It’s been great to hear from therefore many excited admitted students, but we know that many families still have actually lingering financial aid questions. We thought it might be useful to compile a summary of the questions that are common have obtained and have the workplace of Financial Aid respond. Please see the post below for answers to common questions you may have about financial aid 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 student aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula called Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not including the family’s house and/or business or farm, if the household is just a majority owner with lower than 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 additional data provided on your CSS PROFILE, federal income tax information as well as other supporting papers, using a formula referred to 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 measure a family’s financial strength to be able to circulate university-funded need-based grants because equitably as you can.
Your FAFSA EFC determines the kind and amount of federal student help you qualify for shmoop essay writer free online, although the IM EFC determines the quantity and style 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 power to subscribe to the cost of higher education, centered on your family members’ financial energy. Your expense, or family contribution, will be based on your own actual cost of attendance minus any financial aid received. 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 for example parent and student loans.
Besides finding ways to keep your charges down, 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 perhaps a portion 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 education over many years.
Many families make use of 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 resources that are long-term develop a plan that works most useful for their situation.
Families ought to borrow since conservatively as possible. Students and parents should exhaust all assistance that is federal, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a personal student loan program, while the credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.
Using personal education loan programs to cover the cost may result in the student accepting an unrealistic and debt load that is ultimately unmanageable. For students whom choose to apply for private loans, applying having a credit-worthy co-borrower increases the chance of qualifying and can lower the interest rate.
Although many loans is deferred, parents should consider interest that is making while the student is in school, if at all possible, to reduce the entire expense of borrowing.
Finally, if you have a special situation that you imagine was not taken into consideration when determining your EFC, please be sure to inform us by publishing an appeal.
Just What if I do not qualify for educational funding but can not 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 figure out how much your student can receive.
We also encourage families whom do perhaps not be eligible for a need-based educational funding to consider these choices provided by the university:
• The USC Payment Plan is an interest-free installment plan that enables your family to pay all or even a portion 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 cost of training over many years.
Can we stack scholarships?
If you should be maybe not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you receive awards that can just only be employed to purchase tuition, the total quantity of one’s awards may well not surpass 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.
Whenever coordinating scholarships with financial aid, our office makes every attempt to preserve any university that is need-based you’ll 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 with all the family members contribution. In some cases, however, the university grant that is need-based be paid off because the quantity of gift help exceeds the determined need.
Who is eligible for work-study and exactly how much can they receive?
To be eligible for Federal Work-Study, you must have a USC-determined need that is financial. In addition, you must have met all application deadlines, be described as a U.S. citizen or eligible non-citizen and enroll for the amount of devices your aid that is financial award based on. New students that are first-year meet these skills may receive up to $2,500 in work-study.
If you don’t receive work-study funds, you can still work on campus. Many employers that are on-campus hire students that do maybe not have work-study. You can find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.