Parents, here’s an interesting fact: in the past 10 years UC schools have increased over 190%, CSU’s have increased by 145% and some private schools have skyrocketed up to $70,000 per year. So, parents if you have a college bound student or a student in college already, then this article is just for you. The Middle Class Scholarship is a new program starting this academic school year giving undergraduate students a scholarship for attending a University of California or California State University. This scholarship can range from $2,189 to $4,877. Isn’t this something to celebrate about?
All families qualify for some type of financial aid; you just have to know how. The Middle Class Scholarship (MCS) will lower tuition at UC and CSU colleges by 40% or 10% depending on a family’s income.
What are the requirements to be eligible for this new scholarship? I made it easy for all students and parents so here they are:
o Fill out the Free Application for Federal Student Aid (FAFSA)
o Be a California resident attending a UC or CSU
o Be a U.S. citizen
o Permanent resident or have AB 540* student status
o Families must make an income under $150,000
o Not be in default on a student loan
o Student must have a minimum of a 2.0 grade point average
o Maintain satisfactory academic progress
The MCS will be increase over the next 4 years with a $350 million cap during the 2017-18 school year. If you are looking to be one the first families to take advantage of this scholarship then you don’t want to wait until the last minute to fill out your FAFSA. Families are able to apply on January 1st for the FAFSA and the priority deadline is March 2nd. Waiting until the last hour to plan will usually cost you thousands in the process.
Note: this is just one way to save on the overall costs of college. There are over 75 strategies that we cover in our College Planning Workshops that will help you save money. To sign up for a free, local workshop visit our Workshop tab at collegeplanningexperts.com/workshops.
If you are looking for more information on the new Middle Class Scholarship, or if you are looking to see how much financial aid your family is eligible for then call our office at (661) 295 – 9946 or send us an email at [email protected] today, and one of our college planning specialists will reach out to you.