Financial Aid at USC

Colleges and Universities A-Z University of Southern California
1

<p>I am a high school senior from Michigan, applying for the Fall 2009 semester. I was wondering, how generous is USC's financial aid office for need-based aid? I'm a relatively borderline student, so if I get in to USC then I likely won't qualify for any merit based aid. My EFC came out to be about 23,000, but it is vastly overestimated since my mother just lost her job and she cant seem to find another one in this terrible Michigan economy (FAFSA didn't take this into account, as it was filed with the previous year's finances). Add to that the fact that I have a twin brother who is entering college at the same time, and his EFC is also 23,000 so altogether my parents have to pay 46,000 per year for college. My parents are separated, so they have separate bills/ taxes/ w/e. I live with my mom, who just lost her job and is now deeply in debt. My dad (who lives in California) can contrubute about 12,000/yr, but that may be for the both of us (my brother and I). My mother has SOME college savings, but it is in some Michigan Education Trust plan which is only for michigan colleges (so it will ALL be going towards my brother, who is attending the University of Michigan next fall). My father does not. So our FAFSA is vastly overestimated. </p>

<p>So how much of USC's financial aid comes in grants? Since my EFC is so overestimated, I will likely have to take the difference between how much my parents can pay and what my EFC states through student loans (probably about 13,000/yr). If USC gives all the aid in grants, then I should be able to afford it since the loans should be managable. But if they give most of its aid in loans, then I'll be taking FAR too much in loans, putting me neck-deep in debt when I graduate. A few loans from USC (like 7,000/yr) might be managable, but any more than that and I'm screwed.</p>

<p>I REALLY want to go to USC, but if they don't give me enough financial aid in grants, then there is not way I can afford it!</p>

<p>Thanks everyone.</p>

2

<p>You situation is very similar to that of what my friend's was last year. - She's now attending USC.</p>

<p>Her mother ended up writing USC a letter after she lost her job, explaining that the number FASFA came up with (for EFC) was simply inaccurate for what the family could really contribute.</p>

<p>My suggestion would be to talk with admissions at USC. They may be able to help you more than you expect.</p>

<p>Best of luck.</p>

3

<p>I am sorry if I am stepping on anyone's toes, but my advice is to go to a state school in Michigan because there will be other expenses (plane tickets, cell phone bills, etc.) which USC financial aid may not cover. If you get accepted, you can send a letter to USC financial aid office and see what their response is. You will need a back up plan, and therefore I suggest going closer to home, unless you feel close enough to your father in California and believe that he will give you the extra financial support/cushion to make it through. I am sorry you are going through this.</p>

4

<p>Unfortunately, I agree with the above post that we all need to have a healthy dose of realism. There amazing in-state Michigan opportunities to consider. If things improve, there is the possibility of transferring. My D is a transfer at USC & it saved us a lot of money & allowed her to have less pressure while exploring options. Definitely apply to in-state options & have you & your mom write a letter to USC to see what they can offer but don't hold your breath. Things are bad for lots of folks & USC has to balance current student needs with incoming student needs as well.</p>

5

<p>I think costs like plane tickets, cellphone bills, etc, my dad should be able to cover. Beyond that, I'm not sure.</p>

<p>I know, things look pretty glum. I have a backup plan in place (I've applied and been accepted to the University of Michigan) but I REALLY want to go to college in California, I always have.</p>

<p>I'll definitely write a letter to them, and I kind of outlined my situation in the CSS Profile. Do you guys think that will be enough?</p>

<p>Thanks for the comments though. Anyone else?</p>

6

<p>ranganz, the CSS Profile I think has a box or area where you can elaborate regarding "Special Circumstances" as apparently you've done.
However, I'd also supply them with a separate letter where you can go into more detail regarding your circumstances, including the fact that your parents are separated, your mom's job loss, etc. These special circumstances situations are not uncommon especially since anything can happen or change from one year to another, and universities are aware of that. Make the letter clear, factual and concise and fax or send it along with any other documentation that USC will require when the time comes to assess your finaid. Clearly head the letter "Special Circumstances" and make sure you include your USC ID # etc. If they should need any extra documentation, proof etc, they will contact you.
My own situation was rather complex, not reflected in the FAFSA or CSS either, and the paper I sent did make a difference. Be assured that USC will consider the particulars in your case should you be accepted. Best of luck!</p>

