CA AB1976

Requires the Student Aid Commission to calculate a target number of Competitive Cal Grant A and B awards to be paid in each award year, starting with the 2015-16 award year.

Establishes a methodology for estimating award offers by calculating a "take rate" (ratio of awards paid to offers made over the previous three years) and dividing the target by this rate.

Authorizes the commission to exceed the existing 22,500 annual award limit when the number of acceptances exceeds 22,500, provided the commission follows the new calculation methodology in 2016-17 and subsequent years.

Maintains the existing allocation structure of 50 percent of awards for all eligible students and 50 percent reserved for California community college students, with March 2 and September 2 application deadlines respectively.