
It’s 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 could https://shmoop.pro/ be helpful to compile a listing of the common questions we have obtained and have the workplace of school funding respond. Please see the post below for responses to questions that are common may have about school 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 student aid (including Pell give, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula known as Federal Methodology (FM). FM takes into consideration:
• Total earnings (taxable and nontaxable).
• Asset equity (not like the family members’s home and/or business or farm, if the family is a majority owner with less than 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 university aid that is need-based determined by taking into account the extra data provided in your CSS PROFILE, federal income tax information along with other supporting papers, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed income in addition to house and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using this information permits us to more accurately determine a family’s monetary strength so that you can distribute university-funded grants that are need-based equitably as you can.
Your FAFSA EFC determines the sort and amount of federal student help you are eligible for, while the IM EFC determines the quantity and kind of university need-based aid that is financial is going to be awarded.
What if my family can’t pay for the EFC?
Remember that the EFC is not a bill however a measure of the ability to play a role in the fee of degree, according to your family’s financial energy. Your price, or family share, depends in your real cost of attendance minus any economic aid received. The household contribution is intended to be paid via a mix of sources including present earnings, college or other savings, and/or longer-term financing such as for example parent and student loans.
Besides finding ways to keep costs down, families may think 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 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 fee of training over many years.
Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the fee of attendance. We encourage families to assess their short- and long-term resources to develop a plan that works best for their situation.
Families are encouraged 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 system, since the credit and repayment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using private student loan programs to pay for the price may result in the student accepting an unrealistic and ultimately unmanageable debt load. For pupils who elect to apply for private loans, applying by having a credit-worthy co-borrower increases the reality of qualifying and can reduce the interest rate.
Although many loans is deferred, parents should start thinking about making interest payments while the pupil is in school, if possible, to reduce the entire 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.
Exactly What if I don’t qualify for educational funding but can’t afford to send my kid to USC?
Irrespective 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 who do not be eligible for a need-based financial aid to consider these options offered by the college:
• The USC Payment Plan is an interest-free installment plan that permits the household to pay all or even a part of the student’s college charges each semester in five equal monthly premiums for the $50 fee/semester.
• The Federal PLUS Loan program and personal loan programs enable families to spread the cost of education over years.
Can we stack scholarships?
If you are not an aid that is financial, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can simply be used to purchase tuition, the total quantity of one’s 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 workplace makes every attempt to preserve any need-based university grant you may have been awarded. Generally in most cases, a new merit scholarship received after your initial economic aid honor will reduce the levels of Federal Work-Study and federal loans you get. The total aid that is financial may also increase, allowing your Stafford Loan to help because of the family members contribution. In some cases, however, the university grant that is need-based be paid down because the total amount of gift aid exceeds the determined need.
Who is eligible for work-study and exactly how much can they get?
To be eligible for 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 number 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 students who do not have work-study. You can find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.