7

<p>my parents have submitted both the css and the fafsa but in my oasis account it says there are no documents recieved. anyone else have this?</p>

8

<p>swoopes, might still be too early. Also, might be because your FAFSA/CSS is not finalized yet for 2008 figures? Finaid stuff probably goes up later in the process once they start assessing everything for accepted students anyway.</p>

9

<p>First, congratulations for your acceptance to U. of Michigan which is a great school. I thought about your situation some more. You are young, but I suggest that you give a lot of thought to two things: First, which school (Michigan vs. USC) has the better program for what you want to study (and is the potential extra money worth it to you), and second, do you have strong feelings one way or the other concerning wanting to live closer to your mom or closer to your dad in California? It is not necessary to discuss private details of your family situation, but sometimes the child feels more support from
one parent or the other which may or may not make a difference to you. Finally, check into your savings with the Michigan college savings plan and see if you can use the money in California for education. Our state college savings plan can be used anywhere and is not limited to our state. Also, did your mother take out a state of Michigan college savings plan which fixed the tuition at a much lower price way back than today's higher tuition price?</p>

10

<p>I don't live in Michigan, but I am kind of wondering how your state has a college trust savings plan which your brother can get all of it and you don't get any? That does not make sense. In our state, the parent designates the name of their child on each and every college savings plan. You cannot put two children's names on the same plan. Two children here means two different account numbers, one account per child. You should get what you are entitled to. I suggest you explore your savings further with your parents. Perhaps there are some U.S. savings bonds given to you along the way growing up?</p>

11

<p>Correct me if I'm wrong, but the Michigan Education Trust is the one where you put money into it annually, and then the trust pays for 4 years education at any public university in Michigan? (I'm from MI, so I think that's the one you are referring to.)</p>

<p>The best way may be to use that for 2 years, saving up money, and transferring to USC after your sophomore year or when you have your GEs done?</p>

<p>I definitely think if you truly think USC is right for you, keep trying to make it work. But don't rule out using that Trust money for in-state, or at least using it for a few years and then transferring.</p>

12

<p>The Michigan Education Trust is a plan which pays for tuition for public colleges in Michigan (JJ227 I believe we are talking about the same thing). It can be transferred to out of state schools, but then you only get the average value of tuition of all Michigan public schools (which is about 70% of UM tuition I think). The way our plan works is that my brother gets 2 years of it, while I get 2 years paid off. But you can transfer between siblings. So my family worked out a deal in which my brother gets all the money from MET (4 yrs tuition) for UMich, and then any money my father can pay goes to me (about 12,000/year hopefully). This way, the MET money is optimized for UMich, but my brother and I still recieve roughly the same amount. Remember, my mom can't pay a cent right now (she doesnt have a job/ is deep in debt right now paying morgage and other things), so thats the way things are. Unfortunately, my parents have not been saving smart at all (neither of them have any noticeable savings). I hate bashing my parents, since I love them to death, but both of them have extremely poor money management skills. Prior to this whole college thing I have never really thought about finances and college funding (huge mistake on my part). I was too busy with my own life to notice their financial issues (MISTAKE), and until recently havent noticed how bad things really are. But now, it is seemingly too late. At least my dad can contribute something (12,000/year) but it isnt nearly enough. My poor mother is too deep in debt to help. So now we are in a huge hole; parents have basically no savings, and college is fast approaching.</p>

