<p>loans have an interest rate dont they?... if thats so then its not a scholarship or need-based aid.</p>
<p>Looks like I'll only have to pay like $1,500 a year. Grants, I love you.</p>
<p>-Ender</p>
<p>We checked the ePAL, which was created on 3/14/2005.
It shows Budget summary as follows:
Cost : 40,461
Parent Contribution : 22k+
Financial Aid Eligibility: 17k+</p>
<p>but in the section "Provisional Awards", it says
Loans : 38,961
University Scholarship: 1,500
Provisional Total Award: 40,461</p>
<p>Strange ?</p>
<p>What exactly is this $1,500 "University Scholarship"? It's only a notification that we're ELIGIBLE for it, right? Are we only notified whether or not we receive it after we file for the eFAN or something?</p>
<p>(Guide: Bottom of p. 5 and top of p. 6)
The enclosed notice of eligibility may not include the scholarships you have applied for using the Undergraduate Admissions Application. The determination of scholarship eligibility is a long process, and requires awarding these dollars throughout the summer months. UCLA-based scholarships will appear on your final award notification. If awarded, scholarships will usually reduce your self-help (loans and work-study) awards.</p>
<p>whoever8: If you add up your parent's contribution and your contribution, it comes out to be about $39,000. Your cost of attendance, however, is $40,461. Is is a deficit of $1,451.</p>
<p>Your contribution plus your grant of $1500 will cover the contribution. These grants are yours to have. </p>
<p>If you cannot meet your contribution (that is, you don't have the money to cover the contribution), you can take loans up to $38,961.</p>
<p>And regarding university scholarships: Those are your scholarships. Your eFAN will provide a breakdown of which scholarships earned.</p>
<p>The scholarships mentioned in the Guide are outside aid scholarship. For example, if you get a $5,000 scholarship from Bank of America, you must let your university know of the award. They will first reduce your loans first and attempt to lower your EFC before taking away the university scholarships.</p>
<p>legendofmax: Your EFC was too low and UCLA could not cover your cost of attendance with such grants and scholarships; thus you end up with loans to cover the rest of your need (you're out of state?).</p>
<p>You must pay back loans. For students, there is the Federal Stafford Loan, subsidized and unsubsidized, and several other loan options for students. PLUS is for parents (Parent Loans for Undergraduate Students?). Your parents may also take loans from outside agency, such as Sallie Mae, to cover your tuition if necessary. Your eFAN will provide a break down of all your loans, etc. Perkins Loans are the best for students because the interest rate is held below 5%. Perkins is only available for low-income families. Again, your eFAN will provide notices on which loans you receive/eligible for.</p>
<p>A note about loans, your federal loans can never be defaulted and you can never claim bankruptcy on them. Not paying your loans will result in a huge hit to your FICO score. Most federal loans are capped at about 9%, so should anything happen, your interest will not exceed 9%. Most loans require pay back beginning 6 months after graduatiion from the university. You may consolidate your loans at that point in time.</p>
<p>This estimate I recieved from my ePal, is this for all four years or only for next year? Do I have to fill out the fafsa or any other forms the following years as well to be eligible for grants and such? I've heard that you can be eligible for grants from the school if you maintain a certain gpa, is this true?</p>
<p>Thank You</p>
<p>eiffelguy87: Does this means that we have to pay 39k+/year, which is
much more than we can afford (FEC =22K) ?</p>
<p>qtip, you'll have to fill out a new FAFSA each year - financial aid is determined on a year by year basis.</p>
<p>Oops, I misread your post; your EFC is $22,000 and that is what they think you can pay out-of-pocket. Your scholarship is 1500.</p>
<p>So you add that up:</p>
<p>$22000 + $1500 = $23500</p>
<p>Your Cost of Attendance is: $40,461</p>
<p>Since that was the only grant/scholarship available, the provisional awards letter states that you are also eligible for loans. To make up the deficit, you need to take out loans to cover $16,961 rest.</p>
<p>I see that most of you have already recerived your epals why havent I?? Oh and another question what is the Efan?</p>
<p>EFAN is Electronic Financial Aid Notification</p>
<p>Urgent Hepl Required!!!</p>
<p>I put "On Campus" as housing option for UCLA on my FAFSA, but my Fin Aid from UCLA (which I got on Friday) says that I am a "commuter," ie. living off campus with parents. But my parents are not in LA.
I will be living on campus.
PLEASE HELP what shall i do??</p>
<p>I went to the Engg open house!!! The campus was better than I ever expected, UCLA rocks!!!!!!</p>
<p>My EFC is 0 so my parents cannot pay the extra money.
Without this it will be tough. So please help me.
I don't know what went wrong.</p>
<p>Contact the Financial Aid Office (FAO) and notify them of the change so that a new ePAL can be provided.</p>
<p>Did you get something like $ 22,000. I got $ 15,666 in grants and loans my EFC is 0 too. I had applied "on campus" housing on the FAFSA, but for some reason they have given me a commuter status.</p>
<p>I don't want to bore you, but tell me how much u got?</p>
<p>Do they do that?
I did contact the fin aid office. they said call the housing dept. I did that too, and they said contact the fin aid guys. I just hope this doesn't kill my chances.</p>
<p>What should i tell them. Thanks for the reply.</p>
<p>im dying here!!!! ok heres the situation I submitted my FAFSA on feb 2 but I made a correction the next day and added UCLA but I failed to realize that I had to SUBMIT the correction. Since I added it and it showed on the screen and I saved it I thought that it was sent but today,APRIL 16!!!!!, I realized i hadnt submitted it so i did it today!!!! DO I STILL GET MONEY!?!?!?!?!? MUCH LESS!!??!?!?!? i think I just screwed up my life... please help.. anyone...please...</p>
<p>probably not. But what is your financial situation anyways? if the combined income of ur parents is over 100k a year then i dont think u will get a dime. if not, it may be too late but its only for 05-06 year so u will get financial aid for 07-08. worse comes to worse u will have to do a lot of scholarships. they are rather easy, but time consuming.</p>
<p>lol oh yeah u guys said something about Federal subsidized loans that start with interest AFTER you graduate right? thats such a beneficial thing to do. i mean inflation (which averages 2% per year) tend to favor those in debt because the purchasing value of previous dollars depreciates... i think even if i could afford college, I'd take out as much as I can in loans.</p>