Financial Aid Office 1100 Dutton Hall UC Davis One Shields Avenue Davis CA

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1 Financial Aid Guide

2 Financial Aid Office 1100 Dutton Hall UC Davis One Shields Avenue Davis CA

3 Ta b l e o f C o n t e n t s 2 APPLYING FOR FINANCIAL AID 3 FINANCIAL AID FOR UNDERGRADUATES 4 FINANCIAL AID FOR GRADUATE AND PROFESSIONAL STUDENTS 6 TYPES OF FINANCIAL AID AVAILABLE AT UC DAVIS 6 Grants 7 Scholarships 7 Loans 9 Summer Sessions 11 Education Abroad 11 Federal Work-Study and Student Employment 12 BORROWER INFORMATION AND RESPONSIBILITIES 16 MYAWARDS 17 FINANCIAL AID DISTRIBUTION 18 CHANGES THAT AFFECT STUDENT FINANCIAL AID ELIGIBILITY 19 Return of Title IV Funds and Refund Policies 20 Satisfactory Academic Progress 21 MONEY MANAGEMENT SKILLS AND BUDGETING 22 STUDENT RIGHTS AND RESPONSIBILITIES 24 CONTACT INFORMATION Financial Aid Guide 1

4 A P P LY I N G F O R F I N A N C I A L A I D Free Application for Federal Student Aid (FAFSA) To apply for financial aid at UC Davis, students complete and submit the Free Application for Federal Student Aid (FAFSA) online listing the UC Davis school code, The FAFSA is available online at ed.gov; paper FAFSAs can be requested by contacting the Federal Student Aid Information Center at When applying online, students are instructed to register for a PIN (Personal Identification Number) at The PIN allows the student (and parents of dependent students) to sign the application electronically. There is no charge to complete and submit a FAFSA electronically or on paper. The FAFSA asks for The priority-filing period for information from the student s (and student s the FAFSA is January 1 parents or student s spouse) federal through March 2 each year. tax return. It is recommended March 2 is the absolute deadline for that the FAFSA be completed students applying for Cal Grants at using information UC Davis. from a completed tax return. If a federal tax return has not been filed yet, estimates are acceptable. Once a tax return is filed, any income or tax data that changed must be corrected with the federal processor. Inaccurate or incomplete information may delay financial aid processing, and all information is subject to verification. The FAFSA processor reviews the information provided on the FAFSA to determine the student s eligibility for federal student assistance programs, and sends the student a Student Aid Report (SAR) with an Expected Family Contribution (EFC). The EFC and FAFSA information are also used by the California Student Aid Commission to determine a student s eligibility for Cal Grants from the State of California, and by UC Davis to determine eligibility for university grants and loans. When the UC Davis Financial Aid Office receives the FAFSA information from the processor, we will prepare a financial aid package likely to include a combination of federal, state, and university funds to help with the student s educational costs. Students are notified to visit our web site to view their financial aid packages. Students who are admitted to UC Davis can proceed to accept or decline the aid offered online at financialaid.ucdavis.edu/ MyAwards. Details about additional documentation or requirements are provided when the student views his or her awards online. We encourage all students to apply for financial aid, even if you think you are not eligible. For families of dependent undergraduates who do not qualify for financial aid based on need, low interest Parent Loans for Undergraduate Students (PLUS) are available. For students in the graduate and professional schools, the FAFSA may be used to determine other funding sources. So, gather up your documents and plan to apply before March 2. For more information about applying for financial aid at UC Davis, visit the Financial Aid Web site and read the UC Davis Financial Aid Instructions at financialaid.ucdavis.edu/undergraduate/apply. For information about federal aid programs, visit the Federal Student Aid Web site at studentaid.ed.gov, and for Cal Grant information visit Accurate Data Required Providing accurate data when applying for financial aid is very important. All data are subject to verification according to state and federal regulation. Any false statements or misrepresentations may be cause for denial, reduction, cancellation, or repayment of financial aid. 2 Financial Aid Guide

5 F I N A N C I A L A I D F O R U N D E R G R A D U AT E S UC Education Finance Policy for Undergraduates UC Davis uses the University of California Education Finance Policy to determine financial aid awards for undergraduates. The policy looks at four factors to choose the type and amount of aid for each student: 1. Cost of Attendance: The UC Davis Student Expense Budgets include Registration Fees, Basic Living Expenses (Housing, Food, Personal Expenses), Books and Supplies, Transportation, and Health Care Allowance. 2. Expected Family Contribution (EFC): The student is assigned an EFC based on the information they provide on the FAFSA. The EFC is indicated on the Student Aid Report (SAR) that the federal processor sends to the student and his/or her family. The student portion of the EFC is deducted from the Student Self- Help Contribution. Students and families with an EFC that exceeds the cost of attendance may not be eligible for need-based financial aid; however, they may still apply for Unsubsidized Direct Loans and Direct PLUS (Parent Loans for Undergraduate Students). 3. Federal and State Grants: The Department of Education determines the amount of Pell Grant, ACG and Smart Grant, and the California Student Aid Commission (CSAC) determines the amount and type of Cal Grant the student will receive (A, B, or C). 4. Undergraduate Self-Help and Loan Contribution: These are the amounts that undergraduates are expected to contribute to their cost of education. Depending on funding availability, these amounts are subject to change each year. The Student Contribution from the SAR has already been subtracted from the self-help amount shown on the Financial Aid Notice produced by UC Davis. University (or other) Grant Eligibility The projected range of grant award varies based on budget projections and is subject to change each year. Grant funds are limited and awarded until funds are depleted. Determining Financial Aid for Undergraduates at UC Davis 1. Cost of Attendance (Student Expense Budget Minus 2. Expected Family Contribution (EFC) Equals Need Subtract 3. Pell Grant, Cal Grant, other federal or state aid Equals Remaining Need Subtract 4. Student Self-Help Loan Contribution (Student contribution from SAR already subtracted) Equals University (or other) Grant Eligibility APPLYING FOR FINANCIAL AID FINANCIAL AID FOR UNDERGRADUATES Financial Aid Guide 3

