<p>as is the problem with most OOS students, the problem is the money. so i have a question about loans. im assuming the interest rates for student loans is ~5%. when do these interests start to accumulate? is there a grace period of, say, two years before they start charging interest? or is the interest added on immediately after you graduate? or what?</p>
<p>my understanding is that bank loans suck because their interest rates are a little higher, so i guess i would never go there.</p>
<p>anyhow, im trying to find a loophole behind this little problem of $41k a year, plus whatever debt i incur at grad school. ooo...is it legal for 18 yr olds to take a shot at the slot machines in vegas? lol. :rolleyes:</p>
<p>Tuke you're in the same boat as me man, 41k and no aid but an ambiguous title of "LOANS." (soon to be resolved into different categories of loans i believe)</p>
<p>i still dont know what efc is, lol, but i think i know what you're asking. my parents are expected to fork over 26k and ill have to get 13k in student loans. this really sucks though...this whole loans thing. its the one thing thats holding me back from solidly choosing ucla. and the other thing is, i never applied for any of the UC scholarships. i figured it was pointless, thinking i wouldnt make any of the UCs. darn. but anyways, back to my original question..</p>
<p>if ur parents are to fork over 26k thats ur efc(estimated family contribution). My efc came out to be around 25k too, so its gonna be difficult to decide. I even got a full ride to U of Oregon, where i live, so its making decisions even tougher. Maybe people on this forum can tell both of us if its worth it to pay that much and then if its easy to pay back those loans. (They do have subsidized loans at 0 interest i believe too)</p>
<p>loans are NOT easy to pay back. my mom calculated it for me, and id have to pay back roughly $600-800 per month for 20-30 years, not including grad school debt. which is why i ask, is there possibly a grace period before they start charging interest. and also, what is the exact interest rate? (i assumed it was 5%)</p>
<p>i also got accepted into my state's school (UT austin). i wouldnt mind going there i suppose, but hey, this is ucla we're talking about. L-A.</p>
<p>Unless you have a "subsidized loan" because of financial need, interest begins on the day you borrow the money & keeps building unless you pay at least interest (increasing the amount of your loan) while you're a student.
You & your family really need to have a talk with the Finaicial Aid office so you understand any financial aid offer from the schools you're considering. Borrowing $41,000/year for 4 years is a LOT of money & should be really thought out. One option is working in CA, becoming a resident, going to community college & then transferring to a UC. There are other options.
One of the reasons my S didn't apply to any UCs is because OOS costs are so high & getting residency is tough once you're a student.<br>
Good luck!</p>