Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

It’s been great to listen to from therefore many excited admitted students, but we know that lots of families still have lingering financial aid questions. We thought it would be useful to compile a list of the common questions we have obtained and have the workplace of Financial Aid respond. Please see the post below for answers 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula called Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not like the family members’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 college need-based aid is determined by taking into account the extra data provided in your CSS PROFILE, federal income tax information along with 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 business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using this information we can more accurately measure a household’s financial strength to be able to circulate university-funded need-based grants as equitably as you are able to.

Your FAFSA EFC determines the kind and quantity of federal student help you meet the criteria for, although the IM EFC determines the total amount and style of university need-based aid that is financial is awarded.

What if my family can’t afford the EFC?

Remember that the EFC is not a bill but a measure of your ability to donate to the cost of degree, based on your family’s financial power. Your price, or family contribution, will be based in your real cost of attendance minus any aid that is financial. The family contribution is intended to be paid through a mix of sources including current income, college or other savings, and/or longer-term financing such as for example parent and student loans.

Besides finding ways to reduce costs, families may start thinking about these possibilities at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or perhaps a portion 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 price of training over a long period.

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 evaluate their short- and resources that are long-term develop a plan that works most readily useful for his or her situation.

Families are encouraged to borrow as 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 student loan program, due to the fact credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using private education loan programs to cover the fee may result in the student accepting an unrealistic and debt load that is ultimately unmanageable. For pupils who elect to apply for private loans, applying having a credit-worthy co-borrower increases the reality of qualifying and can lower the interest rate.

Although many loans may be deferred, parents should think about making interest repayments while the student is in school, if possible, to reduce the overall expense of borrowing.
Finally, if you have unique situation that you think was not taken into consideration when determining your EFC, please be sure to inform us by submitting an appeal.

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

Regardless of financial need, all pupils are qualified to receive Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out simply how much your student can get.

We also encourage families whom do not be eligible for need-based aid that is financial give consideration to these choices offered 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 obligations for the $50 fee/semester.

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

Can we stack scholarships?

If you’re maybe not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can just only be used to purchase tuition, the amount that is total of awards may not exceed the cost of tuition for the year. You need to 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’ll have been awarded. In many cases, a new merit scholarship gotten after your initial economic aid award will reduce the amounts of Federal Work-Study and federal loans you get. The total educational funding award may also increase, allowing your Stafford Loan to assist because of the family members contribution. In some cases, however, the university grant that is need-based be paid down because the total amount of gift help exceeds the determined need.

Who is eligible for 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 must have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the number 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. Many on-campus employers will employ students that do not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.


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