A Pew Research Center study found that, as a result of the economic downturn, 22.4 million American households face student debt.
Proposed changes in Perkins loans could affect USC, which receives $8 million in Perkins loans each year.
Brown’s proposed budget would slash Cal Grant spending for private universities by 44 percent.
Applicants can use the online calculator to estimate how much aid they will receive.
The national student loan default rate rose to 8.8 percent, according to a report last week.