6 F I N A N C I A L A I D F O R G R A D U AT E S T U D E N T S Determining Financial Need Graduate students and students in the professional schools at UC Davis (Medicine, Law, Veterinary Medicine, and the School of Management) apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA). Financial need is based on the information provided on the FAFSA, and the student is sent a Student Aid Report (SAR) with the Student Contribution (SC) assigned by the federal processor. The SC is subtracted from the UC Davis Student Expense Budget (for the student s graduate or professional program) to determine need-based eligibility. Funding provided to meet the student s need may come from a variety of sources including (but not limited to): >> Academic Program Funds >> Office of Graduate Studies >> Financial Aid Loans >> Work-Study >> Federal and State Agencies The Graduate Financial Aid Office coordinates some awards and notifies students by when their awards are available online through MyAwards. For students who do not qualify for financial aid based on need, Unsubsidized Direct Loans, Graduate PLUS loans, and alternative loans are available. The Financial Aid Office will work with students to find the funding sources that best fit their needs. Federal Work-Study Funding for Graduate Students Federal Work-Study funds for graduate students are allocated directly to the graduate programs to help fund research assistantships. The student s program will provide the Financial Aid Office with the names of designated Work-Study recipients, and the Financial Aid Office coordinates the award with other funding not to exceed the student s need and eligibility. To be considered for Work-Study funding, graduate students are required to: >> File the FAFSA to establish financial need and eligibility >> Contact their academic program to request Work-Study funding The Financial Aid Office notifies the academic department when Work-Study awards are posted online. Graduate students who accept Work-Study should not begin a Work-Study job until they have obtained and submitted a Work-Study Eligibility Form to the Student Employment Center. Scholarships and Fellowships The Office of Graduate Studies, the academic department for the program, or the student s respective professional school notifies graduate students of scholarships, fellowships, and stipends. All scholarships and fellowship awards are considered student resources and will reduce financial need. Scholarship and fellowship information and search services are available online through Graduate Studies at gradstudies.ucdavis.edu. Loans To be considered for need-based federal, state, and university loan funds, graduate students must complete and submit the FAFSA. Unsubsidized loans, Graduate PLUS loans, and alternative loans, which are not based on need, are available for students who don t qualify for financial aid. Graduate Plus Loans Students who need to borrow funds beyond the federal subsidized and unsubsidized loan limits can borrow federal Graduate PLUS Loans. Graduate PLUS loans have a fixed interest rate of 7.9%, no annual or aggregate borrowing limits (other than cost of attendance less other financial aid received). While credit checks are required to be eligible for the Grad PLUS, the credit criteria are less strict than those associated with private student loans. If you do not meet the credit requirements for a Graduate PLUS loan, you may still obtain the loan with an endorser who does meet the credit requirements. All federal Graduate PLUS loans have a 2 ½ % origination fee deducted from the loan amount. Students are encouraged to consider the significant variables when choosing between the Grad PLUS loan and alternative loans. An alternative loan may be less expensive depending on your credit score and whether the variable interest rate will increase before you complete repaying the loan. Alternative Loans Alternative loans, also known as private loans, are obtained through outside lending institutions. They can help a student pay for college expenses that may not be covered by Federal Title IV loans or other financial aid. Alternative loans can assist in filling the gap between what a student receives from all financial sources and what the student s need is. 4 Financial Aid Guide

7 Graduate Financial Aid staff can assist in determining the student s eligibility for loan. The federal government does NOT guarantee the alternative loan so the student must be credit-worthy or secure a credit-worthy cosigner to be eligible. Informing the Graduate Financial Aid Office of Changes to Resources or Enrollment Students are advised to keep the Graduate Financial Aid Office informed of any additional resources or awards received from their academic programs (e.g., fellowships, assistantships, research positions, departmental awards). In addition, students who reduce their unit load may be required to repay financial aid. Full-time enrollment for graduate students is 12 or more units per quarter (9 or more units for medical students; 10 or more units for law students). Students can inform the Financial Aid Office of any changes to their income or enrollment status using the Change in Aid form online through the MyAwards web site at financialaid.ucdavis. edu/myawards. Special Circumstance Review of Student Contribution The Graduate Financial Aid Office will consider requests to review special circumstance that result from a loss of income or resources (not including voluntarily quitting a job to attend school). Special circumstance requests are funded with loan only and may not be used to gain additional eligibility for Work-Study. Coursework Only Graduate students who are in Coursework Only status are only eligible for alternative loans. Filing Fee Status Only Graduate students who are in Filing Fee status are not eligible for any type of financial aid. School of Medicine Students in the School of Medicine are advised to read the addendum provided with their online Financial Aid Notice. Additional information and assistance is also available through the School of Medicine web site at ucdavis.edu/ome/finaid/. Contact information is provided on the back cover of this publication. School of Law For information about financial aid to attend King Hall School of Law, students are advised to visit The School of Law web site at index.shtml. Additional contact information is provided on the back cover of this publication. FINANCIAL AID FOR GRADUATE STUDENTS Financial Aid Guide 5

