Grants, scholarships, loans and more
Grants are based on financial need and do not have to be repaid. If you withdraw from the university during a term, you may have to repay a portion of your financial aid award.
Federal Pell Grant
The Federal Pell Grant is available to students pursuing their first undergraduate degree, and to students enrolled at CSUMB in a teacher credential program. Award amounts range from $1176 to $5550 and are prorated for students enrolled less than full-time.
Federal Supplemental Educational Opportunity Grant
The FSEOG is for undergraduate students who have exceptional financial need, are pursuing their first degree, and demonstrate eligibility for the Federal Pell Grant. The amount of FSEOG at CSUMB ranges from $100 to $400.
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families. To qualify for the TEACH grant, a student must fill out a FAFSA and an Agreement to Serve on the TEACH website. At CSUMB, TEACH grants are available only to students fully admitted into an eligible teaching credential or graduate program. Be aware that a federal TEACH grant will be converted into an unsubsidized Direct Loan if the recipient fails to meet all of the requirements in the TEACH Grant Agreement to Serve. Interest will be calculated retroactively based on the grant disbursement dates. Interested students are required to contact their Financial Aid Counselor to determine eligibility.
Educational Opportunity Program Grant
The EOP grant is available to undergraduate students admitted to CSUMB through EOP. Due to limited state funds, not all EOP students receive EOP grants.
Cal Grants A, B, T
The State of California provides grants to undergraduate and teacher credential candidates who are California residents for payment of registration fees. Initial awards are based on financial need, grade point average and year in school. Renewal awards are based on financial need and satisfactory academic progress.
Cal Grant A initial awards are available to undergraduate students with both need and academic merit. This award pays state fees. Grants are renewable through the fourth year of college, and for the teacher credential program.
Cal Grant B initial awards provide a stipend of $1,551 for first bachelor's degree students demonstrating high financial need and academic merit. Renewal Cal B awards include both a fee payment and the stipend.
Cal Grant T awards are provided to students who will enter the Teacher Credential Program in Fall semester. The maximum award for this grant is $2,256 and it is not renewable. Students with renewable Cal A or B awards are not eligible for Cal T. *Due to the State budget, Cal Grant T will not be awarded for the upcoming academic year.
As a condition of receiving a Cal Grant T award, a recipient must teach for one year at a low-performing school for each $2,000 of award received, for a maximum of four years. Recipients who do not meet the teaching obligation must repay the award.
Recipients of California State Grants are notified in writing by the California Student Aid Commission (CSAC) in early summer.
State University Grant
State University Grants (SUG) are intended for students who are residents of California. Priority is given to students who have an EFC of 800 or less. Students receiving a fee payment from other programs, such as California Vet Fee Waiver, Vocational Rehabilitation, Over 60s, and Cal Grant A and B are not eligible to receive this grant.
CSUMB Residential Life Grant
CSUMB's residential life grant provides assistance to students living on campus in the residence halls and the North Quad suites or apartments. Recipients must demonstrate high financial need and a minimum GPA of 2.5 or above. Due to limited funding, not all qualified students receive this grant, so you should file your FAFSA as soon after January 1 as possible.
Scholarships are a form of financial aid that help pay for your education. Unlike loans, you do not need to repay scholarships. CSUMB administers at least 45 prestigious scholarships ranging from $300 to $3,000 per academic year. CSUMB scholarships are awarded based on academic achievement, leadership, and community service. A separate application is required in order to be considered for a scholarship. Please visit the Financial Aid Office Scholarship Website for more details.
Federal Work Study
Federal Work Study is a federal employment program that places students in campus jobs. You may work up to 20 hours per week. Priority for FWS is given to students demonstrating the highest financial need. Employment opportunities include community service. Apply for financial aid by the priority filing deadline, March 2.
Student Assistant Employment
The Student Assistant Employment program funded by CSUMB places students in part-time campus employment. For details and an employment application, you should call the CSUMB Career Development Office (831-582-3845) or visit the CSUMB.EDU/career website.
Federal Loans are a type of financial aid that must be repaid, generally after the student graduates or drops below 1/2 time enrollment. Unsubsidized and PLUS loans accrue interest from the time funds are disbursed to the student. Loan limits, interest rates and repayment terms are subject to change on a yearly basis.
Federal Direct Loan Program
Via the Federal Direct Lending program, the Department of Education acts as a lender, providing funds for Subsidized, Unsubsidized and PLUS loans.
Federal Direct Loans are available to students whose cost of attendance has not been fully met through other aid. Payments may be deferred during the time of enrollment. A student must be enrolled in at least six credits of undergraduate or four credits of master's degree coursework to be eligible and to retain deferred status. Loan funds cannot be released if you have dropped below half-time status, have not made satisfactory progress or have any university holds.
Types of Direct Loans:
The Subsidized Loan is available only to students with financial need. During the time recipients are in school (enrolled half time or more), the federal government will pay the 5.6% interest rate. Repayment of interest and principle begins six months after the student is no longer enrolled at least half time.
The Unsubsidized Loan has the same repayment terms as the Subsidized Loan, however, the interest rate is 6.8%, and the federal government does not pay the interest while students are in school. Consequently, interest is billed onto the loan beginning the 1st day of disbursement. Payments may be deferred, but the interest accrued while you are in school is added to the amount borrowed.
