Haas School of Business


Loan Processing

Federal Loan Award Guide

This guide is meant to assist you in understanding and accepting the financial aid offered to you by the university. You may wish to keep this page open as you review your awards. Begin by clicking on MyFinAid.


Student Budget: Your student budget detail screen, also listed as My Net Cost on MyFinAid, is an estimate of your total expenses for the nine month 2012-2013 academic year (Fees/Tuition and living expenses). By federal law, a student budget may cover only student expenses. Spouse and dependent living expenses cannot be included, but documented childcare costs may be added. Your eligibility for federal student loans will be the difference between your budget and any other merit based or other grant awards you receive. After school starts, you may submit a budget appeal with documentation of any educational expenses you have that exceed items in the standard budget.

Student Contribution: Your student contribution (SC) is calculated by a formula called Federal Methodology passed into law by Congress in 1992. Your 2012-2013 SC is derived from your 2011 income and current assets. Your SC is ONLY used to determine your eligibility for Subsidized Federal Perkins Loans.

Other Resources: These are awards that have been reported by sources outside of the Haas Financial Aid Office, such as company sponsorships or outside scholarships. If you have been notified of any awards not reflected here, other than Haas Scholarships, report them online on MyFinAid. If you report changes in resources, your financial aid eligibility will be reevaluated and you will be notified by email if your award is revised. If your academic department or an outside agency reports awards that you have not previously reported to us, your loans will be adjusted at that time. You may be required to repay loans already disbursed if an additional resource results in an overaward! 

Award Details: This is your initial offer of federal student loans. It will include a Federal Direct Loan and a Federal Grad Plus Loan to fill remaining need up to your budget. As explained above, it will not include other types of awards unless you, your department, or the Graduate Division's Fellowship Office has reported them.  Your loan offer will be adjusted later if additional awards are reported. Grad Plus alert:  We strongly urge you to delay accepting the 7.9% interest Grad Plus Loan until you are certain you really need it.

This is not necessarily a final offer. It may be revised if: 1) There are changes in your financial situation, e.g. funds or support from another source, such as a GSI Position, 2) There is a change in state or federal funding, or 3) There is a system error in the offer.


Go to MyFinAid to accept or decline your Federal loans. To accept the loans go to the drop down on the right and select either: Decline, Accept Full, or Accept Partial. You do not "accept" fellowships, departmental or other awards that have been reported and appear on MyFinaAid.   You do not have to accept any of your loans at this time. You may accept some now, and request additional loans later (until April 15, 2013).

  • Report any changes in your enrollment plans and
  • Report any outside resources you will be receiving that are not already displayed.

If you accept an unsubsidized Federal Direct Loan for the first time while at Haas you must:

(unless you completed this requirement in a previous year).

If you accept a Graduate Plus Loanfor the first time while at Haas you must:


All students are assigned a CARS (Campus Accounts Receivables System) account, which is managed by the Billing and Payment Services Office in 140 University Hall (mybill@berkeley.edu, 510-642-3190). Your financial aid awards will be deposited into your CARS account (half in fall and half in spring) as long as all of the following requirements are met:

  • you have accepted one or more awards
  • you have signed any required promissory notes,
  • you have completed an on-line entrance counseling if you are a first-time borrower,
  • you are enrolled in at least 6 units,
  • you have cleared any registration blocks,
  • you are making satisfactory academic progress, and
  • you are not overawarded.

Your financial aid funds will be applied to University charges. Any financial aid not applied to University charges will be refunded to you. Each student is required to complete the online EFT (Electronic Funds Transfer) process authorizing direct deposit of financial aid funds into his/her personal bank account. If you do not apply for direct deposit at least 10 business days before the beginning of the enrollment period, your refund will be held at University Hall for pick up.  Billing and Payment Services (BPS) begins generating CARS refunds the week before the start of classes each semester to students who meet all of the conditions listed above. If you accept a loan or complete a requirement later, it will take BPS 7 to 10 days to process your CARS refund.

The federal government requires schools to set guidelines concerning Satisfactory Academic Progress (SAP) for financial aid recipients. For Haas students this includes maintaining a cumulative 3.0 GPA.

Students enrolled in less than 6 units are enrolled less than half-time and are not eligible for federal loans. Said students may have to begin making payments on loans previously received if they have used up their six month grace period. If you withdraw or cancel your registration after receiving aid, you may be required to repay some or all of the aid disbursed to you. Click here for information about our policy on withdrawal

If you pursue a student loan from a private lender you will need to apply online with them directly. They will then request certification from the Haas Financial Aid Office.

If you are receiving an outside scholarship, ask the donor to send the checks to:

Haas Financial Aid Office
S420 Student Services Bldg, #1900
Berkeley, CA 94720-1900

The check should include your name, SID, and if possible, a letter of instructions from the donor. Have the donor write the check payable to "UC Regents," if possible.

When changes occur to your financial aid, you will receive an email directing you to MyFinAid. It is extremely important to check your email regularly and to make sure that your main email address has been reported to the University. All address and email address changes should be entered onto BearFacts.

Problems and Questions: If there are errors on your MyFinAid "Award Details" screen, or if you have specific questions about your award, contact the Haas Financial Aid Office