Your (Educational Funding) Questions: Answered!

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Your (Educational Funding) Questions: Answered!

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

Why is the EFC determined by 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 known as Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• resource equity (not including the family members’s home and/or business or farm, if the household is just a majority owner with significantly less 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 college aid that is need-based determined by taking into account the additional data provided on your CSS PROFILE, federal income tax information as well as other supporting documents, using a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed earnings in addition to house and company or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using this information allows us to more accurately measure a family group’s economic strength to be able to circulate university-funded grants that are need-based equitably as you can.

Your FAFSA EFC determines the kind and quantity of federal student help you qualify for, even though the IM EFC determines the total amount and variety of university need-based aid that is financial will likely be awarded.

What if my family can’t manage the EFC?

Consider that the EFC is not a bill but a measure of the capacity to donate to the price of degree, centered on your family members’ financial strength. Your expense, or family contribution, will be based on your actual cost of attendance minus any aid that is financial. The family contribution is intended to be paid via a mixture 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 techniques to keep your charges down, families may start thinking about these options available at USC:

• The USC Payment Plan is an interest-free installment plan that allows the family to pay all or even a portion 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 use a combination of the USC Payment Plan and the Federal PLUS Loan to help cover the fee of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works best 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 a personal student loan program, as the credit and repayment regards to federal loan programs may be more favorable than those for private loan programs.

Using private education loan programs to pay for the fee may result in the pupil dealing with an unrealistic and ultimately unmanageable debt load. For pupils who elect to apply for private loans, applying by having a credit-worthy co-borrower increases the reality of qualifying and can lower the interest rate.

Although some loans are deferred, parents should start thinking about interest that is making while the pupil is in school, when possible, to reduce the entire 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 shmoop.pro don’t qualify for financial aid but can not afford to send my child to USC?

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

We also encourage families who do not be eligible for need-based school funding to think about these choices provided by the university:

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

• The Federal PLUS Loan program and private loan programs enable families to spread the cost of training over 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 simply be used to purchase tuition, the amount that is total of awards may not go beyond 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.

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

Who is eligible for work-study and how much can they receive?

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 number of devices 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 don’t receive work-study funds, you can still focus on campus. Numerous employers that are on-campus hire pupils who do perhaps not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center site.

 

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