Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

This has been great to hear from therefore many excited admitted students, but we know that many families still have actually lingering aid that is financial. We thought it could be beneficial to compile a listing of the questions that are common have obtained and have actually the workplace of Financial Aid respond. Please see the post below for responses to common concerns you may have about financial aid at USC:

Why is the EFC decided by USC different than the EFC reported on FAFSA?

The information you provided on the FAFSA is used to calculate eligibility for federal student aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), using a formula known as Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• Asset equity (not such as the household’s home and/or business or farm, if the family is just a bulk owner with not as much as 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 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 referred to 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 viewed which the FAFSA does not. Using this information allows us to more accurately measure a household’s monetary strength in order to circulate 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 amount and style of university need-based aid that is financial are granted.

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

Keep in mind that the EFC isn’t bill but a measure of your ability to contribute to the price of higher education, according to your family members’ financial power. Your price, or family contribution, depends in your actual price of attendance minus any financial aid received. The family contribution is intended to be paid through a mixture of sources including present income, college or other savings, and/or longer-term financing such as parent and pupil loans.

Besides finding approaches to reduce costs, families may think about these solutions at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family members to pay all or a part 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 loan that is privates) enable families to spread the fee of education over years.

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 long-term resources to develop a plan that works most readily useful for their 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 education loan program, since the credit and repayment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using personal student loan programs to cover the fee may result in the student dealing with an unrealistic and debt load that is ultimately unmanageable. For students whom decide to apply for private loans, applying by having a credit-worthy co-borrower increases the reality of qualifying and can lower the interest rate.

Although some loans is deferred, parents should start thinking about interest that is making while the student is in school, if possible, to reduce the overall expense of borrowing.
Finally, that you believe was not taken into consideration when determining your EFC, please be sure to let us know by submitting an appeal if you have a special circumstance.

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

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

We also encourage families whom do perhaps not be eligible for a need-based financial aid to think about these choices offered by the college:

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

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

Can we stack scholarships?

If you are perhaps not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you receive awards that can only be employed to pay for tuition, the amount that is total of awards may well not exceed the price of tuition for the year. You ought to refer to the scholarship guide that you received for details on how scholarships may be combined.

When coordinating scholarships with educational funding, our office makes every attempt to preserve any university that is need-based you may possibly have been awarded. In most cases, a new merit scholarship received after your initial financial aid prize will reduce the quantities of Federal Work-Study and federal https://shmoop.pro/the-bell-jar-chapter-3-and-4-summary/ loans you receive. The total aid that is financial may also increase, allowing your Stafford Loan to assist utilizing the family contribution. In some cases, however, the university need-based grant may be paid off because the amount of gift help exceeds the determined need.

Who is qualified to receive work-study and just how much can they get?

To be entitled to 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 financial aid award was based on. New students that are first-year meet these qualifications may receive up to $2,500 in work-study.

If you don’t get work-study funds, you can still work with campus. Numerous on-campus employers will hire students who do maybe not have work-study. You can find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.

 

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