UCLA is unveiling a new initiative to help students afford college without loans, seeded with a $15-million gift from Bruins alumnus and real estate investor Peter Merlone.
A growing share of low-income students admitted to the renowned University of California system are choosing community college instead as skyrocketing housing costs and insufficient financial aid put their dream campuses out of reach.
Merlone also began a scholarship program three years ago for UCLA-bound students from North Hollywood High School to honor his mother, a former student. But he said only a handful of students would accept admission offers — even though UCLA is the top-rated public university in the nation — because many of them could not afford the education and opted for lower-cost options.
Merlone has not restricted his gift to low- and middle-income students, but UCLA officials said they expect to award many of the scholarships to those in need.
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