Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

This has been great to hear from so many excited admitted students, but we know that numerous families still have lingering financial aid questions. We thought it would be beneficial to compile a list of the typical questions we have obtained and have actually the Office of Financial Aid respond. Please see the post below for answers to questions that are common may have about financial aid at USC:

Why is the EFC dependant on 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), utilizing a formula called Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not such as the family’s home and/or business or farm, if the family is really a bulk owner with lower 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 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 in addition to business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these records we can 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 sort and amount of federal student help you meet the criteria for, although the IM EFC determines the total amount and form of university need-based financial aid you will be granted.

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

Consider that the EFC is not a bill but a measure of your capability to subscribe to the price of higher education, centered on your family’s financial energy. Your price, or family contribution, depends on your own real cost of attendance minus any aid that is financial. The household contribution is intended to be paid via a combination of sources including present earnings, college or other savings, and/or longer-term financing such as for example parent and pupil loans.

Besides royal vegas sign up bonus finding methods to reduce costs, families may give consideration to these possibilities 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 fees 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 several years.

Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the fee of attendance. We encourage families to evaluate their short- and long-term resources to develop a plan that works most useful for their situation.

Families ought 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 education loan program, while the 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 pay for the fee may result in the student accepting an unrealistic and debt load that is ultimately unmanageable. For students 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 some loans could be deferred, parents should think about interest that is making while the pupil is in school, when possible, to reduce the overall cost of borrowing.
Finally, if you have a unique situation that you believe was not taken into account whenever determining your EFC, please be sure to tell us by publishing an appeal.

Just What if I don’t qualify for educational funding but can’t afford to send my youngster to USC?

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

We also encourage families whom do perhaps not be eligible for a need-based educational funding to consider these choices provided by the university:

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

• The Federal PLUS Loan program and personal loan programs enable families to spread the cost of education 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 receive awards that can simply be employed to purchase tuition, the amount that is total of awards might not meet or 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 financial aid, our office makes every attempt to preserve any university that is need-based you may have been awarded. Generally in most cases, a new merit scholarship gotten after your initial financial aid honor will reduce the levels of Federal Work-Study and federal loans you get. The total financial aid award may also increase, allowing your Stafford Loan to assist because of the household contribution. In some cases, however, the college need-based grant may be paid down because the amount of gift aid 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 must have met all application deadlines, be described as a U.S. citizen or eligible non-citizen and enroll for the amount of devices your financial aid award was based on. New first-year students whom meet these qualifications may receive up to $2,500 in work-study.

Should you not get work-study funds, you can still work on campus. Numerous on-campus employers will hire pupils that do not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.

 

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