Types of Aid-Main
Grants are awarded on the basis of financial need and do not have to be repaid.
Loans are financial aid awards that require repayment with interest under varying terms and conditions.
Scholarships are awarded on the basis of merit, academic achievement, or special talents and do not have to be repaid. Some scholarships are also awarded on the basis of need.
Campus-Based Work-Study awards are given to students so that they have the opportunity to earn money by working part-time on campus. The Campus Based Work-Study award is NOT a guarantee of employment. Students will need to apply for and be hired into a position.
Federal Pell Grants are available to undergraduate financial aid applicants who have not yet received a baccalaureate degree. (top)
Federal ACG Grants are available to undergraduate first and second year students who receive a Federal Pell Grant and meet other important requirements. (top)
Federal SMART Grants are available to undergraduate third and fourth year students who receive a Federal Pell Grant and meet other important requirements. (top)
Supplemental Education Opportunity Grants (SEOG) are need-based grants provided to low-income undergraduate students to promote access to postsecondary education. Priority is given to students with exceptional financial need. (top)
Cal Grants
Cal Grants are offered by the State of California to residents of California who are U.S. citizens or eligible non-citizens. The California Student Aid Commission (CSAC) determines eligibility for grants, which are based on academic achievement and financial need. Students must meet GPA requirements and family income and asset requirements. If the student is eligible for a Cal Grant and a different institution is listed on their award notification, the student must submit a Grant Record Change form (G-10). If the student is eligible for a Cal Grant at UC Merced, the award will transfer and the student will receive an updated communication from CSAC. (top)
Cal Grant A is available to entering and continuing students who are enrolled at least half time and is awarded based on financial need and GPA. You must be a California resident, undergraduate student with a minimum GPA of 3.00, and meet the family income and asset requirements of the program. Awards cover system-wide fees. (top)
Cal Grant B is initially awarded to low-income students who are enrolled at least half time. First year awards are usually limited to non-fee costs: subsistence stipends for books, supplies and living expenses. A Cal Grant B may also cover system-wide fees when renewed. You must be a California resident, undergraduate student with a minimum GPA of 2.00, and meet the family income, asset, and disadvantaged background requirements of the
program. (top)
Golden Bobcat Grants/Scholarships
Golden Bobcat Grants and Scholarships are available for eligible undergraduate students with funding provided by the Regents of the University of California and the State of California. Award amounts are determined based on family income and financial need. (top)
Loans
To Apply for Federal Student loans for the 2008-2009 academic year please contact Office of Financial Aid and Scholarships at 209-228-4243 or finaid@ucmerced.edu.
You may be eligible for 4 types of loans:
Federal Subsidized Stafford Loans
Loans from this program are awarded to students with financial need. This loan is "subsidized" because the federal government pays the interest while the student is in school and during the grace period (the first six months after leaving school or dropping to less than half time enrollment status). (top)
Federal Unsubsidized Stafford Loans
The Unsubsidized Loan is not based on financial need and is available to all eligible students, regardless of income. This loan is "unsubsidized" because the student is responsible for paying all interest due. There is no federal interest subsidy for the loan. Interest accrues immediately upon disbursement. Borrowers may elect to pay accrued interest on a monthly or quarterly basis or have it added back to the principal balance in a process called capitalization. (top)
Federal PLUS Loan Program (Parent Loan)
A parent may borrow up to the annual cost of education minus any estimated financial aid received by the student. The application approval process includes a standard credit analysis for all parent borrowers. The repayment period for parent borrowers begins on the day the loan is fully disbursed (e.g., in spring). The first payment of principal and interest is due within 60 days after the final loan disbursement is made. (top)
For more information and instructions on how to apply for a PLUS Loan, please visit the PLUS Loan Information and Application Section.
Alternative Loan Programs
Alternative loans are funds available to you when you are not eligible for financial aid or need additional funds to meet educational expenses. Your eligibility is determined by the cost of attendance minus other financial aid or the annual loan maximum amount as determined by the lender.
Because Alternative loans are not guaranteed by the federal government, they must be insured privately. This extra cost is passed on to the borrower in the form of higher fees and interest rates. In addition, the lender will look at your credit history as well as other factors to determine if they will lend to you. You may be denied by one lender and approved by another because of the different ways the lender interprets your information. For more information on how to apply click here. (top)
* New students are automatically considered for all institutional scholarships simply by filing a Free Application for Federal Student Aid (FAFSA).
* Continuing Students should complete a FAFSA and a Continuing Student Undergraduate Scholarship Application by March 2nd.
*Institutional Scholarships
*Outside Agency Scholarships
Campus-Based Work-Study
Students who are awarded a Campus-Based Work-Study award are given the opportunity to earn money by working part-time on campus. The Campus Based Work-Study award is NOT a guarantee of employment. Students will need to apply for and be hired into a position.
Similar to a regular job, students are paid twice a month for the hours they work. This money may be used for any educationally related expenses that incur throughout the year. Students may only earn up to the amount they were awarded. Students are not obligated to accept their Campus Based Work-Study award. A student may choose to participate in the program by accepting or declining the work-study award on-line at: my financial aid.
For a listing of Campus-Based work-study jobs, please click here.
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