Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

It’s been great to hear from so many excited admitted students, but we know that many families still have actually lingering financial aid questions. We thought it would be beneficial to compile a list of the typical questions we have obtained and have actually the workplace of educational funding respond. Please see the post below for responses to questions that are common 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 student aid (including Pell give, Stafford Direct and Perkins Loans, and Federal Work-Study), utilizing a formula known as Federal Methodology (FM). FM takes into consideration:

• Total earnings (taxable and nontaxable).
• resource equity (not like the family members’s home and/or business or farm, if the household is just a majority owner with lower than 100 employees).
• Allowances for basic bills and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other college need-based aid is 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 known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings along with home and business or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these details permits us to more accurately measure a family group’s monetary strength to be able to circulate university-funded need-based grants since equitably as you are able to.

Your FAFSA EFC determines the type and quantity of federal student assist you are eligible for, as the IM EFC determines the total amount and kind of university need-based aid that is financial will be awarded.

What if my family can’t manage the EFC?

Remember that the EFC isn’t bill but a measure of one’s power to play a role in the price of advanced schooling, considering your family’s financial energy. Your expense, or family contribution, will be based in your real price of attendance minus any economic aid received. The household contribution is intended to be paid by way of a mixture of sources including income that is current college or other savings, and/or longer-term financing such as parent and pupil loans.

Besides finding ways to reduce costs, families may think about these possibilities at USC:

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

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

Many families work with a combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the fee of attendance. We encourage families to assess their short- and resources that are long-term develop a plan that works most readily useful for their 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, due to the fact 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 price may result in the pupil taking on an unrealistic and ultimately unmanageable debt load. For students whom choose to apply for private loans, applying by having a credit-worthy co-borrower increases the likelihood of qualifying and can reduce the interest rate.

Although a lot of loans can be deferred, parents should start thinking about making interest payments 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 shmoop best essay writing let us know by submitting an appeal if you have a special circumstance.

Just What if I don’t qualify for financial aid but can not afford to send my son or daughter to USC?

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

We also encourage families who do perhaps not be eligible for need-based educational funding to give consideration to these choices offered by the university:

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

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

Can we stack scholarships?

If you are not an aid that is financial, 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 well 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.

Whenever coordinating scholarships with educational funding, our office makes every attempt to preserve any university that is need-based you may possibly 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 with the family members contribution. In some cases, however, the college need-based grant may be reduced because the quantity of gift help exceeds the determined need.

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

To be qualified to receive Federal Work-Study, you must have a USC-determined need that is financial. In addition, you must have met all application deadlines, be considered a U.S. citizen or eligible non-citizen and enroll for the quantity of devices your educational funding award was based on. New first-year students who 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. Many on-campus employers will hire pupils that do perhaps not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center internet site.

 

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