It’s been great to listen to from so many excited admitted students, but we know that lots of families still have lingering aid that is financial. We thought it would be helpful to compile a summary of the typical questions we have obtained and have the Office of Financial Aid respond. Please see the post below for responses to questions that are common may have about financial aid at USC:
Why is the EFC based on USC different than the EFC reported on FAFSA?
The information you provided on the FAFSA is used to calculate eligibility for federal pupil aid (including Pell give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula called Federal Methodology (FM). FM takes into consideration:
• Total income (taxable and nontaxable).
• Asset equity (not such as the household’s house and/or business or farm, if the family is really a majority owner with not as much as 100 employees).
• Allowances for basic cost of living and retirement.
• Family size and number of children in college.
Eligibility for university grant funding and other university need-based aid is determined by taking into account the excess data provided on your CSS PROFILE, federal income tax information as well as other supporting documents, using a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings in addition to business and home or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these records we can more accurately measure a family’s economic strength so that you can distribute university-funded need-based grants as equitably as you possibly can.
Your FAFSA EFC determines the sort and quantity of federal student assist you meet the criteria for, whilst the IM EFC determines the quantity and style of university need-based aid that is financial is going to be awarded.
What if my family can’t afford the EFC?
Remember that the EFC is not a bill but a measure of your power to donate to the fee of advanced schooling, predicated on your family’s financial power. Your expense, or family contribution, depends on your own actual cost of attendance minus any economic aid received. The household contribution is intended to be paid through a mixture of sources including income that is current college or other savings, and/or longer-term financing such as parent and pupil loans.
Besides finding ways to keep your charges down, families may consider these options available at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or perhaps a percentage of the student’s university fees each semester in five equal month-to-month payments for the $50 fee/semester.
• The Federal PLUS Loan program and private loan program(s) enable families to spread the cost of education over years.
Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the cost of attendance. We encourage families to evaluate their short- and resources that are long-term develop a plan that works most useful for his or her situation.
Families ought to borrow because conservatively as possible. Students and parents should exhaust all assistance that is federal, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private education loan program, due to the fact credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.
Using private student loan programs to pay for the fee may result in the pupil taking on an unrealistic and debt load that is ultimately unmanageable. For students who choose to apply for private loans, applying with a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.
Although some loans can be deferred, parents should start thinking about making interest payments while the student is in school, if at all possible, to reduce the general expense of borrowing.
Finally, if you shmoop do my essay have special circumstance that you think was not taken into consideration whenever determining your EFC, please be certain to inform us by submitting an appeal.
Exactly What if I do not qualify for financial aid but can not afford to send my son or daughter to USC?
Regardless of financial need, all students are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine simply how much your student can receive.
We also encourage families whom do perhaps not be eligible for a need-based aid that is financial start thinking about these choices provided by the university:
• The USC Payment Plan is an interest-free installment plan that enables the household to pay all or even a part of the student’s college charges each semester in five equal monthly premiums for a $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the cost of training over several years.
Can we stack scholarships?
If you should be not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you get awards that can just only be used to buy tuition, the amount that is total of awards may not surpass the price of tuition for the year. You should refer to the scholarship guide that you received for details on how scholarships may be combined.
Whenever coordinating scholarships with school funding, our workplace makes every attempt to preserve any need-based university grant you could have been awarded. A new merit scholarship received after your initial financial aid award will reduce the amounts of Federal Work-Study and federal loans you receive in most cases. The total educational funding award may also increase, allowing your Stafford Loan to help with all the household contribution. In some cases, however, the college grant that is need-based be paid off because the total amount of gift aid exceeds the determined need.
Who is eligible for work-study and exactly how much can they receive?
To be entitled to Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the quantity of devices your financial aid award was based on. New students that are first-year meet these skills may receive up to $2,500 in work-study.
You can still work on campus if you do not receive work-study funds. Numerous on-campus employers will employ pupils who do maybe not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.