Your (School Funding) Questions: Answered!

Your (School Funding) Questions: Answered!

It’s been great to hear from so many excited admitted students, but we know that numerous families still have actually lingering financial aid questions. We thought it could be helpful to compile a list of the questions that are common have received and have the Office of school funding respond. Please see the post below for answers to common concerns you may have about school funding at USC:

Why is the EFC determined by 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 Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula referred to as Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• resource equity (not like the family members’s home and/or business or farm, if your family is just 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 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 papers, utilizing a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income along with house and business or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these details we can more accurately determine a household’s financial strength so that you can distribute university-funded need-based grants as equitably as you are able to.

Your FAFSA EFC determines the sort and amount of federal student aid you are eligible for, while the IM EFC determines the total amount and kind of university need-based aid that is financial will be granted.

What if my family can’t afford the EFC?

Remember that the EFC isn’t bill but a measure of your capacity to contribute to the price of higher education, predicated on your family members‘ financial energy. Your price, or family contribution, depends on your own real price of attendance minus any aid that is financial. Your family contribution is intended to be paid by way of 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 approaches to reduce costs, families may consider these possibilities at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or perhaps a part 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 many years.

Many families make use of 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 long-term resources to develop a plan that works most readily useful for their situation.

Families are encouraged to borrow because conservatively as possible. Students and parents should exhaust all federal support available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private student loan program, once the credit and repayment regards to federal loan programs may be more favorable than those for private loan programs.

Using personal education loan programs to pay for the cost may result in the pupil dealing with an unrealistic and ultimately unmanageable debt load. For students whom choose to shmoop.pro apply for private loans, applying by having a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.

Although some loans could be deferred, parents should consider 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 a unique circumstance that you think was not taken into consideration when determining your EFC, please be sure to tell us by submitting an appeal.

Just What if I don’t qualify for educational funding but can not afford to send my son or daughter to USC?

Regardless of financial need, all pupils are eligible for 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 aid that is financial think about these options provided by the college:

• The USC Payment Arrange is an interest-free installment plan that enables the household to pay all or perhaps a part of the student’s college charges each semester in five equal monthly payments for a $50 fee/semester.

• The Federal PLUS Loan program and personal loan programs enable families to spread the price of education over years.

Can we stack scholarships?

If you’re 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 pay for tuition, the total amount of one’s awards may not meet or exceed the price of tuition for the year. You need 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 possibly 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 financial aid award may also increase, allowing your Stafford Loan to help because of the household contribution. In some cases, however, the college need-based grant may be reduced because the quantity of gift help exceeds the determined need.

Who is eligible for work-study and exactly how much can they get?

To be eligible for Federal Work-Study, you must have a USC-determined need that is financial. In addition, you need to have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the number of devices 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.

Should you not receive work-study funds, you can still focus on campus. Many employers that are on-campus hire pupils that do not have work-study. You can find jobs on campus through the ‚ConnectSC‘ portal on the USC Career Center site.

 

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