Financial Aid Numbers. What does any of this mean??

Colleges and Universities A-Z University of California - Berkeley
1

<p>I got accepted to Berkeley. Which is awesome. But I can't piece together the financial aid package since the different numbers they showed varied by so much.</p>

<p>I might as well just use the actual figures. What does any of this mean?</p>

<p>My UC Berkeley Costs</p>

<p>Total UC Berkeley Costs: $31,586.00</p>

<p>My Gift Aid: $9,464.00</p>

<p>My Net Cost: $22,122.00</p>

<p>Parents Share: $13,776.00
Students Loan And Work: $6,700.00
Total Resources to Meet My Net Costs: $20,476.00</p>

<p>Total Resources to Meet My UC Berkeley Costs: $29,940.00</p>

<p>Student Contribution $3,000.00
Parent Contribution $12,479.00
Expected Family Contribution $15,479.00</p>

<p>So.... how much is my household expected to pay each year? Is it under My Net Cost, Total Resources to Meet My Net Costs, Total Resources to Meet My UC Berkeley Costs, or is it the Expected Family Contribution?</p>

<p>And where do loans factor into all of this?</p>

<p>Sorry if this is supposed to be very easy. I never handle finances (obviously, I'll start having to do so) and my mom has no clue what any of this means.</p>

<p>Thanks for your help!</p>

2

<p>so i’m guessing that:</p>

<p>1) Total UC Berkeley Costs is the full tuition that one has to pay for 1 year of Berk Undergrad
2) Total Resources to Meet My Net Costs is all the money I can possibly get to pay for college (loans + other financial aid)
3) My Net Cost is the amount that I’m expected to pay for 1 year of Berk Undergrad including loan money
4) Expected Family Contribution is the money that we’re expected to immediately take out from our pockets to pay for college. Not including loans, which will have to be paid in the future.</p>

<p>So am I right to say that My Net Cost ($22,122.00) will eventually have to be paid in the present or future? We “only” got a discount of $9464.00 from the tuition, which we don’t need to pay back?</p>

3

<p>Total UC Berkeley Cost does not only include the tuition. It includes books and supplies, fees (another name for tuition), health insurance, and living expenses.</p>

<p>Gift aid is basically free money.
Your Net Cost $22,122.00 is how much you’ll pay for UC Berkeley after subtracting the gift aid.</p>

4

<p>that’s what i thought</p>

<p>thanks.</p>