The UC Website information is pretty self-explanatory for the Blue and Gold Opportunity:
What’s covered
If you are eligible, your systemwide tuition and fees will be fully covered by scholarship or grant money. The plan combines all sources of scholarship and grant awards you receive (federal, state, UC and private) to go toward covering your tuition and fees.
Students with greater financial need can qualify for even more grant support to help defray other educational expenses (like books, housing, transportation, etc.).
You don’t need to fill out a separate application to qualify for the Blue and Gold Opportunity Plan. You will receive the benefits of the Blue and Gold plan automatically if you qualify.
Eligibility requirements
Submit a FAFSA or California Dream Act Application and Cal Grant GPA Verification Form by March 2
California resident or have AB 540 status
Demonstrate total family income below $80,000 and financial need, as determined for federal need-based aid programs
Be in your first four years as a UC undergraduate (first two for transfer students)
Meet other campus basic requirements for UC grant aid (for example, be enrolled at least half-time during the academic year, meet campus academic progress standards, not be in default on student loans, etc.)
How FASFA works:
To receive any form of federal financial aid – which includes Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Perkins Loans, Stafford Loans, PLUS Loans and Federal Work-Study jobs – you must submit the Free Application for Federal Student Aid FAFSA.
The main purpose of the FAFSA is to collect a student’s and parents’) financial information to calculate the Estimated Family Contribution (EFC). The EFC is the amount that a family can reasonably afford to pay each year for higher education. To calculate the amount of financial aid a student receives, a school’s financial aid office will subtract the student’s EFC from the total cost of attendance (tuition plus living expenses).
For this reason, the FAFSA is more than just a federal application. State governments use the EFC generated by the FAFSA to hand out state-funded grants and scholarships. And many individual schools use the FAFSA’s EFC to decide who will receive institutional grants, scholarships and loans. Some schools use additional calculation methods and even a separate financial aid application called the CSS/Financial Aid PROFILE.