Your (School Funding) Questions: Answered!

Your (School Funding) Questions: Answered!

It has 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 might be useful to compile a summary of the typical questions we have obtained and have the workplace of educational 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 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 Grant, 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 household’s home and/or business or farm, if the household is a majority 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 college aid that is need-based determined by firmly taking into account the additional data provided on your CSS PROFILE, federal income tax information along with other supporting papers, making use of 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 considered which the FAFSA does not. Using these records we can more accurately determine a household’s economic strength in order to circulate university-funded need-based grants since equitably as you are able to.

Your FAFSA EFC determines the type and amount of federal student assist you are eligible for, while the IM EFC determines the total amount and form of university need-based educational funding you is going to be awarded.

What if my family can’t pay for the EFC?

Remember that the EFC is not a bill however a measure of your capability to play a role in the fee of higher education, according to your family members’ financial strength. Your cost, or family share, will be based in your actual price of attendance minus any aid that is financial. Your family contribution is intended to be paid through a mixture of sources including income that is current college or other savings, and/or longer-term financing such as for example parent and student loans.

Besides finding how to keep your charges down, families may consider these possibilities at USC:

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

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

Families are encouraged to borrow as 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 a personal education loan program, as 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 pay for the price may result in the student dealing with an unrealistic and debt load that is ultimately unmanageable. For students who elect to apply for private loans, applying with a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.

Although many loans is deferred, parents should consider interest that is making while the pupil 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 educational funding but can’t afford to send my son or daughter to USC?

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

We also encourage families who do not be eligible for need-based educational funding to consider these options offered by the university:

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

• The Federal PLUS Loan program and private loan programs enable families to spread the cost of training over a long period.

Can we stack scholarships?

If you are not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that if you receive awards that can simply be employed to buy tuition, the total quantity of your awards may not surpass 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.

When coordinating scholarships with financial aid, our workplace makes every attempt to preserve any need-based university grant you may possibly have been awarded. Generally in most cases, a new merit scholarship gotten after your initial monetary aid honor will reduce the quantities of Federal Work-Study and federal loans you receive. The total aid that is financial may also increase, allowing your Stafford Loan to assist utilizing the household contribution. In some cases, however, the college grant that is need-based be paid down because the amount of gift aid exceeds the determined need.

Who is qualified to receive work-study and exactly how much can they get?

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

If you don’t receive work-study funds, you can still work with campus. Many on-campus employers will hire pupils that do not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.