Expanding and Protecting Financial Aid
Under the Cal Grant Equity Framework, over 150,000 additional low-income students will receive state financial aid.
In 2022, Governor Newsom and California’s legislative leaders adopted the principles of the Cal Grant Equity Framework into the 2022-23 final state budget, setting the stage to fund comprehensive financial aid reform and target expanded aid to low-income students in the future.
Financial Aid: A Return on Investment
College affordability is a significant barrier for many students seeking to achieve their college dreams. Moreover, a recent survey found that over 50% of California students report losing some or all of their income as a result of the COVID-19 pandemic. Currently, only 14% of Latinx and 27% of Black Californians are supported to earn a bachelor’s degree at a time when California is facing a major degree and workforce shortage. But, in order for these students.
Investing in higher education is a smart move for California. For every $1 invested in higher education, the state yields $4.50 in return. By investing in the college dreams of Latinx, Black, and Native American students, we generate billions for our communities and help the state recover from the COVID-19 pandemic.
Additionally, Women, who hold two-thirds of the nation’s college debt, also face challenges in achieving a college education. In California, women earn 88 cents for every dollar earned by a man. By supporting women in earning a college degree, we can narrow the pay gap and provide greater economic security for all.
What is the Cal Grant Equity Framework?
The Cal Grant Equity Framework is a major lever in expanding college access and affordability while closing racial/ethnic equity gaps in California. The Framework simplifies the state’s financial aid programs, removes outdated barriers to students receiving aid, and provides students with the information they need about their award amounts. Under the Cal Grant Equity Framework, over 150,000 additional low-income students will receive a Cal Grant award, providing vital direct support toward achieving their college dreams.
The Cal Grant Equity Framework expands financial aid to more students, including:
Keeping the Promise
The Campaign for College Opportunity thanks Governor Newsom, the Legislature, and all higher education leaders who supported the Cal Grant Equity Framework. We will continue to advocate for the full funding of the Cal Grant Equity Framework in 2024 and beyond so that California keeps the promise of affordable college to all students.