FAQ

Frequently Asked Questions

  • A recurring question in our financial literacy workshop is about the Federal Student Loan interest rates. Below is the pertinent information. 

Undergraduate Direct Subsidized Loans and Direct Unsubsidized Loans (also referred to as Stafford Loans) will have a 3.76% interest rate. This interest rate applies to all loans disbursed on or after July 1, 2016 and before July 1, 2017.

Remember your monthly payment will depend on the type of repayment you choose, and your income level. Note these interest rates are only applicable for FEDERAL Student Loans.

For more information please visit: https://studentaid.ed.gov/sa/types/loans/interest-rates

If you have any other questions, please submit them here or email Andrea Wade Catena at andreaw@as.ucsb.edu

  •  Is this need based on need and how many can I get per quarter?

The CFF grant is not need based. All UCSB undergraduate students are welcome to apply. Each student applicant is eligible for the maximum allocation of $400 one time per fiscal year (from July 1st-June 30th). There will be a quarterly cap on funds distributed to ensure students applying later in the year have the same access to the grant as students who apply at the beginning of the year. Grant distribution is based on whether the student has fulfilled the Checklist Requirements

  • Will my AB540 or undocumented status inhibit my ability to receive this grant?
No! The grant is open to the entire undergraduate student body. When we do the Financial Aid check, if your name does not appear in the system, we process the check as normal and utilize our internal AS accounting procedures for reporting the grant distribution.
  • How many students are able to receive the grant?

Currently, the fund has a total of $120,00.00 allocated for grants for the 16-17 Fiscal Year which began July 1, 2016 and last until June 30, 2017. This means that if every student requested the maximum of $400, we would be able to potentially serve about 300 students (if they all receive the maximum).

  • How do the grants work (how are the recipients chosen)?

The recipients are chosen based off the grant Checklist Requirement completion and Financial Aid eligibility.

Grants are distributed on a first-come, first-serve basis and it is very important to follow the essay formatting guidelines explicitly. Also, if students do not pass the financial literacy workshop with a 70% or better, this will further delay the application process, as students will need to re-attend the workshop and complete another quiz with a satisfactory score.

The Grant program must also comply with federal regulations, and each PERM is checked by the Financial Aid and Scholarships Office to ensure the grant is within each person’s need-based awards. Students are notified within 10 business days with the results of the review and whether they will be receiving the grant. If you do not have any federal funding, we will still verify the PERM number and then process the check accordingly.

  • If I do receive the grant will that interfere with me obtaining other grants?
If you’re a Federal Financial Aid recipient, all additional assistance outside the traditional FA package must be reviewed by the Financial Aid Office. Depending on how much of this grant contributes to your need-based funds, it may affect your ability to have room for other grants. 
  • Would the grant be a direct deposit to my bank account or how is the grant distributed?
The grant is distributed through the AS Ticket and Cashiers’ Office where you picked up the checklist and filled out the application. You would be picking up a physical check. Direct deposit is not available at this time.
  • What is the nature of this program?

Part of the Community Financial Fund’s mission aims to provide more access to grants on the UCSB campus. These grants are open to the entire undergraduate student body, and provide students experiencing financial difficulties with an additional  financial resource on campus. Working in conjunction with the financial literacy workshops, overall we aim to create a more financially conscious UCSB Undergraduate student body.

  • Does the decision of whether I will receive the grant depend on my GPA?

No. The Grant is only dependent on completion of the checklist requirements and Financial Aid verification.

  • Will I qualify if I am a 4th year or someone who is returning for part of a 5th year during summer and fall quarter?

As long as you are a registered undergraduate student at UCSB at the time your application is submitted, you are eligible for the grant.

  • Will it affect any financial aid I will receive next year?

The grant you received during the 15-16 fiscal year will not affect your Financial Aid package for the 16-17 fiscal year. If you apply for the CFF grant again during the 16-17 academic year, your Financial Aid package may have to be adjusted. It depends on each person’s financial aid award. 

  • What can I use the grant money for?

When you receive your grant check, you will sign a form stating that you will use the grant for the purposes you stated in your grant essay. Furthermore, you attest that you are the sole individual utilizing the funds.