8 TYPES OF FINANCIAL AID AVAILABLE AT UC DAVIS G r a n t s Grants do not need to be repaid as long as the student remains eligible. Full-time enrollment for grant funding is 12 or more units per quarter/term for undergraduates and graduate students (9 or more units for medical students; 10 or more units for law students). All students are advised to read the Satisfactory Academic Progress (SAP) Standards for Financial Aid Grant funding for graduate and in this publication and online at financialaid.ucdavis.edu/ professional students is determined undergraduate/students/sap. html. Students taking less than and awarded through their academic the required number of units may be billed for aid received. programs. { Please read about Graduate and Grant funding is awarded Professional Student Funding on page 4 } based on need. While students may not receive grant funding from each of the funds discussed here, they will receive the full amount of grant funding for which they may be eligible. Federal Pell Grant Pell Grants are for undergraduates who have not earned a bachelor s or professional degree, or who are enrolled at least half time in a teaching credential program. The Department of Education determines the student s eligibility for Pell Grant by reviewing their FAFSA to produce an Expected Family Contribution (EFC), which is indicated on the Student Aid Report (SAR). The amount the student receives is based on that EFC, the cost of attendance, whether the student is attending full time or part time and whether the student attends school for a full academic year or less. Students may not receive Pell Grant funds from more than one school at the same time. ACG and SMART Grants The Academic Competitiveness Grant Program (ACG) and the National Science and Mathematics Access to Retain Talent Grant (SMART) make funds available for low-income college students who meet general Pell Grant program guidelines, as well as additional specified criteria. ACG is awarded to first- and second-year college students who have successfully completed a rigorous secondary school program, while SMART grants are awarded to third- and fourth-year college students who major in mathematics, science, technology, engineering, or critical foreign languages. Not all students receiving Pell Grants are eligible for ACG or SMART Grants. The Financial Aid Office reviews student eligibility for these grant funds and notifies students as they become eligible. As with all programs, funding is limited and subject to change. Visit financialaid.ucdavis.edu/undergraduate/ types/acg_smart.html for the list of majors specified by Department of Education as well as a list of majors offered at UC Davis that meet the criteria. Federal Supplemental Educational Opportunity Grants (SEOG) SEOG is for undergraduates with exceptional financial need (students with the lowest Expected Family Contribution), and gives priority to students who receive Pell Grant. Due to limited funding, not every eligible student will receive SEOG. Cal Grants A, B, and C Undergraduates apply for Cal Grant when they submit the FAFSA. A copy of the FAFSA is sent to the California Student Aid Commission (CSAC), which determines eligibility for Cal Grants and notifies the student with a California Aid Report (CAR). Firsttime Cal Grant applicants are required to submit a GPA Verification form directly to CSAC as part of the application process. The student must notify the Financial Aid Office (send a copy of the letter) if they accept (or are denied) a Cal Grant award. Students who receive Cal Grants, for which they are ineligible, will be required to repay the funds received. >> Cal Grant A is credited to pay registration fees. >> Cal Grant B awards for first-year students are limited to a quarterly stipend toward living expenses. When renewed, Cal Grant B may also cover part of the registration fees and tuition. >> Cal Grant C is limited to students in the School of Medicine Physician s Assistant / Nurse Practitioner program. >> Cal Grant B and C recipients are asked to agree to the Cal Grant authorization statement provided with the Financial Aid Notice to permit crediting of Cal Grant funds to the student's UC Davis account. UC Grant funding for graduate and professional students is determined and awarded through their academic programs. { See Financial Aid for Graduate and Professional Students for more information } 6 Financial Aid Guide

9 Cal Grant A and B recipients who plan to enroll in a Teaching Credential Program (TCP) may be eligible to renew their Cal Grant award for an additional year. The additional year of payment is provided to students who are seeking an initial teaching credential and cannot be used for other graduate-level courses of study. Students will need to file a G-44 form with CSAC for this program. Visit the CSAC web site at www. csac.ca.gov for additional information about Cal Grants. University Grant University Grant (UC Grant) is awarded to undergraduates who have grant eligibility according to the Education Finance Policy. UC Grant funds are limited and awarded on a first-come, first-served basis to undergraduates who are eligible and whose Financial Aid Notice and all required documents are received and complete. Awards are based on availability of funding at the time a student s completed file is processed. UC Grant funding is not available to cover out-of-state tuition. Undergraduates with a GPA of 3.25 or higher should reapply for UC Davis Scholarships each year beginning October 1. The application is available online at.in early October, with an application deadline early in December. Check the web site in October for specific details. S c h o l a r s h i p s Undergraduate scholarships are awarded on a competitive basis for academic achievement and, in some cases, financial need. The Undergraduate Scholarship Office notifies students who are awarded UC Davis scholarships. Whether awarded by UC Davis or an off-campus organization, scholarships are credited against any remaining need or the student s Self-Help Loan Contribution, thus reducing the amount of the student s loan or self-help contribution. Students who are awarded a scholarship after reviewing their awards on MyAwards, will be instructed to view the revised efan to see the changes. Because the amount of financial aid a student receives cannot exceed the need determined by the federal formula, students must report to the Financial Aid Office all additional outside scholarship awards. Students will be billed for any aid received in excess of their financial need. Community Scholarships and Other Sources Scholarship information and search services are available through our web site at scholarships. Be wary of search services that charge a fee. Scholarships or Other Aid not reported on the FAFSA Students must promptly report to the Financial Aid Office any scholarships, changes in their financial status, or other additional resources they ve received since completing the FAFSA. This includes any scholarships, Research or Teaching Assistantships, or postgraduate Research positions. An overaward may result if the amount of financial aid the student receives exceeds his or her eligibility for financial aid. If that occurs, the student may be billed for any aid received. L o a n s loans are another financial resource available to students. Be sure to read about for your responsibilities as a student loan borrower. Federal Perkins Loan Federal Perkins Loans are currently at a 5% interest rate (subject to change). Loans may be limited to a percentage of a student s need because of demand and limited funds. Repayment begins nine months after graduation or withdrawal from school and may be extended over ten years. Additional deferments are possible for temporary total disability or volunteer service in a private, non-profit organization, VISTA or the Peace Corps. Some teachers of students from low-income families and full-time teachers of handicapped children may also qualify for partial loan cancellation. To receive the loan the student must first accept the loan through MyAwards, and then submit a signed, completed Federal Perkins Loan Master Promissory Note, Interim Truthin-Lending and Disclosure Statement, Acceptance of Loan Obligation Form, and a Loan/Borrower Information Form to the Financial Aid Office. The forms can be printed from efan. Federal Direct Loans UC Davis offers loans through the William D. Ford Federal Direct Loan Program. When the Financial Aid Office receives your FAFSA from the federal processor, we will usually award one or more of the following federal direct loans according to your eligibility: >> Federal Direct subsidized Loan >> Federal Direct unsubsidized Loan TYPES OF FINANCIAL AID AVAILABLE AT UC DAVIS Financial Aid Guide 7

