
This has been great to hear from so many excited admitted students, but we know that lots of 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 Office of Financial Aid respond. Please see the post below for responses to questions that are common may have about school 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), employing a formula called Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• resource equity (not including the family’s house and/or business or farm, if the household is really a majority 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 excess data provided in your CSS PROFILE, federal income tax information along with other supporting documents, utilizing a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings in addition to home and business or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these details we can more accurately measure a household’s financial strength to be able to circulate university-funded need-based grants since equitably as you possibly can.
Your FAFSA EFC determines the kind and quantity of federal student help you are eligible for, whilst the IM EFC determines the quantity and kind of university need-based aid that is financial is awarded.
What if my family can’t afford the EFC?
Keep in mind that the EFC is not a bill but a measure of your capability to subscribe to the fee of higher education, according to your family’s financial strength. Your price, or family contribution, depends on your real price of attendance minus any financial aid received. 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 methods to keep costs down, 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 a portion 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 loan that is privates) enable families to spread the cost of training over a long period.
Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to help cover the price of attendance. We encourage families to evaluate their short- and resources that are long-term develop a plan that works best for his or her situation.
Families are encouraged to borrow because 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 personal student loan system, due to the fact credit and payment terms of federal loan programs may be more favorable than those for private loan programs.
Using private student loan programs to pay for the fee may result in the student taking on an unrealistic and debt load that is ultimately unmanageable. For students whom choose to apply for private loans, applying having a co-borrower that is credit-worthy the reality of qualifying and can reduce the interest rate.
Although many loans are deferred, parents should start thinking about making interest payments while the pupil is in school, if possible, to reduce the overall 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 school funding but can’t afford to send my son or daughter to USC?
Irrespective of financial need, all pupils are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine just how much your student can get.
We also encourage families whom do maybe not be eligible for a need-based educational funding to give consideration to these choices provided by the college:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or perhaps a portion of the student’s college charges each semester in five equal monthly payments for the $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the cost of education over several years.
Can we stack scholarships?
If you are 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 simply be employed to buy tuition, the total quantity of the awards might 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.
When coordinating scholarships with financial aid, our office makes every attempt to preserve any need-based university grant you might have been awarded. In most cases, a new merit scholarship received after your initial monetary aid prize will reduce the levels of Federal Work-Study and federal loans you get. The total aid that is financial may also increase, allowing your Stafford Loan to help because of the family contribution. In some cases, however, the university need-based grant may be paid off because the quantity of gift help exceeds the determined need.
Who is eligible for work-study and just how much can they receive?
To be qualified to receive Federal Work-Study, you must have a USC-determined need that is financial. In addition, you need to have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the quantity of units your educational funding award was based on. New students that are first-year meet these qualifications may receive up to $2,500 in work-study.
If you don’t get work-study funds, you can still work on campus. Numerous on-campus employers will employ students that do not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.