The Financial Aid Process
Federal financial aid in the form of loans is available for students who are citizens or permanent residents of the United States.
1) File a FAFSA (Free Applications for Federal Student Aid). Due to the nontraditional academic calendar of the MFE Program, U.S. citizens and U.S. permanent residents must file two FAFSAs per MFE year. (The 2006-2007 FAFSA is used for Spring and Summer, and the 2007-2008 FAFSA is used for the Fall and Winter). It is recommended that you file the FAFSA before you know if you have been accepted to the program. This allows enough time for the financial aid process to complete before the first tuition payment is due.
Information you need to fill out the FAFSA: Total 2005 calendar year taxable and nontaxable income and the federal tax you paid, along with the current value of your assets, excluding primary home equity. If you are married, the income and assets of your spouse must be included. You do not need to have filed your 2005 federal tax return before completing the FAFSA; it is permissible to use estimated figures. The FAFSA Federal School Code for Berkeley is 001312 (needed in #86). List UC Berkeley as the college. When you have finished the FAFSA, send it to the federal processor.
2) Receive your Student Aid Report (SAR). It will take approximately four weeks after you file the FAFSA for the Berkeley Financial Aid Office to mail you a copy of your SAR. Review it carefully for messages regarding your application status and database matches. The SAR lists your Expected Family Contribution (EFC) in the top right corner. There is no need to mail your Student Aid Report to the office.
3) Receive a US Department of Education PIN which can be used to make corrections to your FAFSA, file a Renewal FAFSA, sign your Direct Loan Master Promissory Note, and access your loan accounts online. Keep the Department of Education PIN, even after graduation. It will facilitate loan repayment and is necessary to file online loan consolidation.
4) Provide additional information if required. Some applicants will receive notification that their file has been selected for additional verification by UC Berkeley. Selection is a random procedure, so do not be alarmed if you are asked to submit additional forms. Documentation may include completion of the verification form and your 2005 (or 2006) federal 1040, including all schedules and W-2s, citizenship, and social security documentation.
5) Receive an Official Offer of Financial Aid. Once all your documents are submitted, it will take approximately 3-4 weeks before you receive an Official Offer of Financial Aid. This form will explain your Expected Student Contribution (SC), which is how much money you are expected to pay once all other resources (outside scholarships, fee remissions, employer support) are subtracted from the cost of education. The remaining amount due is your Financial Need, which is used to determine how many loans you can take. If your expected Student Contribution is greater than your cost of education, you will not have any Financial Need and you will not qualify for any need-based aid such as Federal Direct Subsidized Loans. However, you may be able to borrow the amount of your expected student contribution in non-need-based aid such as Federal Direct Unsubsidized Loan or private loans.
6) Receive your Direct Loan Master Promissory Note. This is a legal document wherein you accept the terms of the loan and provide two references. Sign and return to the Haas Financial Aid Office if you accept the terms of the loans. If you have been offered a Federal Perkins Loan, you will receive a separate promissory note and other documents to complete. The Direct Loan Master Promissory Note can also be completed online using your PIN.
7) Complete an Entrance Loan Counseling Session. If you have not previously borrowed at UC Berkeley, federal regulations require that you complete an Entrance Loan Counseling session. Choose “University of California (The) - BE, 200 California Hall, Berkeley,” as the School Association. After you complete the tutorial, click on the “Save and Acknowledge” button and the results will be sent to the Haas Financial Aid Office.
8) Receive your Financial Aid. Once you have been enrolled in at least 6 units, and have completed your Entrance Loan Counseling Session, your financial aid is made available to you. Payments are made in two disbursements: one-half in the spring term and the other half in the summer term. Similarly, funds are disbursed 50% each term for the fall and winter MFE terms. Funds cannot be disbursed before the beginning of classes. The University pays Federal Financial Aid Awards directly to your CARS (Campus Accounts Receivable System) account. Generally, the aid will pay off your debts in the following order: tuition/registration fees, University housing, and if you have checked the appropriate box of your Financial Aid Offer Letter, other charges in order of due date. If a balance remains, it is refunded to you by check or Electronic Funds Transfer (EFT). UC Berkeley recommends that you sign up for an EFT to allow refunds from your federal financial aid award to be automatically deposited into your savings or checking account. (Deposits into investment accounts are not allowed.) The campus requires up 30 days to process an EFT application. Download the EFT form.
The university cannot apply private loan checks to CARS, nor send them to your account via EFT. You must pick up private loan checks from the Loans and Receivables Office, University Hall 192. The Haas Financial Aid Office will send you an e-mail notification when the check is ready to pick-up. You must be registered, and have fees for the current term paid in full.
9) Make Any Additional Tuition Payments. If your financial aid award does not cover your entire bill, you must pay the remaining balance by the due date or risk incurring late charges. Payments are due January 15, 2007 for the spring term, April 15, 2007 for the summer term, August 15, 2007 for the fall term and on January 15, 2008 for the winter term.
The University does not accept credit cards or debit cards. Checks or money orders must be in U.S. dollars from a U.S. bank. Make checks payable to “Regents, University of California.”
Payment Options
- Mail payment to the Cashier's Office, University of California, Berkeley, PO Box 24610, Oakland, CA, 94623-1610
- Campus drop box at University Hall ( 2199 Addison St.); Sproul Hall Basement, Box #4; or the Housing Office (2401 Bowditch St.)
- Bring payment to the Cashier's Office (140 University Hall)
- Submit payment electronically through your bank's pay-by-phone or online bill pay service.
- Wire transfer.
UC's Bank: Bank of America
Beneficiary: UC Regents
Bank ABA Routing #:121000358
Bank Account #:0175380001
Bank Address: 1850 Gateway Blvd, Concord, CA 94520
Reference: Your SID number and name
Note: Berkeley's bank may assess a fee for receiving a wire. If so, this fee will be deducted from the amount credited to your CARS account.
10) Complete a Loan Exit Session. If you borrow a federal or private loan, you must complete a loan exit session prior to graduation. Repayment plans, electronic debit option, loan consolidation, and other important information are reviewed. You will be given printed information with your particular level of indebtedness and lender contact information. Account look-up capabilities on the loan servicer's web site will be demonstrated.
FOR FURTHER ASSISTANCE
Contact:
Haas Financial Aid Office, S420C
Haas School of Business #1900
University of California
Berkeley, CA
94720-1900
tel: 510.643.0183
fax:510.642.9387
finaid@haas.berkeley.edu