10 >> Federal Direct PLUS (Parent Loan for Undergraduate Students) Current interest rates and information about the Direct Loan Program are available online at the Direct Loan Servicer Web site at Subsidized Federal Direct Loan Subsidized Federal Direct Loans are based on financial need, and currently have a fixed interest rate of 6.8%. That current rate is subject to change, but the interest rate for the program is capped at 8.25%. The term Subsidized indicates that the interest is paid by the federal government while the student is in schoo1. Repayment begins six months after graduation or withdrawal from school. To receive a Subsidized Federal Direct Loan students accept the loan offered through MyAwards and sign the Master Promissory Note online at dlenote.ed.gov. Students have the option to borrow less Direct Loan by indicating the amount they would like to borrow before v Sample Standard Loan Repayment Plan for Subsidized or Unsubsidized Direct Loans using 8.25% (maximum capped) Interest Rate Loan Number Monthly Interest Total Amount of Payments Payment Charges Repaid $3, $57 $742 $3,742 $5, $62 $2,294 $7,294 $8, $98 $3,774 $11,774 $10, $123 $4,718 $14,718 $16, $196 $7,549 $23,549 $20, $245 $9,437 $29,437 $25, $307 $11,796 $31,796 Examples of Federal Direct PLUS Loan Repayment Using 9% (Maximum Capped) Interest Rate Loan Amount Number of Payments Monthly Payment $3, $62.27 $4, $50.67 $6, $76.00 $8, $ $9, $ % is the maximum interest rate for the program. Interest rates are adjusted each year on July 1. Check for current interest rates online at accepting the loan. The minimum amount of Direct Loan a student can borrow is $200. For maximum loan amounts, see the Direct Loan Program Maximums chart. Unsubsidized Federal Direct Loan Unsubsidized Federal Direct Loans are not based on financial need. Interest is charged beginning the day the loan is disbursed until the loan is repaid in full. Students may pay the interest while they are in school, during the grace period, or during deferment, or they may capitalize the interest (by adding it to the total principal of the loan after graduation). To receive a Unsubsidized Federal Direct Loan students accept the loan offered through MyAwards and sign the Master Promissory Note online at dlenote.ed.gov. Students have the option to borrow less Unsubsidized Loan by indicating the amount they would like to borrow before accepting the loan. For maximum loan amounts, see the Direct Loan Program Maximums chart. See Borrower Information and Responsibilities on page 12 for information about requesting additional loan to meet the UC Davis Student Self-Help Contribution. Federal Direct PLUS LOAN (Parent Loan for Undergraduate Students) Federal Direct PLUS is a government-insured Unsubsidized loan made to parents of dependent students. PLUS loans currently have a fixed interest rate of 7.9%. That current rate is subject to change, but the interest rate for the program is capped at 9%. The Loan Origination fee is 4%. Parents may borrow up to the cost of education minus other financial aid received during the years the dependent student is an undergraduate. To receive a Federal Direct PLUS loan, students accept the PLUS loan offered through MyAwards, then their parents must sign the Master Promissory Note online at dlenote.ed.gov. In addition, the parents and student must complete the UC Davis Direct PLUS Loan Request Form, which is available online through MyAwards or at financialaid.ucdavis.edu/ undergraduate/forms/ugforms3.html. After receiving the PLUS Loan Request Form, UC Davis transmits the information to the federal loan servicer who then performs a credit check to determine the parent s eligibility for the loan. Once the loan is approved, the UC Davis Financial Aid Office is notified and the loan is processed. The servicer sends the parent borrower the results of the credit check, a loan disclosure statement, and repayment information. 8 Financial Aid Guide