The federal government has set the following annual limits for Subsidized and Unsubsidized Loans:
- Freshman (0-29 earned credits) ~ $3,500
- Sophomore (30-59 earned credits) ~ $4,500
- Junior, Senior and Teaching Credential (60+ earned credits) ~ $5,500
- Graduate Student ~ $8,500
In addition to the loan amounts above, if you qualify as independent, you may also borrow an additional Unsubsidized Loan. Please note: Additional Unsubsidized Loan limits applicable to undergraduate students have increased by $2,000 for loans disbursed after July 1, 2008. Eligibility is limited by the amount of your cost of attendance and is determined by subtracting any financial aid resources received from your costs of education. If an undergraduate student graduating in December, you are also limited to prorated amounts based on the number of credits for which you are enrolled.
The annual loan limits for the additional Unsubsidized Loan after July 1, 2009 are:
- Freshman (0-29 earned credits) ~ $6,000
- Sophomore (30-59 earned credits) ~ $6,000
- Junior, Senior (60+ earned credits) ~ $7,000
- Second Bachelor's Degree and Teaching Credential ~ $7,000
- Graduate Student ~ $12,000
The aggregate limits for dependent undergraduates are: $31,000 (no more than $23,000 of which can be subsidized). The aggregate limits for independent undergraduates, second bachelor's and teaching credential programs are $57,500 (no more than $23,000 of which can be subsidized). The aggregate limits for graduate degree seeking student (including amounts borrowed for undergraduate study) is $138,500 (no more than $65,500 of which can be subsidized).
Dependent students are not eligible for additional unsubsidized loans unless their parent/guardian applies for and are denied the PLUS loan (see below).
Disbursement of Loan Funds
If your award includes a loan that you wish to accept, you must log onto your CMS student account to accept your loan. If you are a first time borrower, the federal government requires that you complete Loan Entrance counseling and a Master Promissory Note prior to receiving your first loan disbursement. You can complete the mandatory loan entrance counseling by making an appointment on the CSUMB Financial Aid Office website.
Exit loan counseling is also required for all Direct Loan borrowers. You must contact the Financial Aid Office within 30 days from the date that you graduate, withdraw or drop below half-time status and complete exit counseling on the direct lending website.
All loans are issued in two installments, even if you are attending for only one semester. For academic-year loans, the second disbursement will be released at the beginning of the spring semester.
Upon receiving Federal Student Loan funds, they must be disbursed to the student account within 30 days. If there is a hold on your student record that prevents CSUMB from releasing the loan, CSUMB will send you written notification regarding your disbursement. You must respond before the date designated in that letter, or funds will be returned to the federal government.
If applicable, Direct Loan funds may be used to pay any outstanding charges owed to the university including registration fees, tuition, housing and miscellaneous charges.
Assumption Program of Loans for Education
The APLE program helps students who become teachers to repay their Federal Loans if they teach in California's public schools in designated areas. You should apply as soon as you have achieved junior status but no later than the year before completing your credential program. Applications are available in late March of each year.
Parent Loan for Undergraduate Students
PLUS Loans are available to parents of dependent students. The interest rate is fixed at 7.9 percent.
Repayment begins 60 days of the date the loan is fully disbursed. The minimum monthly payment is $50 and the repayment period is 10 years, except that borrowers with balances over $30,000 can receive a repayment period of up to 25 years.
PLUS amounts are determined by subtracting all financial aid awarded from the student budget. All parent borrowers must undergo a credit check and can be denied the loan if an adverse credit history is found. However, most resolved credit issues are disregarded. If approved, all PLUS funds are sent to CSUMB in two installments and are made payable to the student. Loan funds cannot be released if the student has dropped below half-time status, has not made satisfactory academic progress, or has any university holds. PLUS funds may be used to pay any outstanding charges owed to the university including registration fees, tuition, housing and miscellaneous charges.
To apply for a PLUS loan, parents must complete a PLUS loan application available under the Forms section of the Financial Aid website.
Private loans are funded by banks and other private lending institutions. For some, these loans serve to bridge the gap between the cost of their education and the amount the government allows students/parents to borrow through federal loan programs (Subsidized, Unsubsidized and Parent/Grad PLUS). Terms and conditions are generally not as favorable as those for federal loans, however, we understand that private educational loans are an essential source of financial assistance for many of our students.
If eligible for educational benefits through the Veterans Administration, you may receive benefits for enrollment in VA approved degree programs offered at CSUMB. Once you are admitted to CSUMB you will need to file a Request to Initiate VA Benefits form with the campus VA Certifying Official in the Veteran Services Office in Student Services Room H110 . The State of California offers a fee waiver program for dependents of service-connected disabled and deceased veterans. More information and the official application may be obtained by contacting your local county veteran services office (in the phone book under County Government).
Your award letter may also include other awards that have been reported to the CSUMB Financial Aid Office. Examples include scholarships from private donors, California Veteran fee waivers, and Vocational Rehabilitation compensation. A minimum self-help component will also be listed if you are enrolled less than fulltime.