Your (Financial Aid) Questions: Answered!

Your (Financial Aid) Questions: Answered!

This has been great to listen to from therefore many excited admitted students, but we know that lots of families still have actually lingering aid that is financial. We thought it might be useful to compile a summary of the questions that are common have obtained and have actually the Office 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 decided by 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula known as Federal Methodology (FM). FM takes into consideration:

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

Eligibility for university grant funding and other university need-based aid is determined by firmly taking into account the excess data provided in 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 business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using this information permits us to more accurately determine a family group’s monetary strength so that you can distribute university-funded need-based grants as equitably as you are able to.

Your FAFSA EFC determines the sort and amount of federal student help you are eligible for, whilst the IM EFC determines the quantity and form of university need-based educational funding you are 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 capacity to contribute to the fee of higher education, considering your family members‘ financial energy. Your price, or family share, depends in your actual price of attendance minus any aid that is financial shmoop pro. The family 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 pupil loans.

Besides finding ways to keep costs down, 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 percentage of the student’s university charges each semester in five equal month-to-month payments for the $50 fee/semester.

• The Federal PLUS Loan program and private loan program(s) enable families to spread the fee of education over years.

Many families use 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 most readily useful for his or her 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, because 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 pay for the fee may result in the student taking on an unrealistic and ultimately unmanageable debt load. For pupils whom decide to apply for private loans, applying having a co-borrower that is credit-worthy the chance of qualifying and can reduce the interest rate.

Although some loans are deferred, parents should consider making interest repayments while the student is in school, when possible, to reduce the general cost of borrowing.
Finally, if you have a unique situation that you think was not taken into account whenever determining your EFC, please be certain to inform us by submitting an appeal.

Exactly What if I don’t qualify for school funding but can not afford to send my kid to USC?

Regardless of financial need, all students are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine just how much your student can receive.

We also encourage families who do not qualify for need-based school funding to think about these choices offered by the university:

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

• The Federal PLUS Loan program and loan that is private enable families to spread the price of education over years.

Can we stack scholarships?

If you are not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you get awards that can simply be employed to purchase tuition, the amount that is total of 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 workplace makes every attempt to preserve any need-based university grant you may possibly have been awarded. In most cases, a new merit scholarship received after your initial monetary aid prize will reduce the amounts of Federal Work-Study and federal loans you receive. The total aid that is financial may also increase, allowing your Stafford Loan to assist with all the family members contribution. In some cases, however, the college grant that is need-based be paid down because the amount of gift help exceeds the determined need.

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

To be entitled to Federal Work-Study, you must have a USC-determined need that is financial. In addition, you need to have met all application deadlines, be described as 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.

Should you not receive work-study funds, you can still focus on campus. Numerous employers that are on-campus employ students that do not have work-study. There is jobs on campus through the ‚ConnectSC‘ portal on the USC Career Center site.

 

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