11 If the servicer denies the loan, the borrower is notified of the reason for denial and the Financial Aid Office will stop the Direct PLUS process. Parents who are denied a PLUS loan will need to work with the servicer if they wish to appeal the denial. Parents who decide to reapply with an eligible endorser (cosigner) begin the process again and will need to sign a new promissory note online and submit another Direct PLUS Loan request form. Graduate PLUS Loans Graduate and professional school students who need to borrow funds beyond the federal subsidized, unsubsidized, and Perkins loan limits can borrow federal Grad PLUS loans. Grad PLUS loans have a fixed interest rate of 7.9%, no annual or aggregate borrowing limits (other than cost of attendance less other financial aid received). While credit checks are required to be eligible for the Grad PLUS, the credit criteria are less strict than those associated with private student loans. If you do not meet the credit requirements for a Grad PLUS, you may still obtain the loan with an endorser who does meet the credit requirements. All federal Graduate PLUS loans have a 2 ½ % origination fee deducted from the loan amount. Students are encouraged to consider the significant variables when choosing between the Grad PLUS and alternative loans. An alternative loan may be less expensive depending on your credit score and whether the variable interest rate will increase before you complete repaying the loan. To request a Graduate PLUS loan, students may complete the Graduate PLUS Loan Request form, available online at financialaid.ucdavis.edu/graduate/forms/gradforms3.html. The Direct Loan Master Promissory Note The Federal Direct Loan Program features a Master Promissory Note, which allows a student to receive multiple Direct Loans under one Promissory Note while enrolled at UC Davis. Entering students will be asked to sign a Promissory Note online at dlenote.ed.gov. However, if the student prefers, a paper Promissory Note is available upon request from the Financial Aid Office. Entrance and Exit Loan Counseling Required UC Davis and the Department of Education want to ensure that students understand their rights and responsibilities as borrowers. Students are required to receive loan counseling before they receive a loan. Federal regulations require that all first-time borrowers attend entrance loan counseling before funds are disbursed. Entrance loan counseling is available online at financialaid.ucdavis.edu/entrance/. Before leaving school, students who are approaching graduation, are required to attend exit loan counseling through Student Accounting at studentaccounting.ucdavis. edu/ to assess their loan indebtedness and to receive a repayment schedule. Financial Aid for Summer Sessions Limited Financial Aid funds are available for current UC Davis undergraduates who filed a Free Application for Federal Student Aid (FAFSA) for the academic year immediately preceding the Summer Session they plan to attend. The Summer Session Financial Aid Application is available online at financialaid.ucdavis.edu beginning in March each year. Students who are considering applying for Financial Aid for summer should contact the Financial Aid Office before the Summer Sessions application deadlines to review Financial Aid eligibility requirements. Financial Aid recipients attending Summer Session are required to complete at least six (6) units per session. Students who are not making Satisfactory Academic Progress (SAP) for Financial Aid may correct some of their academic deficiencies in Summer Session; however, those students will still need to file an appeal to have their aid reinstated. SAP guidelines require students to make progress during the academic year; summer is not part of the academic year. TYPES OF FINANCIAL AID AVAILABLE AT UC DAVIS Financial Aid Guide 9

12 Subsidized Annual Limits Total Amount Dependent Undergraduate (1) (Subsidized and Unsubsidized) Freshmen ( units) $3,500 $3,500 Sophomores ( units) 4,500 4,500 Juniors ( units) 5,500 5,500 Seniors (135 + units) 5,500 5,500 Independent Undergraduates (and dependents whose parents are unable to borrow under the Direct PLUS program) Freshmen ( units) $3,500 $7,500 Sophomores ( units) 4,500 8,500 Juniors ( units) 5,500 10,500 Seniors (135 + units) 5,500 10,500 Graduate and Professional Students (2) Graduate and Professional Students $8,500 $20,500 Health Professions (3) (Vet Med and Medical Students) 8,500 Up to the Cost of Attendance. Not to exceed $38,500 total subsidized/unsubsidized. Aggregate Limits (2) Dependent Undergraduates $23,000 $23,000 Independent Undergraduates 23,000 46,000 Graduate and Professional Students 65, ,500 Health Professions (Vet Med and Medical Students) 65,500 Not to exceed $189,125 total subsidized/unsubsidized cumulative (1) All annual loan limits are subject to proration. (2) If the borrower does not have financial need for a subsidized loan using the Expected Family Contribution (EFC), or has reached the aggregate limit in subsidized loan, the borrower may receive up to this entire amount in unsubsidized loans assuming he or she has remaining eligibility for the loan. (3) Students in the health Professions should check with the Medical School Financial Aid Office about loan limits for their respective programs. 10 Financial Aid Guide

13 F e d e r a l W o r k - S t u d y a n d S t u d e n t E m p l o y m e n t Work-Study for Undergraduates Federal Work-Study is awarded to undergraduates based on need, which is determined by the FAFSA. Because funding is limited, not all students with need receive Work-Study funding. Work-Study allows a student to earn financial aid through employment. Instead of a financial aid payment, the student s Work-Study award is paid in the form of a payroll check for time/hours worked. All job listings are available online at jobs.ucdavis.edu. Undergraduates who are awarded Work-Study should read the Student Guide to the College Work-Study Program, which is available online at financialaid.ucdavis.edu/ employment/ugwsguide.html. The guide contains a comprehensive overview of the program and has a useful question-and-answer Graduate students are format that makes it easy to read. allocated Work-Study funds Undergraduates who through their academic programs. accept Work-Study are instructed to { See Financial Aid for Graduate Students for obtain a Workmore information about Graduate Student Work-Study } Study Eligibility Form in the fall from the Student Employment Center and not begin a Work-Study job until they receive authorization from the Student Employment Center. December 1 is the deadline to find a job and begin using the Work-Study award or request that the award be deferred until the student finds a job. Student Employment Center Services Many employment opportunities are available at UC Davis, and the staff of the Student Employment Center, located in 1210 Dutton Hall, will help with online job searches. With a part-time job students are able to borrow less loan and still meet their Self-Help Contributions. Most students work 9-11 hours a week while attending school, many in jobs on campus. The Center also offers a wide variety of community service jobs, which can be both educational and personally rewarding. Computers are conveniently available in 1210 Dutton Hall to assist with the job search online at jobs. ucdavis.edu. Students are welcome to stop by the Student Employment Center for job search assistance. Financial Aid for Education Abroad Financial aid is available for students participating in UC Davis study abroad programs: Education Abroad Program (EAP), Quarter Abroad, and Summer Abroad. Participants pay the same fees as at UC Davis. Additional costs and fees include room and board, books and personal travel, round-trip transportation, on-site orientation and intensive language program (where applicable), and miscellaneous expenses. Financial aid is based on the cost of study at each study abroad location. In addition to UC Financial Aid, students studying abroad may be eligible for additional scholarships and grants. For more information, visit the EAC Web site at eac.ucdavis.edu. TYPES OF FINANCIAL AID AVAILABLE AT UC DAVIS Financial Aid Guide 11

