Financial aid is any money used to pay for a student’s education. This money can come from the government, the university, or a private institution. Financial aid can include scholarships, grants, work-study, and loans. These sources of income can be used to help cover the cost of tuition and pay for books, supplies, transportation, and other living expenses.
The most common way to file for financial aid is through the Free Application for Federal Student Aid (FAFSA). This application is only available for United States citizens. Undocumented students can apply for assistance through the California Dream Act Application (CADAA). There are other differences between the two applications that one should consider when choosing which to apply. More information about the differences between the two applications can be found here.
Most California financial aid programs have a deadline of May 2nd to apply. Cal Grant requires submission of a school-certified GPA by May 4th. Community college students are also eligible for additional community college Cal Grants which students would have to apply for before September 3rd. The CADAA’s deadline is also May 2nd. Students can still apply after May 2nd for limited financial aid consideration. Be sure to file your application as soon as possible so that you don’t miss out on all the financial aid available to you. Students can also check the FAFSA website to see if these deadlines have changed.
Types of Financial Aid
There are four types of financial aid to consider when applying:
Grants
A grant is a form of financial aid you don’t have to repay. Grants are awarded based on income or financial need. Common grants include:
- Pell Grant and Cal Grant for low-income students
- Chafee Grant for foster youth
- California College Promise Grant (CCPG) covers the cost of enrollment fees
- LA College Promise (LACP) provides two years of free enrollment to full-time LACCD students
Work-Study
Work-study allows students to earn a portion of financial aid income through part-time work-study jobs on campus or in the community. Common work-study programs include:
- Federal Work-Study (FWS)
- Learning-Aligned Employment Program (LAEP)
- Dream Act Service Incentive Grant
Scholarships
Scholarships are money that one does not have to pay back and are awarded based on merit. Examples of merit include grades, athletics, race and gender identity, field of study, and more. Each scholarship application has its own deadline. Be sure to look for scholarship opportunities through your college foundation including the LATTC Foundation, LACC Foundation, Foundation for Los Angeles Community Colleges, and the Foundation for California Community Colleges. Other opportunities for scholarships include:
- Life Prep Academy Scholarships
- Scholarship America
- Scholarships for foster youth
- Scholarships for undocumented students
- Scholarships for LGBTQ students
- Scholarships for Black students
- Scholarships for Hispanic students
- Scholarships for Asian/AAPI students
- Phi Theta Kappa Honors Society
Student Loans
Student loans are a form of financial aid that must be paid back. Loans typically have an interest rate. Not only does the full amount of the loan is required, but you’ll also have to pay a little extra based on the interest rate. If student loans are needed, it’s best to take on low-interest Federal loans rather than high-interest private loans. Be sure to learn about the different types of loans including federal versus private and subsidized versus unsubsidized loans. It’s also important to learn about the different interest rates across each loan.
For more information and resources for a successful community college career, visit the Way2Success Toolkit.