Your (Educational Funding) Questions: Answered!

Your (Educational Funding) Questions: Answered!

It has been great to listen to from so many excited admitted students, but we know that numerous families still have actually lingering aid that is financial. 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 answers to common questions you may have about school funding at USC:

Why is the EFC decided 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 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).
• Asset equity (not such as the household’s house and/or business or farm, if the family is just 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 need-based aid is determined by firmly taking into account the excess data provided on your CSS PROFILE, federal income tax information along with other supporting papers, utilizing a formula known as Institutional Methodology (IM). This formula may include some sources of untaxed earnings also business and home or farm equity. In addition, certain other allowances and adjustments may be considered which the FAFSA does not. Using these details allows us to more accurately determine a family’s economic strength so that you can distribute university-funded grants that are need-based equitably as you possibly can.

Your FAFSA EFC determines the kind and amount of federal student help you are eligible for, even though the IM EFC determines the total amount and variety of university need-based school funding you are awarded.

What if my family can’t manage the EFC?

Consider that the EFC isn’t bill however a measure of your capability to play a role in the cost of higher education, centered on your family’s financial power. Your price, or family share, depends in your real price of attendance minus any aid that is financial. The family contribution is intended to be paid through a mixture of sources including present earnings, college or other savings, and/or longer-term financing such as parent and pupil loans.

Besides finding ways to reduce costs, 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 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 loan that is privates) enable families to spread the price of education over a long period.

Many families make use of a combination of the USC Payment Plan and the Federal PLUS Loan to greatly help cover the cost of attendance. We encourage families to assess their short- and long-term resources to develop a plan that works most 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 an exclusive education loan system, because 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 fee may result in the student taking on an unrealistic and ultimately unmanageable debt load. For students whom choose to apply for private loans, applying with a co-borrower that is credit-worthy the chance of qualifying and can lower the interest rate.

Although some loans may be deferred, parents should start thinking about interest that is making while the student is in school, if 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.

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

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

We also encourage families who do perhaps not be eligible for a need-based financial aid to think about these options offered by the college:

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

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

Can we stack scholarships?

If you should be not a financial aid recipient, merit-based scholarships may be stacked. Please be aware that in the event that you receive awards that can only just be used to purchase tuition, the amount that is total of awards might 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.

When coordinating scholarships with school funding, our office makes every attempt to preserve any university that is need-based you may have been awarded. Generally in most cases, a new merit scholarship received after your initial financial aid prize will reduce the levels of Federal Work-Study and federal loans you get. The total educational funding award may also increase, allowing your Stafford Loan to help utilizing the family 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 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 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 first-year students who 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 students who do perhaps not have work-study. You’ll find jobs on campus through the ‘ConnectSC’ portal on the USC Career Center web site.