<p>Does anyone know what the process is like?</p>
<p>When should we apply for them?</p>
<p>Is the UC of our attendance itself the lender?</p>
<p>Is it a sure thing that we'll get the loan if we qualified for it on our award statements?</p>
<p>How do credit scores affect the process?</p>
<p>Is it necessary / possible / advisable to have parents cosign?</p>
<p>thanks</p>
<p>Ive never applied for a student loan but i have taken loans out before.</p>
<p>The UC isnt the lender it is the bank or wherever you are getting the loan from that will pay the UC.</p>
<p>Credit score is important but proof of income is probably more important. Because many of us have no jobs, or very low paying jobs, we will need to have a parent cosign. If you have bad credit it wont be that bad, because you are young and your bad credit will most likely be due to just not having enough credit yet.</p>
<p>Id advise you to apply for the loan this summer, maybe late july ish. </p>
<p>get a loan from citibank, my mom works there she will help :-)</p>
<p>how much are the costs to attend a uc? like everything combined, housing on campus, dining costs, expected and hidden costs?</p>
<p>how much is a reasonable loan for college?</p>
<p>
[quote=]
Because many of us have no jobs, or very low paying jobs, we will need to have a parent cosign.
[/quote]
</p>
<p>BS… spoken like a child with a sense of entitlement.</p>
<p>Pinker, welcome to crippling debt. Hahaha!</p>
<p>I don’t think you have to go out on your own to get a loan.</p>
<p>When I was at UC**, I would see my financial aid offers, and aside from the CalGrants/University grants, I would have loans and work study listed. They were all optional, so I could accept all 5500 of the Stafford or just part of it. I took work-study but I ended up not needing it.</p>
<p>The estimated price of 25-26k is going to be higher than what you actually end up paying. It’s a different story if you buy all brand new books , travel back home a lot , and a few other things. Remember, they list books at around 1500 and travel at 1000 and a few thousand for “other expenses”.</p>
<p>Also, work study is actual work, not being paid to study. Your work study can be approved through dining halls/restaurants on campus or any campus job really.</p>
<p>Although I wasn’t there too long, it wasn’t a financial burden like some people make it seem. This coming from a 50kish household income. </p>
<p>Might want to check with the school tomorrow, but I think they will offer you some sort of Loan offer (I think they gave me two choices , citibank and something else), and if you decline, then you would have to find another means to pay for school.(Such as getting a loan from a company that wasn’t in their list) </p>
<p>Just don’t give yourself BRAIN DAMAGE over this.</p>
<p>hey pinker</p>
<p>if you qualify for the student stafford loan that is listed on your ePAL then you do not need to have a credit check to obtain that. You call up one of the many banks that offer such a loan and basically sign up for it, they give you the loan for however much UCLA determined you would receive and you don’t have to pay that one back until after you graduate. For the Parent PLUS loan that is also on the ePAL credit IS taken into consideration. If your parents don’t qualify because of bad credit they will write a letter of rejection that you need to send to UCLA financial aid dept. which will then up the amount you qualify for in the Student Stafford loan.</p>
<p>word…
yeah… i qualify for a total of $7,500 in loans… the full $5,500 for the stafford, and some other low interest, but unsubsidized loan for $2,000. i also got $3,000 in work study. so according to you guys, i’ve simply got to ‘accept’ them and then contact one of the banks, show them my ‘acceptance’ and that’s it? i get it? </p>
<p>if that’s how it iz, sweeeeeet.</p>
<p>^the stafford loan isnt issued by a bank but by the department of education. if you accept it, it will be sent to your school and they will disburse it out to you. for UCB, its put into your CARS account. all you have to do is accept it and take some course on debt awareness.</p>
<p>i think.</p>
<p>the stafford loan is issued by a lender or bank…</p>
<p>[UCLA</a> Financial Aid Office - Stafford Loan Lender List](<a href=“http://www.fao.ucla.edu/stafford_loans_0809.htm]UCLA”>http://www.fao.ucla.edu/stafford_loans_0809.htm)</p>
<p>im confused now.</p>
<p>so, is the stafford loan the same as the federal direct loan? on my finaid site, it says all i have to do is complete the master promissionary note and then the loan will be disbursed into my account.</p>
<p>on the offer letter, its called the direct loan. not stafford loan.</p>
<p>btw, good post.</p>
<p>all i have is:</p>
<p>Federal Unsubsidized Stafford Loan - for me to apply for
Parent PLUS Loan- Parents apply for</p>
<p>any1 have any ideas on the private loans? what if i don’t have a good credit cosigner? where can i possibly get the loan if my finaid+shafford loans is not enough to cover the cost…
thx</p>
<p>are there any banks that provide better student loan offers than others if i do not have a cosigner and need to take out the full cost of college in private loans?</p>
<p>is it possible to get work study if it was not listed on the epal/is it only “need based”?</p>
<p>Work Study is need based.</p>
<p>socal & brokenthoughts:
[url=<a href=“Your Guide for College Financial Aid - Finaid”>Private Student Loans - Finaid]FinAid</a> | Loans | Private Student Loans<a href=“Scroll%20down%20to%20the%20table%20w/%20the%20IR%20%”>/url</a></p>
<p>Major factors in obtaining a student loan from a private bank:
-have a cosigner
-have good credit
-have a SSN (int’l students esp.)</p>
<p>Major factors in getting a low interest rate:
-cosigner has good credit and makes significant income (not just the minimum which is usually $1500/month)
-applying at as many banks as possible</p>
<p>Word of advice… You have to REALLY look around if you want to get a loan w/ a reasonable interest rate. From my experience, Chase and Wells Fargo offer the lowest IR (and NO loan fees).</p>
<p>thank you pskate</p>
<p>i applied to wellsfargo and was able to get a relatively decent intrest rate even without a cosigner…</p>
<p>ahh! if only i had a cosigner it would be less money and even easier to find loans</p>
<p>i was reading about wells fargo loans and came across some horror storries with their student loans…have you had a relatively good experience with wells fargo thus far?</p>
<p>Wells Fargo hasn’t gotten back to me. My application is still in process =/</p>
<p>I’m still recovering from Citibank. They offered me 10.5% interest + 4.5% loan fee…
Hope WF offers me a better interest rate!!!</p>
<p>[Calculators</a> - Student Loan Calculator](<a href=“http://cgi.money.cnn.com/tools/studentloan/studentloan.html]Calculators”>http://cgi.money.cnn.com/tools/studentloan/studentloan.html)
^try this to see how fast you’re gonna have to pay off your loan to minimize the amount of interest you need to pay</p>
<p>i received a $2,000.00 loan for this summer semester thru ucla w/o a cosigner. i don’t have good credit. ucla has several lenders you can choose from when you accept their offer on their website.</p>
<p>the loan’s interest rate is 6.8%</p>
<p>does any1 know when is the deadline for applying Stafford loans? and how am I gonna accept my financial aid offer from UCLA.</p>