Your (School Funding) Questions: Answered!

This has been great to listen to from therefore many excited admitted students, but we know that many families still have actually lingering aid that is financial. We thought it might be helpful to compile a listing of the questions that are common have obtained and have actually the Office of school funding respond. Please see the post below for answers 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 pupil aid (including Pell Grant, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula referred to as Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• resource equity (not such as the family’s house and/or business or farm, if your family is a bulk owner with not as much as 100 employees).
• Allowances for basic bills and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other university aid that is need-based determined by taking into account the extra data provided on your CSS PROFILE, federal income tax information as well as other supporting documents, utilizing a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings as well as house and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these details allows us to more accurately measure a family group’s monetary strength to be able to distribute university-funded need-based grants as equitably as possible.

Your FAFSA EFC determines the type and amount of federal student assist you are eligible for, even though the IM EFC determines the amount and kind of university need-based school funding you is granted.

What if my family can’t manage the EFC?

Remember that the EFC is not a bill but a measure of one’s power to contribute to the cost of advanced schooling, predicated on your family members’ financial energy. Your cost, 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 through a combination of sources including current earnings, college or other savings, and/or longer-term financing such as parent and pupil loans.

Besides finding how 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 household to pay all or a percentage of the student’s university fees each semester in five equal month-to-month payments for the $50 fee/semester.

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

Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the price of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works best for his or her situation.

Families are encouraged to borrow because conservatively as possible. Students and parents should exhaust all federal help available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering an exclusive education loan system, because the credit and payment terms of federal loan programs may be more favorable than those for private loan programs.

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

Although some loans is deferred, parents should give consideration to interest that is making while the student is in school, when 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.

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

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

We also encourage families whom do perhaps not be eligible for need-based financial aid to give consideration to these options offered by the university:

• The USC Payment Arrange is an interest-free installment plan that allows your family to pay all or even a part 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 price of training over years.

Can we stack scholarships?

If you are not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can just only be used to buy tuition, the total amount of the awards may well not surpass the price of tuition for the year. You need to 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 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 aid that is financial may also increase, allowing your Stafford Loan to assist using the household contribution. In some cases, however, the college 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 entitled to Federal Work-Study, you must have a USC-determined financial need. In addition, you must have met all application deadlines, be considered a U.S. citizen or eligible non-citizen and enroll for the amount of devices your aid that is financial award based on. New first-year students whom 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 hire students who do maybe not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.


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