Your (Financial Aid) Questions: Answered!
It’s been great to listen to from therefore many excited admitted students, but we know that many families still have lingering aid that is financial. We thought it might be beneficial to compile a summary of the common questions we have obtained and have the workplace of Financial Aid respond. Please see the post below for responses to questions that are common may have about educational funding at USC:
Why is the EFC dependant on 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula referred to as Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not such as the family members’s house and/or business or farm, if the household is a majority owner with significantly less than 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 taking into account the additional data provided in your CSS PROFILE, federal income tax information and other supporting papers, making use of a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed earnings as well as house and business or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does shmoop pro not. Using these records allows us to more accurately measure a household’s financial strength in order to circulate university-funded need-based grants because equitably as you possibly can.
Your FAFSA EFC determines the type and quantity of federal student help you meet the criteria for, while the IM EFC determines the total amount and form of university need-based aid that is financial is going to be awarded.
What if my family can’t afford the EFC?
Remember that the EFC isn’t bill but a measure of one’s capacity to contribute to the fee of degree, centered on your family’s financial power. Your price, or family share, depends on your own actual cost of attendance minus any aid that is financial. Your family contribution is intended to be paid by way of a mixture of sources including present income, college or other savings, and/or longer-term financing such as for example parent and pupil loans.
Besides finding ways to keep your charges 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 part of the student’s university fees each semester in five equal monthly payments for a $50 fee/semester.
• The Federal PLUS Loan program and loan that is privates) enable families to spread the cost 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 fee of attendance. We encourage families to assess their short- and long-term resources to develop a plan that works most useful for their situation.
Families are encouraged 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 an exclusive student loan program, due to the fact credit and repayment terms of federal loan programs may be more favorable than those for private loan programs.
Using personal student loan programs to pay for the cost may result in the pupil dealing with an unrealistic and ultimately unmanageable debt load. For students whom choose to apply for private loans, applying with a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.
Although some loans can be deferred, parents should start thinking about interest that is making while the pupil is in school, if possible, to reduce the entire cost of borrowing.
Finally, if you have special situation that you think was not considered whenever determining your EFC, please be sure to let us know by submitting an appeal.
Exactly What if I don’t qualify for educational funding but can not afford to send my kid to USC?
Irrespective 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 who do not qualify for need-based school funding to think about these choices provided by the university:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or a percentage of the student’s university charges each semester in five equal monthly premiums for a $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the price of education over years.
Can we stack scholarships?
If you should be perhaps not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you receive awards that can only be used to buy tuition, the total amount of your awards might not exceed the cost of tuition for the year. You need to refer to the scholarship guide that you received for details on how scholarships may be combined.
When coordinating scholarships with school funding, 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 help because of the family contribution. In some cases, however, the university grant that is need-based be paid off because the quantity of gift aid exceeds the determined need.
Who is qualified to receive work-study and just how much can they get?
To be entitled to Federal Work-Study, you must have a USC-determined financial need. 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 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 receive work-study funds, you can still focus on campus. Many on-campus employers will hire pupils that do perhaps not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.