Paying for College

Financing your education can feel overwhelming, but you don’t have to figure it out alone. Learn how financial aid works, explore the types of support available and find tools that can help you plan with confidence.

Understanding the Basics

Financial aid can come from federal, state, campus, and private sources. These funds may include grants, loans, work-study, and scholarships, all designed to make college more affordable. Some aid is need-based, some merit-based, and some is open to all students who apply on time.

Applying for Financial Aid

The first step toward receiving financial aid is completing one of the two main financial aid applications:

• The Free Application for Federal Student Aid (FAFSA), or 
• The California DREAM Act Application (CADAA)

Complete one of these applications as soon as the application period opens in October. Your application will allow colleges to determine how much money you can get in grants, loans and work study.

Free Application for Federal Student Aid (FAFSA)

Colleges use the FAFSA to build your financial aid offer, which could include grants, scholarships, work-study funds and loans. You need to file a FAFSA each year to be considered for financial aid for the following year.

• Federal Student Aid: file your FAFSA and learn about how financial aid works.

California Dream Act Application (CADAA)

If you want to attend college in California, you are eligible to apply for financial assistance to pay for tuition regardless of your immigration status — and without filing a FAFSA.

• CA Dream Act Overview from Immigrants Rising: learn about the  California Dream Act and how it can help undocumented students attend college.
• California Dream Act website: file your CADAA here.

Your Financial Aid Package

Once your FAFSA or Dream Act application is submitted, schools determine your eligibility and create a personalized financial aid offer. This package may include multiple types of aid

• Grants: money for college that you do not have to pay back. Grants are awarded based on your financial need.
• Loans: money for college that you will need to pay back after you graduate.
• Work-Study: student jobs that are paid through financial aid.
• Scholarships: money awarded based on various factors: academics, family income, athletic or artistic talent, where you live, and more.

Scholarships

Scholarships are funds for college that you do not need to pay back. Filing the FAFSA or CADAA can qualify you for scholarships available directly from Cal State Monterey Bay and other colleges. But many other organizations offer scholarships: local community groups, high schools, employers, and nonprofit organizations. Many small awards add up quickly, and not all scholarships require perfect grades.

There is no single application that allows you to apply for every scholarship. Instead, you will need to find these scholarship opportunities yourself and, typically, apply for each one individually.

The good news is that several websites make it easy to search for scholarships. And there is no limit on how many scholarships you can apply for. Complete as many applications as possible to increase your chances of attending college, getting a degree and starting your career without spending a cent.

• Scholarship information from the California Colleges website
• Scholarships from the Community Foundation for Monterey County
• List of Scholarships and Fellowships from Immigrants Rising
• Scholarship search from Sallie Mae
• Fastweb