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

Why is the EFC determined by 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 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).
• resource equity (not like the household’s home and/or business or farm, if the household is really a majority owner with lower 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 need-based aid is determined by taking into account the extra data provided on your CSS PROFILE, federal income tax information along with other supporting documents, utilizing a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed income along with house and company or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using this information we can more accurately measure a family’s economic strength in order to distribute university-funded grants that are need-based equitably as possible.

Your FAFSA EFC determines the kind and amount of federal student assist you are eligible for, even though the IM EFC determines the quantity and form of university need-based school funding you are going to be awarded.

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

Bear in mind that the EFC isn’t bill however a measure of your capability to donate to the fee of higher education, based on your family’s financial strength. Your price, or family contribution, depends on your own actual cost of attendance minus any economic aid received. 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 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 members to pay all or perhaps a percentage of the student’s university fees each semester in five equal monthly payments for a $50 fee/semester.

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

Many families make use of 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 readily useful for their situation.

Families are encouraged to borrow as 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 private education loan system, while the credit and payment terms of federal loan programs may be more favorable compared to those for private loan programs.

Using private education loan programs to pay for the cost may result in the student accepting an unrealistic and ultimately unmanageable debt load. For pupils whom decide to apply for private loans, applying having a co-borrower that is credit-worthy the likelihood of qualifying and can reduce the interest rate.

Although some loans can be deferred, parents should think about making interest payments while the student is in school, if possible, to reduce the entire expense of borrowing.
Finally, if you have unique scenario that you think was not taken into account whenever determining your EFC, please be certain to tell us by publishing an appeal.

Just What if I don’t qualify for school funding but can’t afford to send my youngster to USC?

Irrespective of financial need, all learning pupils are entitled to Unsubsidized Federal Direct Stafford Loans. File a FAFSA to figure out just how much your student can get.

We also encourage families who do perhaps not be eligible for need-based aid that is financial consider these options provided by the university:

• The USC Payment https://shmoop.pro/ Plan is an interest-free installment plan that enables your family to pay all or a portion of the student’s university charges each semester in five equal monthly obligations for the $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 are perhaps not an aid that is financial, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can just only be employed to purchase tuition, the total quantity of the awards might not go beyond the cost 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 financial aid, our workplace makes every attempt to preserve any need-based university grant you may possibly have been awarded. In most cases, a new merit scholarship received after your initial monetary aid award will reduce the quantities of Federal Work-Study and federal loans you receive. The total financial aid award may also increase, allowing your Stafford Loan to help using the household contribution. In some cases, however, the university need-based grant may be paid off because the quantity of gift aid exceeds the determined need.

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

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

You can still work on campus if you do not receive work-study funds. Numerous employers that are on-campus employ pupils that do not have work-study. You will find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.