Recent attention by the media and elected officials has focused on the affordability of a college education. Berkeley, including our campus leadership and Financial Aid and Scholarships Office, is determined to keep our university an affordable choice for students and their families. Forty percent of undergraduates pay no tuition and 65% receive some form of financial aid. For the 40% that take loans, the average level of student indebtedness is around $17,000, an amount that is lower than many car loans. In addition, Berkeley made history by becoming the first public university to create a needs-based financial aid program for middle income students (our Middle Class Access Plan), demonstrating what is possible when we make strategic financial decisions in support of Access and Excellence.
As one of our Berkeley operating principles state, we include and excel together and believe that by sharing information on undergraduate costs and financial aid, we can continue to collectively find ways to keep a Berkeley education affordable for students and their families. Later this spring, Berkeley will release Cal Answers student finance dashboards that will provide more information on undergraduate and graduate financial support, down to a major level. And today, the Office of Planning & Analysis released a briefing note to provide information on how new undergraduate perspectives differ on affordability and financing strategies by residency status, income ranges of <$80k and $80k-$149,999 and freshmen or transfer entry status.