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Your (School Funding) Questions: Answered!

Your (School Funding) Questions: Answered!

This has been great to hear from therefore many excited admitted students, but we know that numerous families still have lingering aid that is financial. We thought it might be beneficial to compile a list of the questions that are common have received and have actually the Office of school funding respond. Please see the post below for answers to questions that are common may have about financial aid 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 student aid (including Pell give, Stafford Direct and Perkins Loans, and Federal Work-Study), employing a formula called Federal Methodology (FM). FM takes into consideration:

• Total income (taxable and nontaxable).
• resource equity (not like the family members’s house and/or business or farm, if your family is just a bulk owner with less than 100 employees).
• Allowances for basic cost of living and retirement.
• Family size and quantity of children in college.

Eligibility for university grant funding and other university need-based aid is determined by firmly taking into account the additional data provided on your CSS PROFILE, federal income tax information as well as other supporting documents, making use of a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed income in addition to home 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’s monetary strength so that you can circulate university-funded grants that are need-based equitably as you are able to.

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

What if my family can’t manage the EFC?

Bear in mind that the EFC is not a bill however a measure of the capacity to subscribe to the price of degree, centered on your family members’ financial energy. Your cost, or family share, depends in your actual cost of attendance minus any aid that is financial. Your family contribution is intended to be paid by way of a combination of sources including income that is current college or other savings, and/or longer-term financing such as parent and student loans.

Besides finding methods to reduce costs, families may think about these options available at USC:

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

Many families make use of 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 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 personal student loan system, since the credit and payment regards to federal loan programs may be more favorable compared to those for private loan programs.

Using personal education loan programs to cover the fee may result in the pupil accepting an unrealistic and ultimately unmanageable debt load. For pupils who choose to apply for private loans, applying having a credit-worthy co-borrower increases the likelihood of qualifying and can lower the interest rate.

Although a lot of loans are deferred, parents should consider interest that is making while the pupil is in school, when possible, to reduce the entire expense of borrowing.
Finally, if you have a unique scenario that you think was not taken into account whenever determining your EFC, please be sure to inform us by submitting an appeal.

What if I don’t qualify for educational funding but can not afford to send my child to USC?

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

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

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

• The Federal PLUS Loan program and personal loan programs enable families to spread the price of education 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 get awards that can only be employed to purchase tuition, the amount that is total of awards may not go beyond the cost 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 royal vegas withdrawal funding, our workplace makes every attempt to preserve any need-based university grant you’ll 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 educational funding award may also increase, allowing your Stafford Loan to assist with all the household contribution. In some cases, however, the college need-based grant may be paid off because the amount of gift help exceeds the determined need.

Who is eligible for work-study and exactly 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 quantity of devices 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 focus on campus. Many on-campus employers will employ students that do perhaps not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.


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