Financial Aid News Concerning Cal Grants and Federal Funding
Important Cal Grant News as of June 28, 2013:
As you have either learned from the media or directly from The California Student Aid Commission (CSAC), Governor Brown cut Cal Grant awards for new recipients by $1,024 for the 2014-2015 academic year. For all new recipients the maximum Cal Grant A is $8,056. For all renewed recipients, the maximum annual award amount remains $9,223 for those who were awarded in 2012-2013 and $9,084 for those awarded in 2013-2014. For all new Cal Grant B recipients, the maximum annual award is $10,557. For all renewed recipients the maximum award remains $10,696.
To renew your Cal Grant awards each year, Cal Grant recipients will now need to meet maximum income and asset ceilings and a minimum financial need requirement, all of which previously applied only to initial Cal Grant recipients. All Cal Grant students must complete a Free Application for Federal Student Aid (FAFSA) and meet these new requirements in order to qualify for renewal of their Cal Grants.
As of July 1, 2013 the interest rate for the Direct Subsidized Loan will change from 3.4% to 3.86%.
|Loan Type||Student Grade Level||203-2014 Fixed Interest Rate|
|Direct Subsidzed Loans||Undergraduate Students||3.86%|
|Direct Unsubsidized Loans||Undergraduate Students||3.86%|
|Direct Unsubsidized Loans||Graduate/Professional Students||5.41%|
|Direct PLUS Loans||Parents of Dependent Undergraduate Students and Graduate /Professional Students||6.41%|
We also want to encourage all students to pursue outside scholarships. According to Financial Aid expert Mark Kantrowitz, publisher of Fastweb.com, a free scholarship matching website, and FinAid.org, an online provider of student aid information:
“The typical student is eligible for anywhere between 50 and 100 scholarships, and every year more than 1.5 million scholarships worth more than $3.5 billion are given to students by donors, philanthropists, and corporations.”
We encourage you to search for outside scholarships to help meet your college expenses. To help you in this option visit our website at http://www.stmarys-ca.edu/scholarships/scholarship-websites-that-work.