This has been great to hear from therefore many excited admitted students, but we know that lots of families still have actually lingering financial aid questions. We thought it would be useful to compile a summary of the typical questions we have obtained and have actually the workplace of educational funding respond. Please see the post below for responses to common questions you may have about financial aid at USC:
Why is the EFC determined by USC different 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), utilizing a formula referred to as Federal Methodology (FM). FM takes into consideration:
• Total income (taxable and nontaxable).
• Asset equity (not like the family members’s home and/or business or farm, if your family is just a majority owner with significantly less than 100 employees).
• Allowances for basic bills and retirement.
• Family size and quantity of children in college.
Eligibility for university grant funding and other university aid that is need-based determined by firmly taking into account the additional data provided in your CSS PROFILE, federal income tax information along with other supporting documents, making use of a formula referred to 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 this information allows us to more accurately determine a family’s monetary strength so that you can distribute university-funded need-based grants since equitably as you are able to.
Your FAFSA EFC determines the type and quantity of federal student aid you qualify for, whilst the IM EFC determines the quantity and variety of university need-based school funding you are awarded.
What if my family can’t pay for the EFC?
Keep in mind that the EFC isn’t bill but a measure of the capability to play a role in the cost of degree, centered on your family’s financial strength. Your expense, or family share, will be based on your own real price of attendance minus any aid that is financial. The family contribution is intended to be paid through a mixture of sources including present earnings, college or other savings, and/or longer-term financing such as parent and student loans.
Besides finding ways to keep your charges down, families may start thinking about these possibilities at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or perhaps a percentage of the student’s university charges each semester in five equal monthly payments for the $50 fee/semester.
• The Federal PLUS Loan program and loan that is privates) enable families to spread the price of training over many years.
Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to help cover the fee of attendance. We encourage families to evaluate their short- and long-term resources to develop a plan that works most readily useful for their situation.
Families ought to borrow since conservatively as possible. Students and parents should exhaust all federal assistance available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private student loan program, due to the fact credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using private student loan programs to cover the fee may result in the student dealing with an unrealistic and ultimately unmanageable debt load. For students whom choose 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 some loans may be deferred, parents should give consideration to interest that is making while the pupil is in school, if at all possible, to reduce the entire 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.
Just What if I don’t qualify for educational funding but can’t afford to send my youngster to USC?
Irrespective of financial need, all students are eligible for Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine simply how much your student can get.
We also encourage families whom do not be eligible for need-based aid that is financial start thinking about these options offered by the college:
• The USC Payment Plan is an interest-free installment plan that permits the family to pay all or perhaps a portion of the student’s college charges each semester in five equal monthly obligations for the $50 fee/semester.
• The Federal PLUS Loan program and personal loan programs enable families to spread the price of training over years.
Can we stack scholarships?
If you are not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you get awards that can simply shmoop website to write essays be used to purchase tuition, the total quantity of your awards may well 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.
When coordinating scholarships with educational funding, our office makes every attempt to preserve any need-based university grant you’ll have been awarded. Generally in most cases, a new merit scholarship received after your initial economic aid prize will reduce the quantities of Federal Work-Study and federal loans you get. The total aid that is financial may also increase, allowing your Stafford Loan to assist using the household contribution. In some cases, however, the university need-based grant may be paid down because the amount of gift help exceeds the determined need.
Who is qualified to receive work-study and exactly how much can they get?
To be qualified to receive Federal Work-Study, you must have a USC-determined financial need. In addition, you need to have met all application deadlines, be considered a U.S. citizen or eligible non-citizen and enroll for the quantity of devices your educational funding award was based on. New first-year students who meet these qualifications may receive up to $2,500 in work-study.
You can still work on campus if you do not receive work-study funds. Numerous employers that are on-campus employ students who do not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.