Your (School Funding) Questions: Answered!
It’s 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 might be useful to compile a list of the common questions we have obtained and have actually the workplace of educational funding respond. Please see the post below for answers to questions that are common may have about school funding at USC:
Why is the EFC based on 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 https://shmoop.pro/ 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 like the family’s home and/or business or farm, if your family is really 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 college aid that is need-based determined by taking into account the additional data provided on your CSS PROFILE, federal income tax information as well as other supporting papers, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed income as well as home and company 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 determine a family’s financial strength to be able to circulate university-funded need-based grants since equitably as you are able to.
Your FAFSA EFC determines the sort and amount of federal student aid you qualify for, even though the IM EFC determines the amount and sort of university need-based school funding you are going to be granted.
What if my family can’t pay for the EFC?
Consider that the EFC is not a bill however a measure of your capability to play a role in the fee of higher education, predicated on your family’s financial energy. Your cost, or family share, will be based in your real price of attendance minus any aid that is financial. 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 parent and pupil loans.
Besides finding methods to keep costs down, families may give consideration to these possibilities at USC:
• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or a percentage of the student’s university fees 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 training over several years.
Many families use a combination of the USC Payment Plan and the Federal PLUS Loan to greatly help cover the price of attendance. We encourage families to evaluate their short- and long-term resources to develop a plan that works most readily useful for his or her situation.
Families ought to borrow since conservatively as possible. Students and parents should exhaust all federal assistance available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering an exclusive education loan program, because the credit and payment terms of federal loan programs may be more favorable than those for private loan programs.
Using private education loan programs to cover the price may result in the student accepting an unrealistic and debt load that is ultimately unmanageable. For pupils whom decide to apply for private loans, applying by having a co-borrower that is credit-worthy the chance of qualifying and can reduce the interest rate.
Although many loans are deferred, parents should think about interest that is making while the pupil is in school, if at all possible, to reduce the overall cost of borrowing.
Finally, if you have unique circumstance that you imagine was not taken into consideration whenever determining your EFC, please be sure to tell us by publishing an appeal.
Just What if I don’t qualify for financial aid but can not afford to send my kid to USC?
Regardless of financial need, all learning pupils are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine how much your student can get.
We also encourage families who do perhaps not be eligible for need-based aid that is financial give consideration to these choices offered by the university:
• The USC Payment Arrange is an interest-free installment plan that permits the family to pay all or even a percentage of the student’s university charges each semester in five equal monthly premiums for the $50 fee/semester.
• The Federal PLUS Loan program and private loan programs enable families to spread the cost of education over several 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 get awards that can only be employed to buy tuition, the total amount of your awards may well not go beyond the price of tuition for the year. You should refer to the scholarship guide that you received for details on how scholarships may be combined.
When coordinating scholarships with school funding, our workplace makes every attempt to preserve any university that is need-based you could have been awarded. In most cases, a new merit scholarship gotten after your initial financial aid honor will reduce the quantities of Federal Work-Study and federal loans you get. The total financial aid award may also increase, allowing your Stafford Loan to assist because of the family contribution. In some cases, however, the university grant that is need-based be paid off because the quantity of gift help exceeds the determined need.
Who is qualified to receive work-study and exactly how much can they receive?
To be eligible for Federal Work-Study, you must have a USC-determined financial need. 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 devices your educational funding award was based on. New first-year students whom 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 on-campus employers will hire pupils that do maybe not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.