Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

This has been great to listen to from therefore many excited admitted students, but we know that many families still have lingering aid that is financial. We thought it could be useful to compile a listing of the questions that are common have obtained and have the Office of school funding respond. Please see the post below for answers to common questions you may have about school funding at USC:

Why is the EFC based 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 give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula known as Federal Methodology (FM). FM takes into consideration:

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

Eligibility for university grant funding and other university aid that is need-based determined by firmly taking into account the excess data provided in your CSS PROFILE, federal income tax information along with other supporting papers, utilizing 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 measure a household’s monetary strength so that you can distribute university-funded need-based grants as equitably as you are able to.

Your FAFSA EFC determines the sort and quantity of federal student help you meet the criteria for, while the IM EFC determines the amount and kind of university need-based aid that is financial is awarded.

What if my family can’t afford the EFC?

Consider that the EFC is not a bill but a measure of your capability to play a role in the price of advanced schooling, considering your family’s financial energy. Your expense, or family contribution, will be based on your actual price of attendance minus any economic 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 approaches to reduce costs, families may think about these options available at USC:

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

• The Federal PLUS Loan program and loan that is privates) enable families to spread the price of training over a long period.

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

Families ought to borrow since 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 an exclusive education loan system, since the credit and repayment regards to federal loan programs may be more favorable compared to those for private loan programs.

Using personal student loan programs to pay for the price may result in the pupil taking on an unrealistic and ultimately unmanageable debt load. For pupils who choose to apply for private loans, applying with a credit-worthy co-borrower increases the reality of qualifying and can lower the interest rate.

Although a lot of loans are deferred, parents should consider interest that is making while the student is in school, if possible, to reduce the overall 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 don’t qualify for financial aid but can not afford to send my child to USC?

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

We also encourage families whom do not be eligible for need-based aid that is financial start thinking about these choices provided by the college:

• The USC Payment Plan is an interest-free installment plan that permits the family to pay all or perhaps 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 education over many years.

Can we stack scholarships?

If you’re maybe not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you get 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.

When coordinating scholarships with educational funding, our office 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 because of the family 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 just how much can they get?

To be eligible for Federal Work-Study, you must have a USC-determined need that is financial. In addition, you must have met all application deadlines, be a U.S. citizen or eligible non-citizen and enroll for the number of devices your educational funding award was based on. New students that are first-year meet these qualifications may receive up to $2,500 in work-study.

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