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It’s been great to listen to from so many excited admitted students, but we know that many families still have lingering financial aid questions. We thought it might be helpful to compile a list of the common questions we have received and have the workplace of Financial Aid respond. Please see the post below for answers to questions that are common may have about educational funding at USC:
Why is the EFC decided by 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), using a formula known as Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not such as the family members’s home and/or business or farm, if your family is a bulk owner with less than 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 extra data provided on your CSS PROFILE, federal income tax information as well as other supporting papers, utilizing a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings along with house and company or farm equity. In addition, certain shmoop.pro other allowances and adjustments may be viewed which the FAFSA does not. Using these details allows us to more accurately measure a household’s economic strength in order to distribute university-funded grants that are need-based equitably as you are able to.
Your FAFSA EFC determines the sort and amount of federal student assist you qualify for, although the IM EFC determines the total amount and style of university need-based school funding you will likely be awarded.
What if my family can’t pay for the EFC?
Consider that the EFC isn’t bill but a measure of the capability to subscribe to the price of advanced schooling, according to your family members’ financial power. Your price, or family contribution, will be based on your real cost of attendance minus any aid that is financial. The family contribution is intended to be paid via a mix of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and pupil loans.
Besides finding techniques to keep costs down, families may consider these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or even a portion of the student’s university charges each semester in five equal month-to-month payments for a $50 fee/semester.
• The Federal PLUS Loan program and private loan program(s) enable families to spread the fee of training over many years.
Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the cost of attendance. We encourage families to assess their short- and long-term resources to develop a plan that works most useful for his or her situation.
Families ought to borrow as conservatively as possible. Students and parents should exhaust all federal help available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private education loan program, once the credit and repayment regards to federal loan programs may be more favorable than those for private loan programs.
Using personal student loan programs to pay for the fee may result in the student taking on an unrealistic and ultimately unmanageable debt load. For pupils who elect to apply for private loans, applying having a credit-worthy co-borrower increases the reality of qualifying and can lower the interest rate.
Although many loans may be deferred, parents should consider making interest payments while the pupil is in school, if at all possible, to reduce the entire expense of borrowing.
Finally, if you have a special scenario that you imagine was not taken into account whenever determining your EFC, please be sure to tell us by submitting an appeal.
Exactly What if I don’t qualify for school funding but can not afford to send my kid 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 need-based financial aid to think about these choices offered by the college:
• 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 college charges each semester in five equal monthly obligations for the $50 fee/semester.
• The Federal PLUS Loan program and private loan programs enable families to spread the cost of education over a long period.
Can we stack scholarships?
If you’re not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you get awards that can only just be employed to purchase tuition, the total amount of your awards may not surpass the cost of tuition for the year. You ought to refer to the scholarship guide that you received for details on how scholarships may be combined.
When coordinating scholarships with financial aid, our office makes every attempt to preserve any university that is need-based you may possibly 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 aid that is financial may also increase, allowing your Stafford Loan to assist with all the household contribution. In some cases, however, the university grant that is need-based be reduced because the quantity of gift help exceeds the determined need.
Who is qualified to receive work-study and exactly how much can they get?
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 units your financial aid award was based on. New first-year students who meet these skills may receive up to $2,500 in work-study.
Should you not get work-study funds, you can still work on campus. Many on-campus employers will employ pupils who do not have work-study. You can find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.