Some Sources of Aid Still Available for This Year

Can students still get financial aid now for this upcoming school year?

Yes, but most financial aid packages for the upcoming year were determined in the spring, says Dan Parker, public information officer for the California Student Aid Commission.

“You shouldn’t start planning for financial aid in August for September enrollment,” Parker says.

For example, it’s too late to apply for a Cal Grant, the state’s primary grant program that provides awards of as much as $4,710. Its application deadline was March 2.

Nonetheless, several forms of aid may still be available, depending on the institution. They include:

* Work-study. Most schools will offer students a part-time work-study job as part of a financial aid package. The program, financed by federal funds, generally pays students at least minimum wage. There is also a state work-study program being tried out on a limited number of campuses as a pilot program.

* Pell grants. This, the largest federal grant program, will provide awards ranging from $200 to $2,300 to undergraduates, based on financial need. Pell grants provide a foundation of financial aid, and many institutions will not consider students for their aid programs unless they have at least applied for a Pell grant.

* Stafford loans. Formerly called guaranteed student loans, they are arranged by the federal government through private lenders or certain nonprofit agencies.

* Perkins loans. The interest rates on these loans are subsidized by the federal government.

* Supplemental Loans for Students and Parent Loans for Undergraduate Students. These federal programs provide loans of up to $4,000 per year.

Students also should look into loan and grant programs available through private lenders or through institutions themselves.

A number of books and reference guides are available to help you plan for financial aid. One, the “Financial Aid for Students” workbook, is available for free from most schools, libraries or by calling the California Student Aid Commission at (916) 445-0880.