Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

It has been great to hear from therefore many excited admitted students, but we know that numerous families still have actually lingering aid that is financial. We thought it would be helpful to compile a summary of the typical questions we have received and have 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 decided by USC various 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), utilizing a formula referred to as Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not including the household’s home and/or business or farm, if the 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 university need-based aid is determined by firmly taking into account the additional data provided in your CSS PROFILE, federal income tax information as well as other supporting documents, utilizing a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income also 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 economic strength so that you can distribute university-funded grants that are need-based equitably as possible.

Your FAFSA EFC determines the type and quantity of federal student aid you are eligible for, as the IM EFC determines the quantity and sort of university need-based school funding you is going to be awarded.

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

Keep in mind that the EFC is not a bill however a measure of the ability to subscribe to the price of degree, centered on your family members’ financial power. Your cost, or family contribution, depends on your own real cost of attendance minus any economic aid received. 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 parent and pupil loans.

Besides finding how to reduce costs, families may think about these possibilities at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or 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 loan that is privates) enable families to spread the fee of training 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 assess their short- and long-term resources to develop a plan that works best 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 private education loan system, as the credit and repayment terms of federal loan programs may be more favorable than those for private loan programs.

Using personal education loan programs to pay for the fee may result in the pupil accepting an unrealistic and debt load that is ultimately unmanageable. For pupils who choose to apply for private loans, applying with a credit-worthy co-borrower increases the chance of qualifying and can lower the interest rate.

Although a lot of loans is deferred, parents should start thinking about making interest repayments 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.

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

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

We also encourage families whom do not qualify for need-based school funding to consider these options provided by the college:

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

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

Can we stack scholarships?

If you should be perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you receive awards that can only just be employed to purchase tuition, the amount that is total of awards may well not meet or exceed the price 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 could have been awarded. In most cases, a new merit scholarship received after your initial financial aid prize will reduce the quantities of Federal Work-Study and federal loans you receive. The total educational funding award may also increase, allowing your Stafford Loan to help using the family members contribution. In some cases, however, the college need-based grant may be paid off because the amount of gift help exceeds the determined need.

Who is qualified to receive work-study and exactly how much can they get?

To be eligible for Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be described as a U.S. citizen or eligible non-citizen and enroll for the quantity of units 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.

If you do not get work-study funds, you can still focus on campus. Numerous on-campus employers will employ students who do maybe not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.


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