CA AB370

Commencing with the 2018–19 award year, requires the Student Aid Commission to calculate a target of 25,750 awards to be paid and estimate a "take rate" by dividing total awards paid by total offers made during the preceding three award years.

Requires the commission to estimate the number of award offers needed to achieve the 25,750 target by dividing 25,750 by the estimated take rate for 2018–19, and to adjust targets and take rates annually for subsequent years.

Authorizes the commission to exceed the 25,750 annual award limit when the number of acceptances exceeds 25,750, provided the commission follows the specified calculation methodology beginning in 2019–20.

Maintains existing provisions that 50 percent of awards are available to all eligible students (with March 2 deadline for baccalaureate students and March 2 or September 2 for community college students) and 50 percent are reserved for California community college students.