Your (Financial Aid) Questions: Answered!

It’s been great to listen to from so many excited admitted students, but we know that many families still have actually lingering financial aid questions. We thought it could be useful to compile a list of the common questions we have received and have actually the workplace of school funding respond. Please see the post below for responses to questions that are common may have about financial aid 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 referred to as Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not such as the household’s house and/or business or farm, if the family is just a bulk owner with significantly less than 100 employees).
• Allowances for basic living expenses and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other college aid that is need-based determined by taking into account the extra 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 as well as home and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these records allows us to more accurately measure a family group’s financial strength so that you can distribute university-funded need-based grants because equitably as you possibly can.

Your FAFSA EFC determines the kind and quantity of federal student aid you are eligible for, as the IM EFC determines the total amount and sort of university need-based school funding you are awarded.

What if my family can’t pay for the EFC?

Consider that the EFC is not a bill but a measure of one’s ability to donate to the fee of degree, centered on your family members’ financial strength. Your cost, or family contribution, depends in your actual price of attendance minus any aid that is financial. The family contribution is intended to be paid via a combination of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and pupil loans.

Besides finding methods to keep costs down, families may start thinking about these possibilities 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 charges 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 price of education over a long period.

Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the price of attendance. We encourage families to evaluate their short- and long-term resources to develop a plan that works best for his or her situation.

Families are encouraged 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 program, since the credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using private student loan programs to cover the cost may result in the student dealing with an unrealistic and debt load that is ultimately unmanageable. For pupils whom choose 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 can be deferred, parents should think shmoop pro about making interest repayments while the pupil is in school, when possible, to reduce the entire cost of borrowing.
Finally, if you have unique situation that you think was not taken into consideration when determining your EFC, please be sure to inform us by submitting an appeal.

What if I don’t qualify for financial aid but can’t afford to send my child to USC?

Regardless of financial need, all learning pupils are eligible for Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out just how much your student can receive.

We also encourage families whom do maybe not be eligible for a need-based aid that is financial consider these choices offered by the college:

• The USC Payment Arrange is an interest-free installment plan that permits the family to pay all or perhaps a part of the student’s college charges each semester in five equal monthly premiums for a $50 fee/semester.

• The Federal PLUS Loan program and personal loan programs enable families to spread the cost of training over many years.

Can we stack scholarships?

If you should be not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you get awards that can simply be used to buy tuition, the amount that is total of awards might not meet or exceed 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.

When coordinating scholarships with financial aid, our office makes every attempt to preserve any need-based university grant you may possibly 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 financial aid award may also increase, allowing your Stafford Loan to assist aided by the family contribution. In some cases, however, the college need-based grant may be paid down because the quantity of gift help exceeds the determined need.

Who is eligible for work-study and how much can they receive?

To be qualified to receive Federal Work-Study, you must have a USC-determined need that is financial. 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.

You can still work on campus if you do not receive work-study funds. Numerous employers that are on-campus hire pupils who do maybe not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.