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 lots of families still have actually lingering financial aid questions. We thought it would be useful to compile a listing of the common questions we have received and have actually the workplace of Financial Aid respond. Please see the post below for responses to common questions you may have about educational funding 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 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).
• resource equity (not like the family members’s house and/or business or farm, if the household is really a majority 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 firmly taking into account the excess data provided in your CSS PROFILE, federal income tax information as well as other supporting papers, using a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings as well as home and company or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not shmoop.pro. Using these details we can more accurately measure a household’s economic strength so that you can distribute university-funded grants that are need-based equitably as you possibly can.

Your FAFSA EFC determines the type and quantity of federal student help you meet the criteria for, although the IM EFC determines the total amount and variety of university need-based aid that is financial are going to be granted.

What if my family can’t manage the EFC?

Bear in mind that the EFC is not a bill but a measure of your ability to play a role in the price of higher education, considering your family’s 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 through a combination of sources including income that is current college or other savings, and/or longer-term financing such as parent and pupil loans.

Besides finding how 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 family members to pay all or a percentage of the student’s university fees each semester in five equal monthly 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 many years.

Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to greatly help cover the cost of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works most readily useful for their situation.

Families are encouraged to borrow since 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 education loan system, since the credit and payment terms of federal loan programs may be more favorable than those for private loan programs.

Using personal education loan programs to pay for the fee may result in the pupil taking on an unrealistic and debt load that is ultimately unmanageable. For students who elect to apply for private loans, applying 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 start thinking about making interest payments while the pupil is in school, if at all possible, to reduce the entire expense of borrowing.
Finally, if you have unique scenario that you believe was not considered when determining your EFC, please be sure to tell us by publishing an appeal.

Just What if I do not qualify for financial aid but can not afford to send my son or daughter to USC?

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

We also encourage families who do perhaps not be eligible for need-based aid that is financial consider these options offered by the university:

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

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

Can we stack scholarships?

If you’re perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you get awards that can only just be used to purchase tuition, the total quantity of one’s awards may well not surpass 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.

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

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

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

If you do not receive work-study funds, you can still work on campus. Many on-campus employers will hire pupils who do not have work-study. There is jobs on campus through the ‚ConnectSC‘ portal on the USC Career Center site.

 

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