Your (School Funding) Questions: Answered!

This has been great to hear 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 helpful to compile a list of the typical questions we have received and have the workplace of Financial Aid respond. Please see the post below for responses to questions that are common may have about educational funding at USC:

Why is the EFC dependant 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula called Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not including the family members’s home and/or business or farm, if the household is really a majority owner with significantly 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 need-based aid is determined by taking into account the extra data provided in 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 earnings 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 these details permits us to more accurately measure a family’s financial strength to be able to distribute university-funded grants that are need-based equitably as you can.

Your FAFSA EFC determines the type and amount of federal student assist you are eligible for, whilst the IM EFC determines the amount and type of university need-based aid that is financial are awarded.

What if my family can’t pay for the EFC?

Remember that the EFC is not a bill however a measure of the ability to subscribe to the price of degree, according to your family’s financial strength. Your price, or family share, depends in your real price of attendance minus any aid that is financial. The family contribution is intended to be paid through a mix of sources including current earnings, college or other savings, and/or longer-term financing such as for instance parent and pupil loans.

Besides finding how to keep your charges down, families may consider these options available at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or even a portion of the student’s university charges 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 cost of training over many years.

Many families use a combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the fee of attendance. We encourage families to assess their short- and long-term resources to develop a plan that works most useful for his or her situation.

Families ought to borrow because 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 a private student loan program, since the credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using personal education loan programs to pay for the fee may result in the student dealing with an unrealistic and ultimately unmanageable debt load. For pupils whom decide to apply for private loans, applying with a co-borrower that is credit-worthy the chance of qualifying and can reduce the interest rate.

Although many loans may be deferred, parents should consider interest that is making while the pupil is in school, when possible, to reduce the overall expense of borrowing.
Finally, if you have unique circumstance that you think was not considered whenever determining your EFC, please be certain to inform us by publishing an appeal.

Just 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 qualified to receive Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out how much your student can receive.

We also encourage families whom do maybe not be eligible for need-based aid that is financial think about these options shmoop.pro offered by the university:

• The USC Payment Arrange is an interest-free installment plan that allows your family to pay all or even a part of the student’s college charges each semester in five equal monthly premiums for a $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’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 only be used to buy tuition, the amount that is total of awards might not meet or 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.

Whenever coordinating scholarships with school funding, our workplace makes every attempt to preserve any university that is need-based you could have been awarded. In many cases, a new merit scholarship received after your initial economic aid honor will reduce the quantities of Federal Work-Study and federal loans you get. The total aid that is financial may also increase, allowing your Stafford Loan to help with the family contribution. In some cases, however, the college need-based grant may be reduced because the amount of gift help exceeds the determined need.

Who is eligible for work-study and exactly 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 need to have met all application deadlines, be described as a U.S. citizen or eligible non-citizen and enroll for the number of units your aid that is financial award based on. New first-year students who meet these qualifications may receive up to $2,500 in work-study.

If you don’t receive work-study funds, you can still work on campus. Many employers that are on-campus employ pupils that do perhaps 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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