My best friend and I got into UCLA which is our dream school, but she feels like it will be too expensive to attend. She and I have the same financial aid plan. Her parents think she should not attend because it is too expensive. My parents are more supportive and believe it will be worth it as long as I like where I am and I get a good education. Are the loans too much? Is UCLA worth the price?
Expected Family Contribution (EFC) Number: 0
Cost of attendance: $34,844
Grants and Scholarships: $25,844
Net Cost (Cost of attendance minus grants and scholarships): $9,000
Work Study: $2,500
Loan Options (may be eligible for a different amount):
-University Loan: $1,000
-Federal Direct Subsidized Loans: $3,500
-Federal Direct Unsubsidized Loans: $2,000
Work Study + Loans = $9,000
I don’t know if these are stupid questions but I am really unfamiliar with the cost of universities and the average amount of loans and debt.
Although nobody will be able to objectively assess everything considering you and your family’s finances, I don’t think this is unreasonable and it sounds like your parents see it the same way. Admittedly, > $20K in loans over 4 years can seem a bit high (no loans are better than some loans), but shouldn’t be crippling in the long run and can be eaten away at with some extra effort, summer jobs/internships, etc. That does depends a bit on your intended career trajectory, but still.
I’d say go with your parents’ blessing. I’d think a quality education from UCLA combined with all of the opportunities it would offer would be worth than and then some. Even for those who feel like the education is all the same (which usually is not the case), you’ll get more attention from companies and will be surrounded with top students who would be good for networking, inspiration, and perspective. Plus, it is your dream and is affordable. GG, by the way; getting into UCLA in this day and age is quite an accomplishment.
As for your friend, there are two options; either you’re not fully aware of her financial situation (possible) or her parents have priorities or preconceptions that conflict with this. Some families are more sensitive to money, with some not willing to spend extra when a cheaper option exists despite a perceived difference in quality. I’m gonna go off on a limb and vouch for UCLA here; when comparing against cheaper colleges, I’m pretty sure it would be worth paying a the prices you describe if only for the benefits. Still, it is essentially her and her family’s choice.
The question may be if there is a better option. Community college and commuting may result in no loans, but not as many opportunities.
UCLA is a very good school. The COA is usually a little fat on the expenses and you may be able to cut quite a bit off that figure. Rent your books, travel to school a cheaper way (bus not flight?), don’t buy a lot of entertainment things. You might be able to knock $1000 off the COA.
You can also work the summer before school, during breaks, or get a second job at school on weekends or one time things like working a football game day or as a tour guide for the school. With minimum wage higher now in California, you work fewer hours to reach the max on your work study, so you may find you need a second job toward the end of the semester or the school might increase your work study max.
I understand your friend (and family) are a little stunned by the numbers, but it does look like UCLA met your need with only the standard loan. I think it is a good deal.
This is a very good package. You should work during the summer and avoid the extra $1000 UCLA loan. Keep your spending low during the school year and you’ll be fine. I like that the work study is actually a reasonable number. Some schools include an amount most students won’t be able to earn.
This is a very good package. The total for your loans for undergraduate should not go over the federal limit if 27k over 4 years because that’s what a college graduate can reasonably pay back over 10 years. Your loans are below this and if you work and use personal savings you can avoid the $1,000 UCLA loan. Rent rather than buy textbooks + use the library (books for each course will be on reserve there), be frugal in entertainment choices (choose the free movie on campus rather than the $20/ticket premiere downtown) which would cut more in personal expenses. Work as many hours as you can starting now, putting everything aside into your bank account.
UCLA is a top, top school. Congratulations! So many students on college confidential are jealous right now it’s many students’ dream school. You made it in - now prepare to succeed All in all… don’t turn that chance down.
As for your friends, perhaps her parents have heard of horror stories with loans. If her package is the same as yours, ie , within the federal loan limit, she’s ok. If her parents would have to take on loans, their hesitation is understandable and it’s not recommended at all. But if her EFC is zero and she got the same package, then you’re ok.
@thumper1:
$9,000 is what’s left to pay - the loans and work study make up the amount. (You don’t add them up, they provide the total and the subtotal).
And it’s for cost of attendance, not direct cost. COA includes $430 just for transportation, $1,450 for books, $1,470 for personal expenses. It sounds like an overestimate to me.
OH! Well if that is the case…then this is an excellent award…so long as the family is comfortable with a little in Loans other than the student loans…and everyone looks for ways to economize on expenses controlled by the family!
The OP needs to remember…the work study money won’t be seen by them until they find a WS job, work, and get paid. Usually, that is money used for books, personal expenses and the like.
If you work summers you can probably raise ~$3k. That would bring your balance down to $6k. After the $5500 federal student loan is applied, your balance would be $500. You probably have wiggle room on the personal expenses, so I think you’ll be fine. Your total loans would be ~$27k, which is a reasonable amount of debt to carry.
Be proactive about getting a Work Study job as soon as you get to campus – you have to apply for particular jobs – and try to save some of your pay if you can. It will only be (max) $1250/semester and you won’t get your first check until a couple weeks after you start, so keep some of your summer earnings to get you started. Choose your job wisely. Jobs in the kitchen are good for getting extra food, but other jobs have downtime so you can study.
The best jobs by the way are the desk jobs in the library or at the entrance desk to residence halls. Indeed, you sit and help people, but when no one shows up, you’re free to study.
A job with perks is working in the cafeteria - you can often get free food. It means you could get paid, eat, AND thus take a lower-cost meal plan.
UCLA is on quarters, not semesters, so about $800 per quarter. Minimum wage in LA is now $12/hr, going higher. That’s about 65 hours over the 10 week quarter, or 6-7 hours of work per week.
The best jobs are the ones with the highest hourly wage. Can you get certified as a lifeguard? At my kid’s school, that was a high paying job, and they were always looking for people.
The library jobs? Don’t count on always being able to study. Very often, those employees are assigned to do tasks other than sit at the desk. At my kid’s school…they paid minimum wage.
The dorm desk jobs? Maybe things have changed, but those usually went to upperclassmen who had already lived in the dorms, and those also paid minimum wage.
I think she’s looking at 5500 +1000 in loans for the year.
The $9k is the total of work study, fed loans, and ucla loan.
This is a very good pkg…you should go. If your friend got the same, she should go.
Sounds like her parents don’t understand the pkg. It’s a very good pkg. Maybe they naively think she shouldn’t have any loans. She and you can minimize loans by working/saving over the summer.
Looks like $9,000 is the net price, which is the total of student loans ($6,500) + work study ($2,500).
The amount is broken down into
$2,500 = work study
$3,500 = subsidized direct loan
$2,000 = unsubsidized direct loan
$1,000 = university loan
although if the student earns more from work (during the school year and summer) and/or lives more frugally than the cost of attendance assumes, s/he may need to borrow less than $6,500 per year.
Out of curiousity, what are your other options? You got a good deal for UCLA but it’s hard to say if the debt is worth it without the whole picture. for example, if you were local to UCSD and could go for nearly free cutting costs by living at home for a year or two… that might be a different ball game. It’s all relative. For some people, 9k might as well be a million.
Oh, one bit, remember that work study is earned throughout the year and your best bet is to start applying for jobs before the school year even starts. It’s great for helping with daily incidentals but it won’t help with up front tuition.
@cathyli2018 This is an amazing package. With work study and a summer job, you are only looking at maybe $5500 in loans per year. Can your family contribute anything?
it’s many students’ dream school. You made it in - now prepare to succeed 
All in all… don’t turn that chance down.