It has been great to hear from therefore many excited admitted students, but we know that many families still have lingering financial aid questions. We thought it would be beneficial to compile a listing of the questions that are common have received and have actually the workplace of Financial Aid respond. Please see the post below for responses to common concerns you may have about financial aid 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), using 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 the household is just a majority owner with not as much as 100 employees).
• Allowances for basic bills and retirement.
• Family size and number of children in college.
Eligibility for university grant funding and other university aid that is need-based determined by taking into account the excess data provided on your CSS PROFILE, federal income tax information and other supporting papers, using 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 viewed which the FAFSA does not. Using these details allows us to more accurately determine a family’s financial strength so that you can distribute university-funded grants that are need-based equitably as possible.
Your FAFSA EFC determines the type and amount of federal student help you are eligible for, while the IM EFC determines the 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?
Remember that the EFC is not a bill however a measure of one’s capability to donate to the fee of degree, according to your family members’ financial strength. Your expense, or family contribution, will be based in your actual cost of attendance minus any aid that is financial. The household contribution is intended to be paid through a mix of sources including current earnings, college or other savings, and/or longer-term financing such as for example parent and student loans.
Besides finding ways to reduce costs, families may consider these possibilities at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or even a portion of the student’s university fees 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 cost of education over many 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 royal resort in las vegas 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 since 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 student loan program, since the credit and payment regards to federal loan programs may be more favorable than those for private loan programs.
Using private education loan programs to pay for the price may result in the student taking on 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 chance of qualifying and can lower the interest rate.
Although a lot of loans are deferred, parents should think about interest that is making while the student is in school, when possible, to reduce the general expense of borrowing.
Finally, if you have special circumstance that you believe was not taken into account when determining your EFC, please be sure to let us know by publishing an appeal.
Exactly What if I do not qualify for school funding but can not afford to send my youngster to USC?
Regardless of financial need, all pupils are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine how much your student can get.
We also encourage families whom do not be eligible for need-based aid that is financial give consideration to these options offered by the college:
• The USC Payment Plan is an interest-free installment plan that permits the family to pay all or a portion of the student’s university 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 cost of education over a long period.
Can we stack scholarships?
If you are perhaps not an aid that is financial, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can only just be used to purchase tuition, the total amount of one’s awards may not go beyond 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 workplace makes every attempt to preserve any university that is need-based you’ll have been awarded. In many cases, a new merit scholarship gotten after your initial financial aid prize will reduce the quantities of Federal Work-Study and federal loans you receive. The total school funding award may also increase, allowing your Stafford Loan to assist because of the family members contribution. In some cases, however, the university grant that is need-based be paid down because the total amount of gift help exceeds the determined need.
Who is qualified to receive work-study and how much can they get?
To be qualified to receive Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be considered 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.
You can still work on campus if you do not receive work-study funds. Many on-campus employers will hire students that do maybe not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.