Your (School Funding) Questions: Answered!

Your (School Funding) Questions: Answered!

This has been great to listen to from so many excited admitted students, but we know that numerous families still have actually lingering aid that is financial. We thought it might be useful to compile a list of the questions that are common have received and have the workplace of Financial Aid respond. Please see the post below for responses to common concerns you may have about school 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 student aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), using a formula called Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• Asset equity (not like the family members’s home and/or business or farm, if your family is a bulk owner with significantly less than 100 employees).
• Allowances for basic cost of living and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other college aid that is need-based determined by firmly taking into account the excess data provided on 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 along with house and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these details permits us to more accurately determine a family group’s economic strength to be able to distribute university-funded need-based grants as equitably as possible.

Your FAFSA EFC determines the kind and quantity of federal student assist you are eligible for, as the IM EFC determines the quantity and form of university need-based financial aid you is awarded.

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

Remember that the EFC is not a bill but a measure of one’s ability to subscribe to the fee of advanced schooling, predicated on your family’s financial power. Your price, or family share, depends on your real cost of attendance minus any aid that is financial. The household 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 for example parent and student loans.

Besides finding approaches to keep your charges down, families may give consideration to these possibilities at USC:

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

• The Federal PLUS Loan program and private loan program(s) enable families to spread the cost of training over years.

Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to help cover the cost 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 are encouraged 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 personal education loan system, due to the fact credit and repayment terms of federal loan programs may be more favorable than those for private loan programs.

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

Although some loans can be deferred, parents should give consideration to interest that is making while the student is in school, if at all 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 son or daughter to USC?

Irrespective of financial need, all students are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out simply how much your student can receive.

We also encourage families who do maybe not be eligible for a need-based aid that is financial give consideration to these options offered by the college:

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

• The Federal PLUS Loan program and loan that is private enable families to spread the cost of training over 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 in the event that you receive awards that can simply be employed to purchase tuition, the amount that is total of awards may 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 educational funding, our workplace makes every attempt to preserve any university that is need-based you’ll have been awarded. Generally in most cases, a new merit scholarship gotten after your initial monetary aid award will reduce the amounts 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 all the family members contribution. In some cases, however, the university need-based grant may be paid off because the total amount of gift help exceeds the determined need.

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

To be entitled to Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be described as 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 who meet these qualifications may receive up to $2,500 in work-study.

You can still work on campus if you do not receive work-study funds. Many employers that are on-campus hire pupils that do perhaps not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.


Leave a Comment

Your email address will not be published. Required fields are marked *