RANCHO CORDOVA, Calif., Oct. 20 /PRNewswire/ -- The California Student Aid Commission (Commission) announced that 2010-11 Cal Grant payments have been released to California Community Colleges, private institutions and proprietary schools this week. Cal Grant participants enrolled in the University of California and the California State University have seen their Cal Grant fall awards covered by their campuses. The University of California and the California State University will receive reimbursement for their fall Cal Grant awards in early December.
Diana Fuentes-Michel, Executive Director of the Commission, in announcing the release of Cal Grant payments, stated, "The Commission, in cooperation, with the State Controller's Office, is pleased to inform students and participating Cal Grant institutions that Cal Grant funds will be available the week of October 18, 2010. We are grateful for the efforts of all of our participating institutions and their financial aid staff members who worked with us to help students manage the delay in disbursement of Cal Grant funds."
The final Budget Act was signed on October 8, 2010, which authorized the Commission to award over $1.2 billion in Cal Grant funds. However, under the terms of Assembly Bill 1624 (one of the 2010-11 budget trailer bills), Cal Grant payments to the University of California and California State Universities will be deferred until December, 2010. Assembly Bill 1624 put in place a cash management plan that authorizes the State Controller, State Treasurer, and Director of Finance to defer certain General Fund payments.
Additional information and updates related to Cal Grant payments can be found on the Commission's website, www.csac.ca.gov.
The California Student Aid Commission is the principal state agency responsible for administering financial aid programs for students attending public and private universities, colleges, and vocational schools in California. The Commission will distribute over $1 billion to California's college students during the 2009-10 academic year through its Cal Grant, specialized and loan forgiveness programs. The Commission also administers financial aid awareness and outreach programs, such as Cal-SOAP and Cash for College, in collaboration with business, private industry and community-based organizations.
SOURCE California Student Aid Commission