Loan Confusion!! Please help!

Raychul07
Wed, 01 Sep 2010 22:30:22 +0000

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

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.

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.

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.

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 Direct FAQ](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.

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 Contract Housing Rates and Payment Plans (1004377)](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.