If you don't want to stay somewhere far and drive, then there is really not much choice besides paying $200+ a night for a hotel in West LA or Santa Monica. There is a general shortage of hotel rooms on this side of town due to Century City Plaza being under renovation. August is also high travel season so you are not going to catch a break by waiting for some last minute deal.

If you are willing to use a bus to get to/from UCLA, your have a couple more options near Culver City or Marina del Rey. But they are not likely to be cheap either.