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At Making Waves, we believe students should have a clear picture of their full cost of attending college, should understand their financial aid, loans, and scholarships, and any gaps in their spending plan, and should maintain an overall college budget.
FAFSA opens Dec. 1, 2024 and the California state aid deadline is March 3, 2025.
There are a lot of misconceptions around the cost of college and how students from low-income backgrounds can afford to attend college. College can certainly be affordable, or even free. But there are some processes to navigate. Here are common terms broken down.
Scholarships are free in that they don’t have to be repaid. Scholarships usually have requirements or commitments, like maintaining a certain GPA. Scholarships might also be for a limited time.
Grants are typically need-based and often come from federal or state governments. They also do not need to be paid back period
Loans must be repaid, with interest. There are federal loans (usually have a lower interest rate and more flexible repayment options) and private loans.
Financial aid is money or funding that helps pay for some or all of the costs of college. It can come in different forms, like grants, scholarships, and work-study. Here are some ways to get started so you don’t leave free money on the table.
Submitting FAFSA means you’ll be eligible for federal and state aid. Many states and colleges also use the FAFSA to determine eligibility for their own financial aid, such as grants and scholarships, which can greatly reduce the cost of your education. FAFSA also maximizes your scholarship and loan opportunities. Even if you’re only interested in student loans, you still need to complete the FAFSA. Additionally, most scholarships require a completed FAFSA as part of their application process.
This is a $500 grant from the state of California
Are you eligible? Find out on the CalKids website.
California offers Cal Grant funding to be used at University of California, California State University, or California Community College campuses, as well as private universities and qualifying independent, career, or technical colleges or schools in California.
The California Dream Act and other financial aid sources offer funding and scholarships for undocumented students.
If you are a senior in high school and planning to apply to private colleges, you might need to submit a financial aid form called the CSS profile.
Yes! Here are more ways to find scholarships:
Whether your financial aid covers all of or some of the costs of college–including tuition, housing, food, books, and transportation–you’re going to need a college budget. Having a budget means setting up your expenses and making sure you’re not spending more money than you have.
Change your budget as your situation changes–it could be getting a raise at work or needing to take time off from your job.
How much is your tuition, room and board (housing and food), books, transportation, and other expenses related to college?
If you are a Wave-Maker, ask questions and seek support from your financial services coordinator about FAFSA, your college budget, and additional resources that are available.
Keep track of what you spend each month to cut back or adjust if necessary.
Scholarships are an excellent way to pay for or offset the costs of college. It’s important to stay on top of your scholarship requirements so you can keep the funding.
What are the requirements to remain eligible each year?
Keep track of the forms, applications, and renewal or reporting deadlines.
Make sure you maintain the minimum GPA or course load (for example, full-time vs part-time) requirements.
