<p>So, as we all await our decisions to come within the next week, I'd like to plan and see if affording USC is a possibility, much less getting in. </p>
<p>I'll start off by saying, I am in-state and did not file for FAFSA. At the time, my parents did not want to declare income and figured I would attend a public school anways. </p>
<p>As it turns out, my father was diagnosed with cancer and then had to quit working. However, this would not have been accounted for in the most recent tax return, which would have put me above USC's cost of tuiton for my family's EFC. </p>
<p>In addition, when I sent my USC app, apparently only the payment for the app was received prior to Dec 1 ( scholarship deadline) and the app was later sent Dec 15, when I realized what happened. I understand this is my own fault, but was wondering if USC has ever offered merit aid to those apps sent after the deadline. </p>
<p>Finally, if anyone knows how feasible continuing student scholarships are for obtaining, then I'd like to know </p>
<p>I am sorry your family is going through this crisis at the stressful college application time - I am sure that makes all of this even more stressful. </p>
To be considered for need-based aid at USC, you must file the CSS/Profile, the FAFSA and submit tax information. If your EFC is too high to be considered for need-based aid but you are interested in Stafford unsubsidized student loans or Parent PLUS loans, you must file the FAFSA.</p>
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I am sorry your family is going through this. As you note, your 2014-2015 financial aid will be calculated using your family’s 2013 financial information and income. If your EFC is above USC’s cost of attendance it is unlikely need-based aid will be awarded, but with a documented job loss there may be an adjustment. </p>
<p>I caution that the current year adjustment would likely be small. In future years, your aid would be calculated on the previous year’s information and if your father continues to b e unemployed, your income may be low enough to qualify for some need-based aid. Remember that the CSS/Profile will consider assets the FAFSA does not, including home equity, so even with a job loss your aid may be lower because of those assets.</p>
<p>To be considered for ANY need-based aid, you should IMMEDIATELY fill out the FAFSA, CSS/Profile and submit tax information. If your parents prefer not to divulge that information, you will not be considered for ANY need-based aid regardless of your father’s health or employment status. None.</p>
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Only those who submitted their application by the scholarship deadline are considered for merit aid as freshmen.
In future years, continuing student scholarships may be a possibility. In general, continuing student scholarships range from $1,000 - $5,000 and most are for one year only. Some may be renewed by application each year.</p>
<p>Because of your family’s change in circumstance, you might keep the idea of a gap year as a possibility. That would allow you to meet freshmen merit deadlines and file for need-based aid with the lower income figures.</p>
<p>I’d like to thank you very much, alememom. By in-state, I meant that UC’s would be a cheaper alternative that my parents would like, but USC is a better school than the UCs I’ve gotten into. It would be a possibility to pay the full tuition this year, but if I had a plan to pay less in the following years it would be much more feasible. </p>
<p>Would calling the financial aid office and explaining my situation possibly change anything? Perhaps a new calculated EFC that would lessen the cost of tuiton?</p>
<p>Certainly call the financial aid office to get started, but I PROMISE that they will do nothing until and unless you and your parents fill out the FAFSA, CSS/Profile and submit tax information. You should start on all of that immediately as that will be the FIRST question USC financial aid will ask.</p>
<p>You will want to submit a letter of additional information with your financial aid application. Gather documents that verify the job loss. Note: Pensions, unemployment payments and/or disability will be considered along with income. I want to temper your financial aid hopes a bit, because a family with an EFC in excess of USC’s cost of attendance very likely has significant assets, additional sources of income and your parents have likely planned for financial setbacks. All of that is GREAT news for your family, but will mean that need-based financial aid may be limited.</p>
<p>The UCs are very good schools - all of them. At 1/2 the price and with a parental job loss, cutting college costs in half may be the most sensible course of action. Before paying full-price for one year at USC, run the NPC with estimated numbers for next year to see what you might expect (remember, the NPC is just a planning tool and does not represent an offer or guarantee of aid). 2nd homes and rental properties must be included. <a href=“http://www.usc.edu/admission/fa/applying_receiving/npc/”>http://www.usc.edu/admission/fa/applying_receiving/npc/</a> Worst-case scenario would be to exhaust savings paying $65,000 for one year at USC and then have to transfer to another school. UCs in general do not accept sophomore-level transfers, so that would mean going to a community college for a year before going to a UC.</p>
<p>If, on the other hand, you start at a UC and your dad’s health and employment prospects improve, USC does indeed accept sophomore transfers. Again, a gap year might be a good idea to take advantage of the merit aid possibilities at a variety of schools - USC’s merit aid is so very selective, I would not “count” on it - and the possibility of need-based aid.</p>