Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

It’s been great to hear from so many excited admitted students, but we know that many families still have actually lingering aid that is financial. We thought it could be useful to compile a listing of the typical questions we have obtained and have the workplace of Financial Aid respond. Please see the post below for responses to common questions you may have about educational funding at USC:

Why is the EFC decided by 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), employing 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 the household is 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 need-based aid is determined by firmly taking into account the additional data provided on your CSS PROFILE, federal income tax information and other supporting documents, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings along with home and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using this information permits us to more accurately measure a family group’s monetary strength in order to distribute university-funded need-based grants because equitably as you are able to.

Your FAFSA EFC determines the type and quantity of federal student help you are eligible for, while the IM EFC determines the amount and sort of university need-based financial aid you is going to be awarded.

What if my family can’t afford the EFC?

Remember that the EFC isn’t bill but a measure of the capability to donate to the price of higher education, based on your family’s financial energy. Your expense, or family share, depends in your real price of attendance minus any monetary aid received. The household contribution is intended to be paid via a combination of sources including income that is current college or other savings, and/or longer-term financing such as for instance parent and student loans.

Besides finding techniques to keep your charges down, families may think about these possibilities at USC:

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

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

Families ought to borrow since conservatively as possible. Students and parents should exhaust all federal assistance available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private education loan system, as the credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.

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

Although some loans could be deferred, parents should start thinking about making interest repayments while the pupil 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 don’t qualify for educational funding but can not afford to send my son or daughter to USC?

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

We also encourage families whom do not be eligible for a need-based aid that is financial consider these options offered by the college:

• The USC Payment Arrange is an interest-free installment plan that permits the family to pay all or a portion 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 several years.

Can we stack scholarships?

If you are perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you get awards that can simply be employed to pay for tuition, the total amount of your awards may well not go beyond 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.

When coordinating scholarships with school funding, our workplace makes every attempt to preserve any university that is need-based you may 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 members contribution. In some cases, however, the college need-based grant may be paid down because the total amount of gift aid exceeds the determined need.

Who is qualified to receive 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 need to have met all application deadlines, be considered a U.S. citizen or eligible non-citizen and enroll for the number 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.

Should you not receive work-study funds, you can still focus on campus. Many employers that are on-campus employ students who do perhaps not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.


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