It’s 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 would be helpful to compile a listing of the questions that are common have received and have the Office 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 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula known as Federal Methodology (FM). FM takes into consideration:
• Total income (taxable and nontaxable).
• resource equity (not such as the family’s home and/or business or farm, if the household is really a majority 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 university need-based aid is determined by taking into account the excess data provided on your CSS PROFILE, federal income tax information along with other supporting papers, using 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 details permits us to more accurately measure a household’s monetary strength to be able to circulate university-funded need-based grants as equitably as you are able to.
Your FAFSA EFC determines the sort and amount of federal student help you are eligible for, as the IM EFC determines the amount and style of university need-based aid that is financial are going to be awarded.
What if my family can’t manage the EFC?
Consider that the EFC is not a bill however a measure of the capacity to subscribe to the cost of advanced schooling, based on your family’s financial power. Your expense, or family contribution, depends on your own real cost of attendance minus any aid that is financial. Your family contribution is intended to be paid by way of a combination of sources including present income, college or other savings, and/or longer-term financing such as for example parent and pupil loans.
Besides finding how to keep your charges down, families may start thinking about these solutions at USC:
• The USC Payment Plan is an interest-free installment plan that allows the household to pay all or perhaps a part of the student’s university fees 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 price of education over several years.
Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to simply help cover the price 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 as 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 student loan system, 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 cover the fee may result in the student dealing with an unrealistic and ultimately unmanageable debt load. For students whom elect to apply for private loans, applying by having a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.
Although many loans is deferred, parents should think about making interest repayments while the student is in school, if possible, to reduce the general cost 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.
What if I do not qualify for school funding but can not afford to send my child to USC?
Regardless of financial need, all pupils are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to determine just how https://casinopokies777.com/royalvegas-casino/ much your student can get.
We also encourage families who do perhaps not be eligible for a need-based financial aid to consider these choices provided by the college:
• The USC Payment Arrange is an interest-free installment plan that allows the family to pay all or a percentage of the student’s college 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 cost of education over a long period.
Can we stack scholarships?
If you are perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you get awards that can simply be employed to purchase tuition, the amount that is total of awards might 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 could have been awarded. In most cases, a new merit scholarship received after your initial economic aid prize will reduce the levels of Federal Work-Study and federal loans you receive. The total aid that is financial may also increase, allowing your Stafford Loan to help because of 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 eligible for work-study and just how much can they get?
To be qualified to receive 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 amount of devices your aid that is financial award based on. New students that are first-year 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. Numerous on-campus employers will employ pupils who do not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.