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| SPOTLIGHT ON STUDENT LIFE :: Financial Aid |
Making Financial-adeIn this lemon of an economy, UC Davis Financial Aid is trying to help students and their families make lemonade. To begin with, Financial Aid has set aside $500,000 "specifically for those students undergoing special circumstances," said Katy Maloney, interim director of Financial Aid. "This fund provides relief for students and parents facing tough situations." Parents experiencing a dramatic change in their financial situation should contact the Financial Aid Office directly at (530) 752-2390 or undergradfinaid@ucdavis.edu. Maloney notes that federal Pell Grants will continue and have actually increased by $600, and the maximum allowable loan amount has been raised. C'mon, send it in!Crucial to receiving aid is filing the Free Application for Federal Student Aid (FAFSA) on time, every year. "There's nothing worse," said Maloney, "than telling a student how much more aid they would have received had they filed the FAFSA on time." In addition, students and families cannot get loans without having filed a FAFSA, and loans are a significant source of Financial Aid. Don't OverworkWorking while attending UC Davis is an option, but Maloney warns that working more than 12-15 hours week can adversely impact a student's academic performance. "The university is oriented towards full-time study," said Maloney. "That's what you're here for. So working upwards of 12-15 hours a week is more often detrimental than not." Live FrugallyThe reality of affording a university education these days is that students increasingly need to focus on budgeting and living within their means. "That's not to say budgeting is easy, even when you're constantly focused on it," Maloney adds. "But we offer a money management course online to help students." Financial Aid also offers resources to help students find aid outside the federal, state and university channels. "In this case," said Maloney, "students have to realize they'll be doing the research, writing the letters, filling out the applications, so they need to decide if the amount they may receive is worth the time invested." Often times it is. Maloney advises to keep bank loans a last resort. "First, the university has to certify a bank loan application," Maloney said. "If the student has received enough aid to meet the cost of attendance, we cannot legally certify a bank loan." Maloney explains that the cost of attendance is calculated according to whether the student is living on or off campus, commuting or living at home. Maloney urges students to look at the total cost of attending UC Davis and break it down. "I recommend considering your fees and/or housing charges, deducting what you've received in aid—and 65% of UC Davis students receive financial aid—then calculate what your monthly costs will be and figure out how to best meet those costs," she said. Maloney comes back to emphasizing the need for students to budget and live frugally. "It's not fun, but it's one of the few things students have control over," she said. Resources |