This has been great to listen to from therefore many excited admitted students, but we know that lots of families still have actually lingering financial aid questions. We thought it would be beneficial to compile a list of the questions that are common have received and have actually the Office of school funding respond. Please see the post below for responses to common concerns you may have about school funding at USC:
Why is the EFC dependant on USC various 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), employing 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 a bulk owner with not as much as 100 employees).
• Allowances for basic cost of living and retirement.
• Family size and number of children in college.
Eligibility for university grant funding and other college aid that is need-based determined by firmly taking into account the additional data provided in your CSS PROFILE, federal income tax information as well as other supporting documents, making use of a formula known https://shmoop.pro/as-you-like-it-by-william-shakespeare-points-to-ponder/ as Institutional Methodology (IM). This formula may include some sources of untaxed income along with 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 determine a household’s economic strength so that you can distribute university-funded need-based grants as equitably as you are able to.
Your FAFSA EFC determines the type and amount of federal student aid you meet the criteria for, as the IM EFC determines the amount and style of university need-based aid that is financial is awarded.
What if my family can’t pay for the EFC?
Remember that the EFC isn’t bill however a measure of your ability to subscribe to the fee of degree, based on your family’s financial power. Your cost, or family share, will be based on your actual cost of attendance minus any aid that is financial. The household 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 parent and pupil loans.
Besides finding methods to keep costs down, families may consider these options available at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or even a part of the student’s university fees 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 price of training over several years.
Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the fee of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works most readily useful for his or her situation.
Families ought to borrow because conservatively as possible. Students and parents should exhaust all federal support available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a personal education loan program, once the credit and repayment regards to federal loan programs may be more favorable than those for private loan programs.
Using personal education loan programs to pay for the price may result in the pupil taking on an unrealistic and debt load that is ultimately unmanageable. For students who 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 many loans could be deferred, parents should start thinking about interest that is making while the pupil is in school, if possible, to reduce the overall 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 not afford to send my child to USC?
Irrespective of financial need, all learning 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 start thinking about these options offered by the university:
• The USC Payment Plan is an interest-free installment plan that permits the household to pay all or perhaps a percentage of the student’s university 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 training over years.
Can we stack scholarships?
If you’re not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you get awards that can only be used to buy tuition, the amount that is total of awards may well not exceed 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.
When coordinating scholarships with school funding, our workplace makes every attempt to preserve any university that is need-based you may have been awarded. In most cases, a new merit scholarship gotten after your initial monetary aid award will reduce the amounts of Federal Work-Study and federal loans you receive. The total financial aid award may also increase, allowing your Stafford Loan to assist utilizing the household contribution. In some cases, however, the college need-based grant may be reduced because the total amount of gift aid exceeds the determined need.
Who is qualified to receive work-study and 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 need to have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the quantity of devices your educational funding award was based on. New first-year students whom meet these qualifications may receive up to $2,500 in work-study.
If you don’t receive work-study funds, you can still work with campus. Numerous on-campus employers will employ pupils who do maybe not have work-study. You can find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.