Your (Financial Aid) Questions: Answered!nhatrong7
It has been great to listen to from so many excited admitted students, but we know that lots of families still have lingering financial aid questions. We thought it could be beneficial to compile a listing of the typical questions we have received and have actually the workplace of school funding respond. Please see the post below for answers to questions that are common 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 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 such as the household’s house and/or business or farm, if the household is a bulk owner with lower 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 need-based aid is determined by taking into account the additional data provided in your CSS PROFILE, federal income tax information and other supporting documents, using a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income also house and business or farm equity. In addition, certain other allowances and adjustments may be considered which shmoop professional essay writing services the FAFSA does not. Using this information permits us to more accurately measure a family’s economic strength so that you can circulate university-funded grants that are need-based equitably as you possibly can.
Your FAFSA EFC determines the type and amount of federal student assist you are eligible for, although the IM EFC determines the quantity and kind of university need-based aid that is financial are granted.
What if my family can’t pay for the EFC?
Keep in mind that the EFC is not a bill however a measure of one’s power to subscribe to the cost of higher education, predicated on your family’s financial energy. Your price, or family contribution, depends in your actual price of attendance minus any financial aid received. Your family contribution is intended to be paid through a mixture of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and pupil loans.
Besides finding how to keep costs down, families may start thinking about these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the household to pay all or perhaps a part of the student’s university charges each semester in five equal month-to-month payments for a $50 fee/semester.
• The Federal PLUS Loan program and private loan program(s) enable families to spread the cost of education over several years.
Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the cost of attendance. We encourage families to evaluate their short- and long-term resources to develop a plan that works most readily useful for their situation.
Families are encouraged to borrow as 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 program, since the credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.
Using personal education loan programs to cover the fee may result in the student taking on an unrealistic and debt load that is ultimately unmanageable. For students whom decide to apply for private loans, applying having a credit-worthy co-borrower increases the chance of qualifying and can reduce the interest rate.
Although many loans is deferred, parents should give consideration to making interest repayments while the student is in school, if at all possible, to reduce the overall expense of borrowing.
Finally, if you have special circumstance that you think was not taken into consideration whenever determining your EFC, please be sure to tell us by publishing an appeal.
Exactly What if I do not qualify for school funding but can not afford to send my child to USC?
Regardless of financial need, all 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 maybe not be eligible for a need-based financial aid to think about these choices provided by the college:
• The USC Payment Plan is an interest-free installment plan that permits the family to pay all or even a portion of the student’s university charges each semester in five equal monthly premiums for the $50 fee/semester.
• The Federal PLUS Loan program and loan that is private enable families to spread the price of training over many years.
Can we stack scholarships?
If you are perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you receive awards that can just only be used to pay for tuition, the total amount of your awards may not surpass the cost 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 need-based university grant you may have been awarded. In many cases, a new merit scholarship received after your initial monetary aid prize will reduce the quantities of Federal Work-Study and federal loans you get. The total educational funding award may also increase, allowing your Stafford Loan to assist with the household contribution. In some cases, however, the university need-based grant may be paid down because the total amount of gift help exceeds the determined need.
Who is eligible for work-study and just how much can they get?
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 considered a U.S. citizen or eligible non-citizen and enroll for the quantity of units 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.
If you don’t get work-study funds, you can still work with campus. Many employers that are on-campus employ students that do perhaps not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.