In light of the upcoming filings of the Free Application for Federal Student Aid (FAFSA), University of California, Berkeley has recently announced a new financial aid program designed to help more students and families afford the increasing cost of attending college. Finally, someone is paying attention to the 99%, leaving many of us hopeful.
This new program mainly applies to the middle class, as suggested by the name “Berkeley MCAP (Middle Class Access Plan).” For example, families earning a gross income of $80,000-$140,000 will have to make a parental contribution of at most 15%. These families must also have less than $200,000 in assets, not including home value or retirement savings. The main goal is to reduce the sometimes incredible amount of money parents still have to pay, even after receiving financial aid.
UC Berkeley is not only acknowledging the plight of the California middle class, but is also breaking records as the first public university in the nation to reduce the financial burden of said middle class. Fortunately, this plan will go into effect for the 2012-2013 school year, benefitting us seniors.
Vice Chancellor for Student Affairs Harry LeGrande states that due to decreased state support, tuition has skyrocketed and adds, “Today, the total cost of attendance is at a level that can be easily accommodated only by affluent families. Even as we continue to advocate for increased state support, we feel the need to address the very real issues of our middle-class families.”
However, as recently discovered, the UC system is accepting more out-of-state students due to their even higher tuition. Berkeley has announced that their new financial aid program will not be paid for by the state, but by fundraising, redirecting funds, and “revenue from the increased number of UC Berkeley students paying non-resident tuition”. Currently, California residents pay an average of $32,634 each year (living on campus), while out-of-state students pay an additional $22,878 each year. Although UC Berkeley will now be easier to afford, it will be even more difficult to actually get accepted.
Retaining the status of being one of the few schools with the lowest per student graduation debt, Berkeley Chancellor, Robert Birgeneau, has expressed very noble and inspirational reasons behind this new program as he explains, “Public universities are the gateway to the American Dream, and the engine of future economic growth. We will continue to do everything in our power to serve the greater good through steps to preserve the excellence and affordability of this university.”
Nicely written, Rosie! 🙂