FEE INCREASE ANNOUNCED
As you may already know, on July 21st the California State University (CSU) Board of Trustees approved a 20% fee increase effective fall term 2009 to offset part of the $584 million budget cut faced by the CSU. We realize this will create a financial challenge for you. Please be assured we will do our best to minimize the financial impact on you.
IS THERE ADDITIONAL AID AVAILABLE TO COVER THE FEE INCREASE?
Our first step in addressing the fee increase is to revise all financial aid applicants’ budgets to accurately reflect educational costs. After that, we will determine who qualifies for additional financial aid funding as a result of the fee increase.
If you have already been awarded a State University Grant (SUG) or Cal Grant A or B for the 2009-2010 school year, there is a good chance you may qualify for additional grant funds. You do not need to contact our office to request the additional grant funds; if you qualify, we will offer the grant automatically and we will send you an email.
If your current award does not include either SUG or Cal Grant A/B, it is not likely you will be awarded a grant to offset the fee increase. Therefore, you may need to consider additional loan funding. Review the annual and aggregate loan limits. If you have not already reached these limits, you may qualify for additional Federal Stafford Loan funds. If you have already reached the annual or aggregate limit for Federal Stafford Loan eligibility, you may wish to consider a PLUS loan or a private alternative loan.
WHEN WILL I BE NOTIFIED?
We estimate it will take several weeks for us to review and revise all applicants’ budgets and awards. It’s possible we won’t be able to revise your awards until after the fall semester has begun.
Therefore, we recommend you start planning now how you will pay your fees:
- Review your anticipated expenses for fees, books, transportation, room and board and personal expenses.
- Add up all financial resources from family and job.
- Determine how much financial aid you have been offered as of today. Do you have enough to pay your fees, buy your books and cover your living expenses?
- If you were offered a loan and have not yet accepted it, now would be a good time to consider whether you will need a loan and how much you will need. Remember, if your loan award is for both fall and spring semesters, you will receive half of the accepted loan amount each semester.
- If you were previously offered a loan but declined it, consider whether you might need to borrow after all. Contact the Office of Financial Aid and request that your loan be reinstated. You don’t have to accept the whole thing. Borrow just what you think you’ll need.
- Check your campus email account regularly. If you qualify for additional funds, we will send you an “award revision” notification.
We know a fee increase creates added stress and worry, especially for financial aid applicants. If you have questions that were not addressed in this letter, please visit our office for assistance.
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