It has been great to listen to from therefore many excited admitted students, but we know that numerous families still have actually lingering financial aid questions. We thought it might be beneficial to compile a list of the questions that are common have obtained and have the workplace of educational funding respond. Please see the post below for answers to questions that are common may have about educational funding at USC:
Why is the EFC based on USC various than the EFC reported on FAFSA?
The information you provided on the FAFSA is used to calculate eligibility for federal student aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula known as Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not including the household’s house and/or business or farm, if the family is a bulk owner with less than 100 employees).
• Allowances for basic cost of living and retirement.
• Family size and quantity of children in college.
Eligibility for university grant funding and other college aid that is need-based determined by taking into account the additional data provided on your CSS PROFILE, federal income tax information and other supporting papers, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed income in addition to business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using this information permits us to more accurately measure a family group’s financial strength to be able to distribute university-funded need-based grants since equitably as you are able to.
Your FAFSA EFC determines the type and amount of federal student aid you meet the criteria for, as the IM EFC determines the total amount and form of university need-based aid that is financial is going to be granted.
What if my family can’t afford the EFC?
Consider that the EFC is not a bill but a measure of one’s power to play a role in the price of degree, according to your family members’ financial power. Your price, or family share, depends on your own actual price of attendance minus any aid that is financial. Your family contribution is intended to be paid via a combination of sources including income that is current college or other savings, and/or longer-term financing such as parent and pupil loans.
Besides finding how to reduce costs, families may consider these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the household 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 loan that is privates) enable families to spread the fee of training over several years.
Many families use a combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the price of attendance. We encourage families to evaluate their short- and resources that are long-term develop a plan that works most readily useful for his or her situation.
Families are encouraged to borrow as conservatively as possible. Students and parents should exhaust all federal support available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a personal education loan system, since the credit and repayment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using private education loan programs to pay for the price may result in the student accepting an unrealistic and ultimately unmanageable debt load. For pupils whom decide to apply for private loans, applying by having a credit-worthy co-borrower increases the likelihood of qualifying and can lower the interest rate.
Although many loans are deferred, parents should give consideration to interest that is making while the student is in school, when possible, to reduce the overall cost of borrowing.
Finally, that you believe was not taken into consideration when determining your EFC, please be sure to let us know by submitting an appeal if you have a special circumstance.
Exactly What if I don’t qualify for financial aid but can’t afford to send my kid to USC?
Regardless of financial need, all learning students are qualified to receive Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine how much your student can receive.
We also encourage families whom do maybe not be eligible for need-based aid that is financial consider these options provided by the university:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or perhaps a portion of shmoop pro the student’s university charges each semester in five equal monthly payments for a $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the cost of education over 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 in the event that you get awards that can only just be used to buy tuition, the total quantity of the awards might 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 workplace makes every attempt to preserve any need-based university grant you may have been awarded. In most cases, a new merit scholarship received after your initial financial aid honor will reduce the quantities of Federal Work-Study and federal loans you receive. The total aid that is financial may also increase, allowing your Stafford Loan to help aided by the family members contribution. In some cases, however, the college grant that is need-based be paid down because the amount of gift help exceeds the determined need.
Who is eligible for work-study and 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 aid that is financial award based on. New first-year students who meet these skills may receive up to $2,500 in work-study.
If you don’t get work-study funds, you can still work on campus. Many employers that are on-campus employ pupils that do perhaps not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.