Reduce Your Loan

UCLA Student Loan Services and Collections - My Loan Data

To access and print a PDF version of this "How To", please open or download reduce your loan PDF here.

Have you decided you want to borrow less money than offered to you on your Financial Aid Notification (FAN) this academic year? Here are the steps you should take to reduce your loan amount on your FAN or through the Financial Aid Office.

 

On Your FAN

If you have not yet completed your Financial Aid Notification (FAN), you can reduce a loan amount directly on the FAN.

  • STEP 1: Open your FAN by logging in to MyUCLA (at my.ucla.edu).  Click on 'Awards and Notices' which is located under the 'Finances and Jobs' tab.

  • STEP 2: Locate the loan you would like to reduce under the section titled 'Loans and Work Study'.

  • STEP 3: Enter a reduced amount in the empty box located directly below the current loan offer amount.

  • STEP 4: Confirm acceptance of the loan after you have reduced the initial amount offered.

  • STEP 5: Verify the lower amount once you have accepted the loan.

  • STEP 6: Make certain that upon submission of your FAN you receive a confirmation of its completion before logging off the website.

 

Through the Financial Aid Office

If you have already completed your FAN and would now like to reduce a loan amount, you will need to contact the Financial Aid Office.

  • STEP 1: Go to the UCLA Financial Aid website at www.financialaid.ucla.edu.

  • STEP 2: Click on the Forms and Publications link; Locate and print the Petition for Re-Evaluation Form.  This form will be located within the 'Appeal Forms' drop menu for the academic year or Summer, depending on the loan offer you are looking to reduce.

  • STEP 3: Fill out your last name, first name, and UCLA University Identification Number (UID) as well as all pertinent information as requested.

  • STEP 4: Turn to page 2.  Under the box titled OTHER, write out your request to reduce your loan amount. Please write both the amount by which you want to reduce the loan as well as the new total amount of loan you want to accept.

    Example:
    “I want to reduce my Unsubsidized Federal Direct Loan by $250.00. The new total amount of Unsubsidized Federal Direct Loan I want is $1,000.00 of the original $1,250.00 I was offered.”

  • STEP 5: Complete the CERTIFICATION STATEMENT located on the bottom of the page by signing and dating the document.

  • STEP 6: Return your completed form by mail to:
    UCLA Financial Aid Office
    A-129J Murphy Hall
    Box 951435
    Los Angeles, CA  90095-1435

    or fax to:
    (310 206-7419 or (310) 206-5530

    or by bring it in person according to the information given on the Financial Aid and Scholarship Office form and/or website.

 

You should receive a response within ten business days.  You can check the status of your application on your MyUCLA by clicking on 'Tracking Required Documents', which can be found under the 'Awards and Notices' tab.

 

 

 

(UCLA attempts to provide up-to-date information in our Bruin Dollars and $ense How To Series.  Please be aware that the content of this document is based upon information that was correct at the time of publication.  All information pertaining to and gathered from both UCLA and other sources is subject to change without notice.)