Page 13 - University of California at Los Angeles Insider

Scholarships • Scholarships are usually based on
academic achievement and economic
need and this is also money that your
Direct Unsubsidized Loans may be offered to students who are eligible but don’t demonstrate financial need. Interest payments on these loans begin immediately.
student does not have to repay. The staff in the admissions and financial aid offices determine student eligibility. Some students meet the requirements for multiple scholarships.
Many students and their families do not realize that there are many sources for outside/private scholarships and grants available to pay for college, in addition to what universities offer. High school counselors can be very helpful in identifying scholarships, and there are also many online sources that provide lists of available scholarships.
Work study
This is a federal program which distributes money to colleges and universities to finance campus employment for eligible students. If work study is part of your student’s financial aid award, they will find out early in the school year what kinds of jobs are available and they can decide which to apply for. Work-study funds are delivered to your student in the form of paychecks from the university to help them cover any education-related expenses.
Federal student loans
Federal student loans may be part of your student’s financial aid offer. This is money your student borrows and must pay back with interest.
Through the William D. Ford Federal Direct Loan Program, the U.S. Department of Education offers direct loans to eligible students and families:
• Direct Subsidized Loans
are offered to students with economic need. Interest is deferred (postponed) until after degree completion.
You can find out about other kinds of federal loans, including the Federal Perkins Loan Program for students with exceptional financial need, by visiting the website studentaid.ed.gov/sa/types/ loans (English) or studentaid.ed.gov/sa/ es/types/loans (Spanish).
Be cautious when applying for or accepting loans
Your student does not need to accept the federal loans that are offered in a financial aid award. Before you sign
for any loans, we suggest creating
an inventory of other loans that your student has already acquired. Research the loan requirements and repayment terms, how and when payments are made, and how much the payments will be.
We recommend avoiding loans
from private institutions (banks and credit unions) because interest and penalties can be higher and repayment terms can be less flexible. We also recommend avoiding companies that offer information only in exchange for payment.
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