Your (School Funding) Questions: Answered!

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Your (School Funding) Questions: Answered!

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

Why is the EFC based on USC different 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 income (taxable and nontaxable).
• Asset equity (not like the family’s house and/or business or farm, if your family is a bulk owner with significantly less than 100 employees).
• Allowances for basic bills 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 taking into account the additional data provided in 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 income as well as business and home 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 determine a family group’s monetary strength so that you can circulate university-funded grants that are need-based equitably as you possibly can.

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

What if my family can’t manage the EFC?

Bear in mind that the EFC isn’t bill but a measure of the power to donate to the fee of degree, based on your family members’ financial energy. Your expense, or family contribution, depends on your actual cost of attendance minus any aid that is financial. The family contribution is intended to be paid by way of a mix of sources including present income, college or other savings, and/or longer-term financing such as for example parent and student loans.

Besides finding how to keep costs 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 even a part 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 program(s) enable families to spread the price of training over many years.

Many families make use of combination of the USC Payment Plan and the Federal PLUS Loan to aid cover the cost of attendance. We encourage families to evaluate their short- and resources that are long-term develop a plan that works best for his or her situation.

Families are encouraged to borrow as conservatively as possible. Students and parents should exhaust all federal assistance available, including the Federal Direct Stafford Loan and the Federal Direct Parent PLUS Loan, before considering a private student loan program, as the credit and repayment terms of federal loan programs may be more favorable than those for private loan programs.

Using personal education loan programs to cover the cost may result in the student dealing with an unrealistic and debt load shmoop paper writer service that is ultimately unmanageable. For students whom choose to apply for private loans, applying by having a co-borrower that is credit-worthy the chance of qualifying and can reduce the interest rate.

Although many loans may be deferred, parents should think about making interest payments while the student is in school, if at all possible, to reduce the general expense of borrowing.
Finally, if you have a special scenario that you imagine was not taken into account whenever determining your EFC, please be sure to tell us by publishing an appeal.

Exactly What if I do not qualify for school funding but can not afford to send my youngster to USC?

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

We also encourage families who do perhaps not be eligible for a need-based aid that is financial give consideration to these choices provided by the college:

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

• The Federal PLUS Loan program and private loan programs enable families to spread the price of education over many years.

Can we stack scholarships?

If you should be 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 simply be employed to pay for tuition, the total quantity of one’s awards might not meet or exceed 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 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 assist with the household contribution. In some cases, however, the university grant that is need-based be paid down because the total amount of gift help exceeds the determined need.

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

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

If you do not receive work-study funds, you can still work on campus. Many employers that are on-campus hire students who do maybe 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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