What is the income cut-off to qualify for financial aid?
Financial aid is categorized as either need based or non-need based. Our office determines if a student qualifies for aid that is based on need. This occurs when the expected family contribution (student and/or parent contribution) is less than the cost of attendance at UCSB (estimated to be $27,257 in 2009-2010 for a California resident living in a UCSB residence hall). The expected family contribution, which is calculated using a formula established by Congress, is based on several economic factors, such as the family’s 2008 income, the family’s assets, number of family members in the household, etc. Thus, there is no exact income “cut-off” to qualify for financial aid. Families who do not demonstrate need may still be eligible for financial aid that is not based on need (such as the unsubsidized Direct Loan or PLUS Loan for parents).
