This has been great to hear from so many excited admitted students, but we know that many families still have lingering financial aid questions. We thought it could be helpful to compile a listing of the typical questions we have received and have actually 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 Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula called Federal Methodology (FM). FM takes into consideration:
• Total income (taxable and nontaxable).
• resource equity (not including the family members’s home and/or business or farm, if your family is just a majority owner with significantly less 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 excess data provided on your CSS PROFILE, federal income tax information and other supporting documents, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed income also house and business or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these details permits us to more accurately measure a family group’s financial strength in order to distribute university-funded grants that are need-based equitably as you can.
Your FAFSA EFC determines the kind and amount of federal student aid you meet the criteria for, whilst the IM EFC determines the amount and style of university need-based aid that is financial will be granted.
What if my family can’t afford the EFC?
Remember that the EFC isn’t bill however a measure of one’s capability to play a role in the fee of advanced schooling, centered on your family’s financial power. Your cost, or family share, will be based on your own real cost of attendance minus any monetary aid received. Your family contribution is intended to be paid via a combination of sources including present earnings, college or other savings, and/or longer-term financing such as parent and pupil loans.
Besides finding approaches to keep your charges down, families may think about these possibilities 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 monthly payments for a $50 fee/semester.
• The Federal PLUS Loan program and private loan program(s) enable families to spread the fee of training over a long period.
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 best for their situation.
Families are encouraged to borrow as 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 an exclusive education loan system, as the credit and repayment terms of federal loan programs may be more favorable compared to those for private loan programs.
Using private education loan programs to cover the price may result in the pupil dealing with an unrealistic and debt load that is ultimately unmanageable. For pupils who elect to apply for private loans, applying with a co-borrower that is credit-worthy the reality of qualifying and can lower the interest rate.
Although a lot of loans can be deferred, parents should consider interest that is making while the student is in school, if possible, to reduce the general cost 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.
Just What if I do not qualify for school funding but can’t afford to send my child to USC?
Irrespective of financial need, all learning pupils are qualified to receive Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out how much your student can receive.
We also encourage families who do maybe not be eligible for need-based aid that is financial start thinking about these choices offered by the university:
• The USC Payment Arrange is an interest-free installment plan that enables the household to pay all or perhaps a part 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 a long period.
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 just only be employed to pay for tuition, the total amount of the 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 educational funding, our workplace makes shmoop.pro every attempt to preserve any university that is need-based you may possibly have been awarded. Generally in most cases, a new merit scholarship received after your initial economic aid prize will reduce the amounts of Federal Work-Study and federal loans you receive. The total school funding award may also increase, allowing your Stafford Loan to assist with the household 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 just how much can they receive?
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 number of units your aid that is financial award based on. New first-year students whom meet these skills may receive up to $2,500 in work-study.
If you do not get work-study funds, you can still work with campus. Numerous employers that are on-campus hire pupils that do not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.