This has been great to hear from therefore many excited admitted students, but we know that many families still have actually lingering aid that is financial. We thought it might be beneficial to compile a listing of the typical questions we have received and have the Office of school funding respond. Please see the post below for answers to questions that are common may have about school funding 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), utilizing a formula known as Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not like the family’s home and/or business or farm, if the family is just a majority owner with not as much as 100 employees).
• Allowances for basic living expenses and retirement.
• Family size and number of children in college.
Eligibility for university grant funding and other college need-based aid is determined by firmly taking into account the excess 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 income in addition to house and company or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using this information allows us to more accurately determine a family group’s financial strength to be able to distribute university-funded need-based grants as equitably as you possibly can.
Your FAFSA EFC determines the kind and quantity of federal student help you qualify for, whilst the IM EFC determines the amount and form of university need-based aid that is financial are granted.
What if my family can’t afford the EFC?
Keep in mind that the EFC is not a bill but a measure of your ability to play a role in the fee of degree, considering your family’s financial power. Your price, or family share, will be based on your real price of attendance minus any economic aid received. The family contribution is intended to be paid through a combination of sources including present income, college or other savings https://shmoop.pro/, and/or longer-term financing such as parent and pupil loans.
Besides finding techniques to reduce costs, families may give consideration to these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or a portion of the student’s university charges 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 price of training over several years.
Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to greatly 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 because 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 education loan program, due to the fact credit and repayment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using personal education loan programs to cover the price may result in the student taking on an unrealistic and ultimately unmanageable debt load. For students whom choose to apply for private loans, applying with a credit-worthy co-borrower increases the reality of qualifying and can reduce the interest rate.
Although some loans can be deferred, parents should start thinking about making interest payments while the pupil is in school, if possible, to reduce the entire expense 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 do not qualify for financial aid but can’t afford to send my son or daughter to USC?
Irrespective of financial need, all pupils are qualified to receive Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out simply how much your student can get.
We also encourage families who do perhaps not be eligible for a need-based educational funding to give consideration to these options provided by the university:
• The USC Payment Arrange is an interest-free installment plan that enables your family to pay all or a percentage of the student’s college charges each semester in five equal monthly premiums for the $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the price of training over years.
Can we stack scholarships?
If you are perhaps not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you get awards that can only just be used to pay for tuition, the total amount of one’s awards may not surpass the price of tuition for the year. You ought to refer to the scholarship guide that you received for details on how scholarships may be combined.
Whenever coordinating scholarships with financial aid, our office 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 aid that is financial may also increase, allowing your Stafford Loan to assist with the family members contribution. In some cases, however, the college grant that is need-based be reduced because the total amount of gift help 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 units your aid that is financial award based on. New students that are first-year 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. Many employers that are on-campus employ students that do maybe not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.