Your (Financial Aid) Questions: Answered!

Your (Financial Aid) Questions: Answered!

It has been great to hear from so many excited admitted students, but we know that many families still have lingering aid that is financial. We thought it could be useful to compile a list of the typical questions we have obtained and have actually the workplace of Financial Aid respond. Please see the post below for answers to questions that are common may have about financial aid 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 known as Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• Asset equity (not such as the family’s house and/or business or farm, if the family is just a majority owner with significantly less than 100 employees).
• Allowances for basic bills and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other college need-based aid is determined by firmly taking into account the excess data provided in your CSS PROFILE, federal income tax information and other supporting papers, utilizing a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income in addition to business and home or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these details allows us to more accurately determine a household’s financial strength so that you can distribute university-funded need-based grants since equitably as you are able to.

Your FAFSA EFC determines the kind and amount of federal student aid you qualify for, whilst the IM EFC determines the total amount and type of university need-based financial aid you will likely be granted.

What if my family can’t afford the EFC?

Keep in mind that the EFC isn’t bill however a measure of one’s capacity to subscribe to the fee of advanced schooling, based on your family members’ financial strength. Your cost, or family share, depends on your actual price of attendance minus any monetary aid received. The household contribution is intended to be paid by way of a combination of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and student loans.

Besides finding techniques 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 household to pay all or even a part of the student’s university charges each semester in five equal monthly 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 several years.

Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to greatly help cover the fee of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works best 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 an exclusive student loan program, because the credit and repayment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using personal student loan programs to pay for the fee may result in the student dealing with an unrealistic and debt load that is ultimately unmanageable. For students who decide to apply for private loans, applying with a co-borrower that is credit-worthy the reality of qualifying and can reduce the interest rate.

Although some loans could be deferred, parents should give consideration to interest that is making while the student is in school, when possible, to reduce the general 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 financial aid but can’t afford to send my youngster to USC?

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Irrespective of financial need, all 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 need-based school funding to think about these choices provided by the college:

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

• The Federal PLUS Loan program and loan that is private enable families to spread the price of education over several years.

Can we stack scholarships?

If you’re maybe not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you get awards that can just only be used to buy tuition, the total amount of your awards may not 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.

Whenever coordinating scholarships with educational funding, our office makes every attempt to preserve any university that is need-based you may 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 with the family contribution. In some cases, however, the college grant that is need-based be reduced because the total amount of gift aid exceeds the determined need.

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

To be entitled to Federal Work-Study, you must have a USC-determined need that is financial. In addition, you need to have met all application deadlines, be described as a U.S. citizen or eligible non-citizen and enroll for the number of units your aid that is financial award 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 on campus. Numerous employers that are on-campus employ pupils who do perhaps not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.

 

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