14 BORROWER INFORMATION AND RESPONSIBILITIES Be an Informed Borrower Over the course of their time in school, students may borrow a combination of different types of loans: Stafford Loans, Federal Direct Stafford Loans, Grad PLUS Loans, University Student Loans, and Perkins Loans are separate loan programs that may require the student to make separate, simultaneous loan payments upon graduation. It s important that the student understands the types of loans they are accepting and the loan repayment requirements. The UC Davis electronic Financial Aid Notice (MyAwards) will list the types of loans being offered, and the Promissory Note will provide the details of the terms of the loan and the interest rate. Loans must be repaid after graduation or withdrawal from school, and some loans require payment while the student is still in school. We encourage students to think carefully about the impact that loan indebtedness can have in their future and to make good choices about borrowing. As much as possible, we encourage students to limit the amount of debt they accumulate while in college. Students are not obligated to accept loans and can decline any loan offered. To accept a loan electronically, the student will be directed to MyAwards to accept the loan and to review any requirements that must be met before the loan can be disbursed. Requirements generally include a signed, completed Promissory Note, a Truth-In- Lending Disclosure Statement, and a Borrower/Loan Information form. Depending on the type of loan, the Promissory Note will be available online for signature or in paper format to be printed, signed and mailed to the Financial Aid Office. Entrance and Exit Loan Counseling Required UC Davis and the Department of Education want to ensure that students understand their rights and responsibilities as borrowers. Students are required to receive loan counseling before they receive a loan. Federal regulations require that all first-time borrowers attend entrance loan counseling before funds are disbursed. Entrance loan counseling is available online at entrance/. Students who are approaching graduation, and before leaving school, are required to attend exit loan counseling interview through Student Accounting at studentaccounting.ucdavis.edu/ to assess their loan indebtedness and to receive a repayment schedule. Loan Cancellation Policy At any time before the loan money is disbursed or after it has disbursed a student can decline all or part of the loan money by notifying the UC Davis Financial Aid Office in writing. The student s name, I.D. number, and the amount of loan money they wish to return should be included on the letter/ statement. The letter should be sent to Financial What is the Difference between a Subsidized and an Unsubsidized Loan? Subsidized loan The interest on a subsidized loan is paid by the federal government while the student is in school. Repayment begins six months after the student graduates, withdraws from school, or drops below half-time enrollment. UNSubsidized loan The interest on an unsubsidized loan is NOT paid by the federal government and will accrue while the student is in school. The student can either pay the interest while in school or capitalize it by allowing the unpaid accumulated interest to be added to the total amount the student owes. Direct Loan Borrower Services assists students who choose to pay the interest on their unsubsidized loans while in school. 12 Financial Aid Guide

15 Aid Office, UC Davis, One Shields Avenue, Davis, CA For more information about loan cancellation and your rights and responsibilities, visit the Direct Loan Servicing Web site at Loan Fees and Loan Repayment Borrowers are charged a 2.5% loan fee when borrowing Federal Direct Loans. The fee is deducted proportionately from each disbursement of the loan. Repayment with interest begins at the end of the six-month grace period, which begins when the student graduates, leaves school, or drops below half-time enrollment. Interest will be charged during the grace period for an unsubsidized loan. The student can either pay the interest or capitalize it by allowing the unpaid accumulated interest to be added to the total amount owed. This option postpones the interest payments, but costs the student more over the life of the loan. For information about Federal Direct Loan deferments, forbearance, or forgiveness options after graduation, students will want to visit the Direct Loan Borrower Services Web site at Planned Educational Leave Program (PELP) Affects Loan Repayment Students who borrow loans while in school are allowed a six-month grace period, which begins the day after they stop attending school or drop below half-time enrollment, before they must begin making payments on the loan. For students who go on PELP, the six-month period will be reduced by the amount of time the student is on PELP. The Master Promissory Note Both the Federal Perkins Loan and the Federal Direct Loan Program feature a Master Promissory Note, which allows a student to receive multiple loans under one Promissory Note while enrolled at UC Davis. >> Entering students receiving a Federal Direct Loan will be asked to sign a Master Promissory Note online at dlenote.ed.gov. However, if the student prefers, a paper Promissory Note is available upon request from the Financial Aid Office. >> Entering students receiving a Federal Perkins Loan for the first time will be asked to print and sign a Master Promissory Note through MyAwards, and submit all four pages to the Financial Aid Office. Any subsequent Federal Perkins Loans will be issued under the same note. The student will be notified of the loan amount through the efan. >> If a student does not accept a Federal Perkins Loan or a Federal Direct Loan for a period exceeding twelve months, the student will be required to sign a new Master Promissory Note. >> The Master Promissory Note is in place for ten years. After ten years, a new Master Promissory Note must be signed for any additional loans. BORROWER INFORMATION AND RESPONSIBILITIES Financial Aid Guide 13

