Exactly how does Financial Aid work????

<p>I know it has something to do with my CARS account or something...</p>

<p>As an example: average budget is 26k / year right? They're giving me 10k because of regents which covers all need.</p>

<p>So what will i do: write them a check for 16k, and $26k of credit appears in my CARS account for me to use on housing, books, etc??</p>

<p>What happens if, say, my housing is more expensive and my budget is more than the estimated 26k. For example, my actual budget is 28k. Will they now give me $12k of scholarships? Will my CARS account now have 28k of credit in it?</p>

<p>How does it work exactly? Input from continuing students appreciated! Thanks :)</p>

<p>I had scholarships/grants cover most/all of my financial aid stuff, so I am only so knowledgeable and can answer your questions with limited knowledge (those who have more experience may want to correct me where I'm wrong): </p>

<p>Your CARS account will be credited with your financial aid. You will then get E-Bills for the cost of tuition, housing, etc. You should get a new E-Bill every month or so, and there will be a minimum amount to pay for that month. You pay for that month's E-Bill online (or you could write a check, but it's a lot easier doing it online with their system). So, because you have some financial aid, your first few E-Bills should/might be $0.00 (I got a lot of financial aid last year, so almost all of mine were $0.00), until all of your credits in your CARS account are exhausted. </p>

<p>There are some financial aid adjustments that are occasionally made throughout the year, so I think your scholarship MAY be adjusted (but I wouldn't bank on it).</p>

<p>A note of caution: what they consider need and what you consider need are usually vastly different.</p>

<p>For example, they allot $14,494 for living on campus (room + board). If you end up in a dorm room with a meal package that exceeds this amount, you will be responsible for the difference. There is an appeal process in place, but I doubt it's particularly kind. Note, too, that the off-campus allotment (housing, utilities and food) is only $9,528. When I checked the documents last year, I saw something like they could make an adjustment up to $750/mo. in rent, but no more.</p>

<p>So if i'm living in a residence hall that is more expensive (say $2000 more)</p>

<p>Living</a> at Cal - Rates</p>

<p>and since regents covers "all need"...would they increase my scholarship +$2000 or would that 2k have to come out of pocket?</p>

<p>Costs incurred =/= need.</p>

<p>I don't know if they do something special for Regents scholars, but under traditional definitions of "need" you would not be eligible for an additional $2k of aid. You might be able to petition otherwise.</p>

<p>If you petition, you only get loans.</p>

<p>I am a Regents also and according to my offer letter on bearfacts it says aid & contribution total is ~25K but my budget is ~26K. I also don't really know how this works.. but they do say you have to budget accordingly. So at the beginning of the year when all your aid goes in, the school calculates how much it needs for the entire year in terms of tuition, fees, housing and then it gives you the remaining funds (through deposit to your bank account or a check) for books, transportation (flights), and personal expenses. This money will probably just be less than what you would get if your housing was cheaper.</p>