The Underlying is the sum of the annual Tuition amount and annual Student Services Fee amount listed for “UG Cohort First Enrolled in AY 2027–28” under “Mandatory Systemwide Charges: Annual” in the University of California Office of the President’s 2027–28 Tuition and Fee Levels document.

For avoidance of doubt, the Value excludes Nonresident Supplemental Tuition, per-term charges, summer session charges, graduate tuition, Professional Degree Supplemental Tuition, campus fees, housing, meals, health insurance, books and supplies, transportation, personal expenses, financial aid, and all other cost-of-attendance items.