Loan Confusion!! Please help!

[mepatel]

<p>First off, I didn't get any gift aid/any other kind of help from the federal government or ucla. So, my whole college tuition is going to be paid through loans, and loans are very confusing. :/</p>

<p>However, I did receive a Robert C. Byrd scholarship for $1,300 and the
letter I received told me informing me that I got this scholarship
told me that it went straight to UCLA, but I don't see this amount on
my eFAN?
I've received my eFAN and my parent and I understand how much money needs to be borrowed, we've maxed out my loan and tried to minimize that of my parents. </p>

<p>For a student to receive a direct loan, they must complete the online
course (Debt Management Session), according to
UCLA</a> Financial Aid Office - LOANS FAQ's, which I've already done, and
I've printed the 3 confirmation pages. First step done right?</p>

<p>For a parent to receive a federal loan they must submit a Master
Promissory Note, correct? but here's the thing,
UCLA</a> Financial Aid Office - LOANS FAQ's gives the link to complete the
MPN as <a href="https://opennet.salliemae.com/%5B/url%5D"&gt;https://opennet.salliemae.com/&lt;/a>
But we see no link at there, at SallieMae, to do just that . Also in
the Parent PLUS guide
(<a href="http://www.fao.ucla.edu/publications/2010-2011/Direct_Parent_PLUS_Loan_Guide.pdf%5B/url%5D"&gt;http://www.fao.ucla.edu/publications/2010-2011/Direct_Parent_PLUS_Loan_Guide.pdf&lt;/a&gt;)
it says to complete the MPN at <a href="http://www.StudentLoans.gov%5B/url%5D"&gt;www.StudentLoans.gov&lt;/a>, so which one is
right?</p>

<p>QUESTION: After the above 2 steps are done, we accept the eFAN correct?</p>

<p>QUESTION: This is basically the "now what" question. How do I get the
money from these loans to pay for tuition and housing? (Not by credit
card, that's for sure!)
I've read something about it going electronically into my BAR account.
Which can be accessed through the <a href="http://www.ursa.ucla.edu%5B/url%5D"&gt;www.ursa.ucla.edu&lt;/a> in the financial
aid section, correct?</p>

<p>QUESTION: How can I be sure that the amount deposited in my BAR
account will be enough to cover my tuition and housing expenses for
that quarter?</p>

<p>Thank you so much for the help!!! If anything is unclear I can explain it again.</p>

[Raychul07]

<p>I’ve never received a scholarship, so sorry, I don’t know how that works. </p>

<p>Word of advice- I’d avoid taking out a Parent PLUS loan if you can. It’s a pretty crappy loan and I’d only do it you don’t have any other options.</p>

<p>You complete the MPN at studentloans.gov. You should figure out how much you want to borrow and accept it on your eFAN before you fill out the MPN. </p>

<p>If you take out Parent PLUS, Direct Subsidized or Direct Unsubsidized loans, they will be automatically credited to your BAR account on Sept. 13th. If you take out enough loans to cover your tuition, then you’re all set as far as BAR goes. If not, then you’ll have to pay for the difference by Sept. 20th. </p>

<p>Of course, if you need help paying for your housing, too, then you’ll need to take out more loans. Once BAR has been paid for, any amount of money that you borrowed beyond the cost of your BAR fees will be deposited into your bank account. This system is called Bruin Direct, and you can read more about it here- [Bruin</a> Direct FAQ](<a href=“http://www.amco.ucla.edu/bruindirfaq.htm]Bruin”>http://www.amco.ucla.edu/bruindirfaq.htm)
Once the money that’s left over from BAR is deposited into your bank account, you can use those funds to pay for housing by check or credit card.</p>

<p>As for your question about making sure that all your expenses are covered, just figure that tuition is going to be about $3,600 a quarter. Add in the cost of your housing, which you can find here ([2010-2011</a> Contract Housing Rates and Payment Plans (1004377)](<a href=“http://map.ais.ucla.edu/go/1004377]2010-2011”>http://map.ais.ucla.edu/go/1004377)), and that’s how much you’ll owe each quarter. Subtract whatever amount you or your parents can contribute, and the difference is what you’ll need to borrow in loans.</p>