It’s been great to hear from so many excited admitted students, but we know that many families still have actually lingering financial aid questions. We thought it might be useful to compile a summary of the questions that are common have received and have the workplace of school funding respond. Please see the post below for answers 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 Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), using a formula known as 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 the household is a majority owner with lower 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 university need-based aid is determined by firmly taking into account the additional data provided in your CSS PROFILE, federal income tax information as well as other supporting documents, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings also house and business or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these records we can more accurately measure a family’s financial strength so that you can distribute university-funded grants that are need-based equitably as you are able to.

Your FAFSA EFC determines the sort and quantity of federal student aid you are eligible for, whilst the IM EFC determines the total amount and style of university need-based aid that is financial will likely be granted.

What if my family can’t afford the EFC?

Remember that the EFC is not a bill however a measure of the capability to donate to the cost of degree, centered on your family members’ financial energy. Your price, or family contribution, will be based on your actual price of attendance minus any monetary aid received. The family contribution is intended to be paid by way of a combination of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and pupil loans.

Besides finding ways to reduce costs, families may start thinking about 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 month-to-month payments for a $50 fee/semester.

• The Federal PLUS Loan program and private loan program(s) enable families to spread the price of education over a long period.

Many families make use of 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 resources that are long-term develop a plan that works most readily useful for their situation.

Families are encouraged 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 student loan program, because the credit and repayment terms of federal loan programs may be more favorable than those for private loan programs.

Using personal student loan programs to cover the price may result in the student taking on an unrealistic and ultimately unmanageable debt load https://shmoop.pro/. For pupils whom 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 consider interest that is making while the pupil is in school, when possible, to reduce the overall cost of borrowing.
Finally, if you have special scenario that you believe was not taken into consideration when determining your EFC, please be certain to let us know by publishing an appeal.

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

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

We also encourage families whom do not qualify for need-based aid that is financial consider these options provided by the college:

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

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

Can we stack scholarships?

If you are not an aid that is financial, merit-based scholarships may be stacked. Please be aware that in the event that you get awards that can only just be employed to purchase tuition, the amount that is total of awards may well not go beyond the price of tuition for the year. You should refer to the scholarship guide that you received for details on how scholarships may be combined.

Whenever coordinating scholarships with financial aid, our workplace makes every attempt to preserve any need-based university grant you may possibly 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 school funding award may also increase, allowing your Stafford Loan to help using the family contribution. In some cases, however, the university need-based grant may be reduced because the amount of gift help exceeds the determined need.

Who is eligible for work-study and just 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 considered 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 whom meet these skills may receive up to $2,500 in work-study.

If you don’t receive work-study funds, you can still work on campus. Many on-campus employers will hire pupils that do not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.