This amount is excluded from Financial Aid (Basic formula uses % of parent income/assets, % student income/assets).
EQUALS – Financial Aid Need	$25,000	The school you decide to attend will confirm your Financial Aid package. This can be a combination of Federal and Institutional Loans, Grants and Scholarships, etc.
Un-met Financial Aid need	$TBD	While schools try to meet as much of the “Need” as possible it is not typical to have 100% of the need met. Financial Aid resources vary greatly from school to school.