16 Requesting Additional Loan to Meet the Undergraduate Student Self-Help Contribution The amount of loan available to help with the Student Self-Help Contribution depends on the amount of loan the student has already received for the academic year. If the maximum amount of subsidized Direct Loan allowed for the student s grade level has been awarded, the student may be able to borrow unsubsidized or Direct PLUS loans. Dependent students may borrow subsidized Direct Loan only up to the maximum amount approved for their grade level (see Direct Loan Program Maximums Chart). Dependent students may borrow an additional $2000 in unsubsidized loan to meet their Self-Help Contribution. If the student s parents apply for Direct PLUS loan and are denied because of an adverse credit history, the student may then apply for additional unsubsidized Direct Loan. Independent undergraduates may borrow unsubsidized Direct Loan to meet their Self-Help Contribution. Alternative Loans for Undergraduates To assist with educational expenses that exceed student loan program limits, you may wish to obtain an alternative loan. Because alternative loans are typically more expensive than federal loans, they should be used only when all other funding sources have been exhausted. Alternative loans generally require that you have good credit and that you obtain a cosigner. Be sure to compare loans to ensure that you are applying for the most appropriate loan for your educational needs and your personal credit rating. Keep Track of Federal Student Loans The NSLDS (National Student Loan Data System) Student Access Web Site allows students and parents to track and manage their federal student loans and/or grants. The site displays information about loan and/ or grant amounts, outstanding balances, loan status, and loan amounts received. Students can visit the site at using the PIN they use to file the FAFSA to access their loan information. 14 Financial Aid Guide

17 Student Loans and Credit Ratings Student loans become part of the student s credit file. Repaying the loan according to the agreed schedule may give the student a head start when applying for more credit in the future. Students who become disabled or experience economic hardship due to unemployment should contact their lender about loan deferment options. Before signing a promissory note, students should take time to estimate their monthly loan payments after graduation. Loan Consolidation Considerations Students are encouraged to look into the advantages and disadvantages of loan consolidation as they approach graduation and are preparing to leave school. EdFund (www.edfund.org), a nonprofit public benefit corporation and a leading provider of student loan services under the Federal Family Education Loan program, provides a very useful and comprehensive publication titled A step-by-step look at loan consolidation. Page twelve of the publication provides a useful chart listing the pros and cons of loan consolidation to help students with their decision. Federal Student Aid Ombudsman The Ombudsman works with student loan borrowers to informally resolve loan disputes and problems. Their goal is to facilitate and provide creative options/alternatives for borrowers needing assistance with loan disputes with any of the federal loan programs. The ombudsman can resolve issues with subsidized and unsubsidized Federal Direct Student Loans, Direct PLUS Loans (for parents), Graduate PLUS Loans and Direct Consolidation Loans; Federal Family Education Loans Subsidized and Unsubsidized Stafford Loans, FFEL PLUS Loans (for parents), Graduate PLUS Loans, and FFEL Consolidation Loans; Guaranteed Student Loans, SLS Loans; and Perkins Loans. You can visit their Web site at ombudsman.ed.gov. BORROWER INFORMATION AND RESPONSIBILITIES Financial Aid Guide 15

18 m yawa r d s Award Notification through MyAwards After the student s FAFSA information has been received from the federal processor and the types and amounts of financial aid available for the student have been determined, the UC Davis Financial Aid Office prepares an electronic Financial Aid Notice on MyAwards. The student is then instructed, either by a postcard through the U.S. Mail or by , to visit the MyAwards web site at financialaid.ucdavis.edu/ MyAwards, to view the financial aid offered. Students who prefer to receive a paper FAN can contact us by or by phone to request the paper FAN. UC Davis Student I.D. and Passwords Required To view the awards, the student will need a UC Davis Student I.D. number and a date of birth. To accept the awards through the Student Information System (SISWeb) and print any promissory notes within MyAwards, the student will need a Campus Login I.D., a password, and a Personal Access Code (PAC). The required passwords and I.D. numbers are provided as part of the admission process or through Summer Advising. IT Express, located in the Shields Library, is an excellent resource for students who need assistance setting up a computing account at UC Davis. Students can also receive assistance online through UC Davis Computing Account Services at computingaccounts.ucdavis.edu. The Financial Aid Office is committed to protecting your privacy as a financial aid recipient. We remind you to also protect your privacy by not sharing your student I.D. or passwords with anyone at anytime. Brief Description of MyAwards MyAwards includes a budget breakdown for the cost of attending UC Davis, a listing of financial aid for which the student is eligible, and information about additional documentation required by the Financial Aid Office before funds will pay to the student s account. The following is a brief description of the information provided through MyAwards: Name, Academic Year, and Date: Students should review name, academic year, and date for accuracy. Cost of Attendance (COA): This is the student expense budget for the academic year. Contributions: For undergraduates, this includes the self-help expectation. Total Resources: Shows additional reported resources (e.g., scholarships, sponsored fee awards). Financial Aid Eligibility: COA minus Contributions and Resources equals Financial Aid Eligibility (i.e., Need). Financial Aid Awards: Lists the types of aid and provides a breakdown of the term (quarter or semester) amounts. Accepting or Declining Awards After viewing awards, select Continue - See your Award Details and Requirements. Here students can click on the fund type for more information about the fund, accept or decline the awards offered and under Actions Required read the requirements to see what may be needed for the funds to disperse. Students are asked to accept or decline loan and Work-Study funds only. Grant funds are accepted for the student. Authorizing Disbursement After the student accepts the awards through MyAwards, the Financial Aid system authorizes the funds to disburse to the student s account. Any unsatisfied requirements or missing information will delay the disbursement of financial aid funds. Paper Financial Aid Notice For students who request it, a paper Financial Aid Notice is available. Students can call the Financial Aid Office to make the request or send an . The paper FAN includes the same information as on MyAwards and takes about ten days to process. Students are advised to accept or decline the awards, provide any updated information about additional resources on the back, and sign and return it, and any required promissory notes or additional documents, to the Financial Aid Office. 16 Financial Aid Guide

