Financial aid available for middle-class students in CA

Tuesday, August 19, 2014
Financial aid available for middle-class students
Financial aid is not just for low-income families. A new scholarship is providing funds to students from the middle class.

LOS ANGELES (KABC) -- At this time of year, UC Santa Barbara student Lauren Feibush and her mother are usually trying to figure out how to pay for college. Most grants and scholarships designated for low-income families don't work because Feibush's mom takes in a middle income salary.

That's where Middle Class Scholarship comes in. The new fund helps UC and Cal State students whose families earn up to $150,000.

"This is going to help hopefully a lot of families to realize there is some help out there," said mother Yvonne Feibush, whose financial planner told her about the program.

President of Trilogy Financial Services, Jeff Motske, said most of his clients have never heard of the Middle Class Scholarship, also called MCS, but it comes at a time most needed.

"Everybody's been raising tuition. There's been double-digit increases in tuition and fees and cost of living on these campuses. For every family, they're struggling," Motske said.

To qualify for the scholarship, students must be a California resident, attend a UC or Cal State school, maintain satisfactory academic progress and not be in default on a student loan.

The amount of the scholarship starts out small, but is set to grow substantially over time.

"It allows them to get this year coming up... a 14 percent tuition and fee reduction either at UC schools or Cal State schools, but it ratchets up - assuming it continues to get funding from the state of California - to 40 percent," Motske said.

"It's awesome. It's exactly what we need," Lauren Feibush said.

To learn more about the MCS, contact the UC or Cal State financial aid office.