This has been great to listen to from so many excited admitted students, but we know that numerous families still have actually lingering financial aid questions. We thought it might be useful to compile a summary of the questions that are common have obtained and have actually the workplace of educational funding respond. Please see the post below for responses to common concerns you may have about financial aid 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 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’s house and/or business or farm, if your family is just a bulk owner with not as much as 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 aid that is need-based determined by taking into account the additional data provided in your CSS PROFILE, federal income tax information as well as other supporting papers, making use of a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income 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 details we can more accurately determine a family group’s economic strength in order to circulate university-funded grants that are need-based equitably as you possibly can.
Your FAFSA EFC determines the kind and amount of federal student assist you meet the criteria for, although the IM EFC determines the total amount and style of university need-based aid that is financial are going to be granted.
What if my family can’t pay for the EFC?
Bear in mind that the EFC isn’t bill but a measure of the capability to contribute to the price of degree, based on your family’s financial energy. Your cost, or family share, will be based on your own real cost of attendance minus any aid that is financial. The household contribution is intended to be paid by way of a mix of sources including income that is current college or other savings, and/or longer-term financing such as parent and student loans.
Besides finding methods to keep costs down, families may start thinking about these options available at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or even 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 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 aid cover the cost of attendance. We encourage families to evaluate their short- and resources that are long-term develop a plan that works most useful for his or her situation.
Families are encouraged to borrow since conservatively as possible. Students and parents should exhaust all federal help available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private education loan system, once the credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using private education loan programs to cover the cost may result in the student taking on an unrealistic and debt load that is ultimately unmanageable. For students whom choose to apply for private loans, applying having a credit-worthy co-borrower increases the reality of qualifying and can reduce the interest rate.
Although some loans is deferred, parents should consider interest that is making while the pupil is in school, if at all 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 educational funding but can not afford to send my kid 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 get.
We also encourage families who do perhaps not be eligible for a need-based financial aid to give consideration to these choices provided by the college:
• The USC Payment Arrange is an interest-free installment plan that enables the household to pay all or a part 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 education over many years.
Can we stack scholarships?
If you https://shmoop.pro/management-essays-help/ are 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 pay for tuition, the amount that is total of awards may not exceed the price of tuition for the year. You should 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 every attempt to preserve any university that is need-based you could 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 educational funding award may also increase, allowing your Stafford Loan to assist using the family members contribution. In some cases, however, the university grant that is need-based be reduced because the quantity of gift help exceeds the determined need.
Who is qualified to receive work-study and just 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 considered a U.S. citizen or eligible non-citizen and enroll for the quantity of devices your financial aid award was based on. New students that are first-year meet these qualifications may receive up to $2,500 in work-study.
You can still work on campus if you do not receive work-study funds. Many on-campus employers will hire pupils who do not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.