19 F I N A N C I A L A I D D I S T R I B U T I O N The Student Accounting Office, located at 2100 Dutton Hall (second floor) is responsible for the University s accounts receivable; that is, money owed to UC Davis. All financial aid funds are distributed by Student Accounting. MyBill Online After students enroll in their courses, they are billed electronically at mybill.ucdavis.edu; no paper statement will be sent. The bill will also include the amount of authorized financial aid funds available in the student s UC Davis account. Any Memo Items listed on the bill indicate funds that are not yet authorized for disbursement. If there are funds listed in the Memo Items section, the student may need to complete Additional Requirements as indicated on MyAwards. The Financial Aid Office must authorize disbursement to the student s account before any financial aid funds can be credited. For information about the mybill. ucdavis.edu, visit the Student Accounting Web site at studentaccounting.ucdavis.edu. At the beginning of each quarter or semester, one-third of the total amount of your available financial aid is transferred to your UC Davis student account. Registration fees and other debts owed the University are subtracted from the student s financial aid. A check or direct deposit is issued for the remainder (if any) of the student s financial aid. MyBill will show any amount that is still owed to the University. NOTE: Payments cannot be released to students who are on a waiting list for courses or units until the units are authorized. Financial aid cannot be used to pay debts incurred in a prior academic year. Direct Deposit of Financial Aid Funds For students enrolled at UC Davis, Student Accounting offers free Direct Deposit service from your UC Davis account to the student s personal bank account, with notification by of each deposit. The service includes financial aid, stipends, and any other account credit balances. To sign up for this service, students can visit the Direct Deposit Web site at directdeposit.ucdavis.edu. To sign up, students should have available: >> UC Davis Login ID and password >> Student I.D. number and Personal Access Code (PAC) >> A current personal check (with bank account information) Full-time Enrollment for Financial Aid Financial aid eligibility and disbursement is based on fulltime enrollment as follows: >> Undergraduate* and Graduate Students: 12* or more units per quarter >> Medical Students: 9 or more units per quarter >> Law Students: 10 or more units per quarter *Undergraduates are required to pass 39 units per academic year and maintain a 2.0 GPA each quarter to meet Satisfactory Academic Progress. THE UC DAVIS FINANCIAL AID NOTICE FINANCIAL AID DISTRIBUTION Financial Aid Guide 17

20 C H A N G E S T H AT A F F E C T S T U D E N T F I N A N C I A L A I D E L I G I B I L I T Y *Undergraduates are required to pass 39 units per academic year and maintain a 2.0 GPA each quarter to meet Satisfactory Academic Progress. Federal Verification If the student s FAFSA is selected for Federal Verification, the Financial Aid Office is required by federal regulation to request additional documents (e.g., tax returns) to verify the information on the student s FAFSA. Students who are selected for verification will be notified through MyAwards to submit the UC Davis Verification Worksheet along with any required documentation. The Financial Aid Office cannot disburse financial aid until all verification and documentation requirements are satisfied. All financial aid is subject to change after verification. Changes in Enrollment Reducing the number of units being taken or switching to part-time status may result in the student being required to repay financial aid already received. Graduate students who are in coursework only can receive Alternative Loans. Graduate students in filing fee status are not eligible for any types of financial aid. Financial aid eligibility is based on full-time enrollment as follows: >> Undergraduate* and Graduate Students: 12 or more units per quarter >> Medical Students: 9 or more units per quarter >> Law Students: 10 or more units per quarter The Financial Aid Office verifies unit enrollment before disbursing financial aid and completed units each year. Aid cannot be disbursed and checks cannot be released to students who are on a waiting list for courses/units until the units are authorized on the Student Information System. Withdrawal from School, Canceling Registration, and Planned Educational Leave Program (PELP) Students who withdraw from school, cancel registration, or go on PELP must complete and submit to the Office of the Registrar a Notice of Cancellation/ Withdrawal form or PELP request form. When the Financial Aid Office receives notice of a student s withdrawal, they will recalculate the student s financial aid eligibility based on the date of withdrawal. The Financial Aid Office determines the amount of aid the student is entitled to keep (if any) and the amount of funds that must be returned to the University, the State, and Title IV programs. Students may be billed for funds received. The formula used to determine refunds and repayments is available online at financialaid.ucdavis. edu/undergraduate/students/r2tiv.html. See page 19 of this publication for specific information about Return of Title IV funds. PELP Affects Grace Period for Loan Repayment Students who borrowed loans while in school are allowed a six-month grace period, which begins the day after they stop attending school or drop below half-time enrollment, before they must begin making payments on the loan. For students who go on PELP, the six-month period will be reduced by the amount of time the student is on PELP. Requests for Revisions Students must complete a Change in Aid form (paper or electronically through MyAwards) to: >> change enrollment >> adjust aid for part-time status >> report returning from PELP >> request funding for child care >> request additional Direct Loan >> request Federal Work-Study instead of loan (this option is not available for graduate students) >> report additional scholarships or other resources received during the academic year The electronic Change in Aid form is available online through MyAwards, or if the student prefers, a paper form is available online at financialaid.ucdavis.edu/ undergraduate/forms/ugforms3.html, or at the Financial Aid Office, 1100 Dutton Hall. Special Circumstances Undergraduates or their parents may request a review of special circumstances not reported on the FAFSA. Situations that the Financial Aid Office will review include loss of employment or income, death in the family, divorce or separation, or significant medical expenses. Documentation will be required. Special Circumstance Review forms are available online at Forms/ugforms3.html or at the Financial Aid Office, 1100 Dutton Hall. Graduate students can request a review of special circumstances due to loss of income or resources; however, this does not apply to students who voluntarily quit a job to attend school. Special Circumstances will be funded with loan only. Forms are available online at Forms/gradforms3.html. 18 Financial Aid Guide

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