How To Understand MyCSULB Financial Plan

The csulb college financing plan is a great tool designed to give students a personalized overview of their projected cost and financial aid awards for the academic year. Each college financing plan is structured for a full-time student and can also be used as verification of receiving financial aid for this academic year. It is available for all the students of the California State University, Long Beach. They can access it through their mycsulb account.

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How to Access Csulb Financing Plan Through Mycsulb?

To get started, go ahead and log on to your student portal and click on the mycsulb student center.
Once you’re at your student center, look for the finances section towards the middle of the page and go ahead and click on view financial aid.
To see the college financing plan, you must first find the award summary for the desired academic year and click on the desired academic year.
The awards summary will list all awards available for this academic year. Please take a minute to review the awards listed here.
Once you’re ready, please navigate the top right-hand corner and click on the “College Financing Plan.”

Csulb Financing plan Features

Mycsulb financing plan provides students with details about their educational cost, expected family contribution, cost of attendance, and types of grants and loans awarded. Let’s get started.

Expected Family Contribution

The first section of this plan is the expected family contribution, also known as the EFC. Cal state long beach uses the EFC number from the FAFSA application, based on all the financial information provided on your application.

This is not the amount of money you and your family will have to pay for college, nor is that the amount of federal student aid you will receive. Cal state long beach uses the EFC number to determine what and how much a student will be awarded.

Total Cost of Attendance

The next section is the total cost of attendance. The cost of attendance is not the actual bill you will get from cal state long beach. However, it does provide a general breakdown of the educational cost a student might see during the academic year.

The cost of attendance also acts as a student’s yearly budget. This budget is how much financial assistance can be awarded during the academic year. Here you see that this student has an on-campus cost of attendance for this academic year, with a total estimated cost of attendance of $25,052. This cost of attendance is made of both primary and secondary expenses.

Primary Expenses

The first two (tuition & fees and housing & meals) are primary expense is because they are related directly to the student’s education. Tuition and fees and accommodation and meals are both the necessary expenses for a student to attend the university. The amounts listed here for a full-time student living on campus will vary if the status is different.

Secondary Expenses

The next three are secondary expenses because not all students will encounter these. We recommend focusing on the first two expenses since the direct costs related to the student’s, education and then concentrate on the secondary.

Csulb Scholarship and Grants

In the next section, let’s go ahead and focus on the “Grants.” Since Cal state long beach does not offer any merit-based scholarships. However, students are always welcome to apply for external scholarships outside of Cal state long beach and beach scholarships available each semester via your student portal.

The grants section will list any federal institutional, and state grants you are eligible for based on your expected family contribution. Remember, grants are need-based funds that do not need to be paid back.

In the next section, you will see the net cost of $12,615. This is the difference between the total estimated cost of $25,052 minus the total grants of $12,437. Again, this is an estimated cost for the year, and this is not the exact amount that you will be paying out of pocket.

Loan Options in Csulb Financing Plan

Now let’s, go ahead and move down to the loan’s options. Here you will find details on the available federal direct student loans with their allocated interest rate. Remember, loans are money that must be repaid-with interest. Loans from the federal government typically have a lower interest rate than loans from a private lender.

Mycsulb Work Options

In the next section, you’ll see the work option for any student awarded the federal work-study. These students have the opportunity to work part-time employment during the academic year to help pay for educational expenses. This award is earned every month, unlike grants and loans, which are dispersed at the beginning of each term.

Please note, if a student is awarded the federal work city, they are responsible for finding a job to earn those funds. Any unused federal work-study will be lost at the end of the academic year. Finally, towards the bottom, you will find a glossary filled with terms mentioned.

More CSULB Related Guide

Final Words

We hope that you found this article to be helpful. The Csulb college financing plan is a great tool designed to give students a personalized overview of their projected cost and financial aid. This is available every year that a student applies for financial aid.

How to Understand MyCSULB Financial Plan