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Your (Financial Aid) Questions: Answered!

Your (Financial Aid) Questions: Answered!

This has been great to listen to from therefore many excited admitted students, but we know that numerous families still have actually lingering financial aid questions. We thought it would be beneficial to compile a summary of the questions that are common have received and have 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 based on 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 Grant, 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 including the family members’s home and/or business or farm, if the family is really a majority owner with less than 100 employees).
• Allowances for basic bills 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 excess data provided on your CSS PROFILE, federal income tax information as well as other supporting documents, utilizing a formula referred to as Institutional Methodology (IM). This formula may include some sources of untaxed earnings also house and business or farm equity. In addition, certain other allowances and adjustments may be viewed which the FAFSA does not. Using these details permits us to more accurately measure a family’s monetary strength to be able to circulate university-funded need-based grants as equitably as you possibly can.

Your FAFSA EFC determines the type and quantity of federal student aid you are eligible for, as the IM EFC determines the total amount and style of university need-based school funding you is awarded.

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

Consider that the EFC isn’t bill but a measure of one’s capacity to donate to the fee of advanced schooling, predicated on your family members’ financial energy. Your cost, or family contribution, depends on your own real price of attendance minus any financial aid received. Your family contribution is intended to be paid via a mixture of sources including current income, college or other savings, and/or longer-term financing such as parent and student loans.

Besides finding techniques 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 household to pay all or even 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 private loan program(s) enable families to spread the price of education over several 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 assess their short- and long-term resources to develop a plan that works most readily useful for their situation.

Families ought 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 program, once the credit and payment regards to federal loan programs may be more favorable than those for private loan programs.

Using personal student loan programs to cover the price may result in the pupil accepting an unrealistic and debt load that is ultimately unmanageable. For students who elect to apply for private loans, applying having a co-borrower that is credit-worthy the chance of qualifying and can reduce the interest rate.

Although a lot of loans is deferred, parents should start thinking about making interest payments while the pupil is in school, if possible, to reduce the entire cost of borrowing.
Finally, if you have a special scenario that you believe was not taken into consideration whenever determining your EFC, please be certain to let us know by publishing an appeal.

Just What if I do not qualify for school funding but can’t afford to send my kid to USC?

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

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

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

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

Can we stack scholarships?

If you’re maybe not an aid that is financial, merit-based scholarships may be stacked. Please be aware that if you receive awards that can only just be employed to purchase tuition, the amount that is total of awards may well not meet or exceed the cost of tuition for the year. You ought 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 could have been awarded. In many cases, a new merit scholarship gotten after your initial monetary aid prize will reduce the amounts of Federal Work-Study and federal loans you receive. The total educational funding award may also increase, allowing your Stafford Loan to help utilizing the household contribution. In some cases, however, the college grant that is need-based be paid down because the quantity of gift aid exceeds the determined need.

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

To be entitled to Federal Work-Study, you must have a USC-determined financial need. 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 aid that is financial award based on. New students that are first-year 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 hire students who do maybe not have work-study. There is jobs on campus through the ‘ConnectSC’ portal on the USC Career Center Website.