Your (Educational Funding) Questions: Answered!
It's been great to hear from therefore many excited admitted students, but we know that numerous families still have lingering aid that is financial. We thought it might be helpful to compile a summary of the typical questions we have obtained and have the Office of Financial Aid respond. Please see the post below for answers 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 pupil aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), using a formula called Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• resource equity (not like the family's house and/or business or farm, if the family is a majority owner with not as much as 100 employees).
• Allowances for basic bills and retirement.
• Family size and quantity of children in college.
Eligibility for university grant funding and other college need-based aid is determined by firmly taking into account the additional data provided on your CSS PROFILE, federal https://shmoop.pro/ income tax information as well as other supporting documents, using a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings along with business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these records permits us to more accurately measure a household's financial strength in order to circulate university-funded grants that are need-based equitably as you possibly can.
Your FAFSA EFC determines the kind and quantity of federal student help you qualify for, while the IM EFC determines the quantity and sort of university need-based educational funding you is going to be granted.
What if my family can't afford the EFC?
Remember that the EFC is not a bill but a measure of one's ability to donate to the fee of advanced schooling, centered on your family's financial energy. Your price, or family contribution, depends on your own actual cost of attendance minus any economic aid received. The household contribution is intended to be paid through a mix of sources including income that is current college or other savings, and/or longer-term financing such as for instance parent and student loans.
Besides finding ways to keep your charges down, families may consider these options available at USC:
• The USC Payment Plan is an interest-free installment plan that allows the household to pay all or perhaps a percentage of the student's university charges 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 several years.
Many families use a combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the cost 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 ought to borrow because 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 private student loan system, since the credit and repayment terms of federal loan programs may be more favorable compared to those for private loan programs.
Using personal education loan programs to pay for the fee may result in the pupil taking on an unrealistic and ultimately unmanageable debt load. For pupils who decide to apply for private loans, applying by having a co-borrower that is credit-worthy the likelihood of qualifying and can lower the interest rate.
Although a lot of loans could be deferred, parents should think about making interest payments while the pupil is in school, when 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.
What if I do not qualify for school funding but can't afford to send my youngster to USC?
Irrespective of financial need, all students are eligible for Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine simply how much your student can get.
We also encourage families whom do not be eligible for a need-based school funding to consider these choices provided by the college:
• The USC Payment Arrange is an interest-free installment plan that enables your family to pay all or perhaps a part of the student's university charges each semester in five equal monthly obligations for a $50 fee/semester.
• The Federal PLUS Loan program and personal loan programs enable families to spread the cost of training over several years.
Can we stack scholarships?
If you are 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 purchase tuition, the total quantity of your awards might not go beyond the cost 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 school funding, our workplace makes every attempt to preserve any university that is need-based you might 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 school funding award may also increase, allowing your Stafford Loan to help because of the household contribution. In some cases, however, the university grant that is need-based be reduced because the amount of gift aid exceeds the determined need.
Who is eligible for 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 must have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the amount of units 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 focus on campus. Numerous on-campus employers will employ students who do not have work-study. There is jobs on campus through the 'ConnectSC' portal on the USC Career Center web site.