It has been great to listen to 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 listing of the common questions we have received and have actually the workplace of educational funding respond. Please see the post below for answers to common questions you may have about school funding at USC:
Why is the EFC determined 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), using a formula known as 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 the household is a majority owner with less than 100 employees).
• Allowances for basic bills 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 on 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 allows us to more accurately measure a family’s monetary strength so that you can distribute university-funded grants that are need-based equitably as you possibly can.
Your FAFSA EFC determines the sort and amount of federal student assist you meet the criteria for, as the IM EFC determines the quantity and form of university need-based educational funding you is awarded.
What if my family can’t afford the EFC?
Remember that the EFC is not a bill however a measure of one’s capacity to contribute to the fee of higher education, predicated on your family’s financial energy. Your price, or family contribution, depends in your actual price of attendance minus any aid that is financial. Your family contribution is intended to be paid via a combination of sources including current income, college or other savings, and/or longer-term financing such as parent and pupil loans.
Besides finding approaches to keep your charges down, families may consider these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or even a portion 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 education over a long period.
Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the fee 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 because 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 student loan system, because the credit and payment regards to federal loan programs may be more favorable than those for private loan programs.
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Using personal student loan programs to cover the price may result in the pupil dealing with an unrealistic and ultimately unmanageable debt load. For students who choose to apply for private loans, applying having a credit-worthy co-borrower increases the chance of qualifying and can lower the interest rate.
Although a lot of loans could be deferred, parents should consider making interest repayments while the student is in school, when possible, to reduce the entire cost of borrowing.
Finally, if you have a special circumstance that you believe was not considered whenever determining your EFC, please be sure to tell us by publishing an appeal.
Just What if I don’t qualify for school funding but can not afford to send my son or daughter to USC?
Regardless of financial need, all students are eligible for Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine just how much your student can get.
We also encourage families whom do perhaps not qualify for need-based school funding to give consideration to these options provided by the university:
• The USC Payment Arrange is an interest-free installment plan that enables the household to pay all or even 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 shmoop best buy customer service hours private 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 in the event that you receive awards that can simply be used to pay for tuition, the amount that is total of awards might not surpass 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.
Whenever coordinating scholarships with financial aid, our office 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 aid that is financial may also increase, allowing your Stafford Loan to assist utilizing the family members contribution. In some cases, however, the university grant that is need-based be paid down because the amount of gift aid exceeds the determined need.
Who is qualified to receive work-study and how much can they receive?
To be entitled to Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the quantity 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 employ students that do maybe not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.