Your (School Funding) Questions: Answered!

Your (School Funding) Questions: Answered!

It has been great to listen to from therefore many excited admitted students, but we know that lots of families still have lingering aid that is financial. We thought it could be helpful to compile a summary of the questions that are common have received and have actually the Office of Financial Aid respond. Please see the post below for answers to questions that are common 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 give, 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 like the family’s home and/or business or farm, if your family is really a majority owner with lower than 100 employees).
• Allowances for basic living expenses 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 extra data provided on your CSS PROFILE, federal income tax information along with other supporting papers, using a formula referred to 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 records allows us to more accurately determine a family’s monetary strength in order to distribute university-funded need-based grants since equitably as possible.

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

What if my family can’t manage the EFC?

Consider that the EFC is not a bill but a measure shmoop.pro of the capability to play a role in the cost of higher education, predicated on your family members’ financial strength. Your cost, or family contribution, will be based in your actual cost of attendance minus any aid that is financial. Your family contribution is intended to be paid via a combination of sources including present earnings, 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 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 perhaps a percentage 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 fee of education over many years.

Many families use a combination of the USC Payment Plan and the Federal PLUS Loan to help cover the cost of attendance. We encourage families to evaluate their short- and long-term resources to 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 an exclusive education loan program, because the credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.

Using personal student loan programs to cover the cost may result in the pupil accepting an unrealistic and debt load that is ultimately unmanageable. For pupils who decide to apply for private loans, applying by having a credit-worthy co-borrower increases the chance of qualifying and can reduce the interest rate.

Although some loans can be deferred, parents should give consideration to making interest payments while the pupil is in school, when possible, to reduce the entire cost of borrowing.
Finally, if you have a unique situation that you imagine was not taken into account whenever determining your EFC, please be sure to tell us by submitting an appeal.

What if I don’t qualify for educational funding but can’t 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 determine how much your student can receive.

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

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

Can we stack scholarships?

If you’re perhaps not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can only just be used to buy tuition, the total amount of your awards may not surpass the cost of tuition for the year. You ought to refer to the scholarship guide that you received for details on how scholarships may be combined.

When coordinating scholarships with financial aid, our office makes every attempt to preserve any need-based university grant 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 help aided by the family members contribution. In some cases, however, the college grant that is need-based be paid off because the total amount of gift help exceeds the determined need.

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

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 a U.S. citizen or eligible non-citizen and enroll for the quantity 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.

If you do not get work-study funds, you can still focus on campus. Many employers that are on-campus employ pupils that do not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.

 

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