<p>As far as programs go, USC is much better for what I want to study: I'm looking to go into video game design, or if not international relations (both programs USC is tremendous in). With its Southern California location, it is connected to all the best video game companies. So in that sense, yes USC would be a lot better. UMich wouldn't be that bad as I would be studying Film there (thats the program I applyed to), but I'd rather go to USC.</p>

<p>As far as parents go, I am fairly close to both parents. But if I had to choose it would be my dad, since he has been alone in SoCal for a long time now, and if I go to USC then my brother will still be at UMich to keep my mom company (essentially we are splitting down the middle, me with dad and my brother with mom).</p>

<p>I know I will have to struggle with the way things are; I (along with my brother) fully expect to take student loans and be in debt after college. But I cant do it if the debt is too much. And if I get lots of loans to make up the EFC difference from USC, I simply can't afford it. I mean, if USC gives mostly grants to to make up the EFC difference (remember, my EFC is 23,000), then ill take out a 11,000/yr loan (44,000 total, which is relatively managable) to cover the difference between my EFC and how much I'm actually gonna get from my family. Otherwise, it may be impossible for me to go to USC. Also, one personal thing is that I do not want to transfer anywhere, I wish to attend college in one place for 4 years. </p>

<p>Again, my heart is dead set on California. I've always loved USC (all my life basically), I even did a summer program there last summer and was absolutely enthralled. I feel like I would be a perfect fit there as well. It has everything I want in a college. But stupid me never bothered to really care about the financial aspect of it, so now I feel like I may be barred from following my dreams...</p>

<p>Really though, thanks for everything guys. I really appreciate the support.</p>

13

<p>See what happens after you apply to USC. If you are accepted and get the financial aid you need, then go to USC. If not, then I strongly suggest that you consider going to a community college in California (not go to a Michigan state school) for 2 years, get the General Ed. requirements completed (check with USC what they want to transfer), work hard for a 4.0, look for a part time job in California related to video games/film, and then work towards your goal of transferring to USC. You will save a lot of money this way and still be able to work towards your goals. Santa Monica City College has a program in Computer Animation which might work for you as well. Check out all of the California Community College programs. One other great program is San Jose State for Computer Science. One of the top ranked CS programs, and you should do better tuition bills wise at San Jose State or a Community college for 2 years with goal of transferring to USC. </p>

<p>Please do NOT blame your parents or yourself for what happened. Your mom is going through an extremely difficult period. The current downfall of the economy is beyond us.
You need to be living near your dad. The state of Michigan is going through a terrible time with the crashing of the auto industry. I don't think you will get what you want in film/video game design in Michigan because a lot of the related companies are in California, right? You might also want to consider becoming a Computer Science major and doing one of the related minors in Video Game design, management, etc. at USC. Hope this helps. Last thought--do you have any grandparents who can help you out?</p>

14

<p>Unfortunately, all my grandparents (and all other relatives as well) live in India and are quite poor themselves. </p>

<p>Again, though, I am not a big fan of transfer since I desperately wish to be at one place all 4 years for the full college experience. I appreciate the suggestion, but I'm not sure if transferring will work for me. </p>

<p>Recently I have been looking at UCLA and UC Berkeley, since due to a possible tuition exemption I may be eligible for in-state tuition. </p>

<p>UCLA</a> Registrar's Office: Residence for Tuition Purposes--Exemptions and Waivers</p>

<p>I may be eligible for the tuition exemption titled: Dependent child of a California resident, since my dad has lived in California for about 5 years, and he pays California taxes (and has my brother and I listed as dependents).</p>

<p>If I can get in-state tuition to UC Berkeley/UCLA, I can have a top-notch education in California at a super affordable price. That way, I can still fulfill my dream of coming to California.</p>

<p>I will definitely call the USC financial aid office and set up an appointment with them to discuss our issues. And if USC works out, then I will definitely go there over the other two (UCLA/UC Berkeley). But hey, if it doesnt then I still have great options.</p>

<p>Again, thanks for the support everyone. It is tough going through this terrible economy, but hey I'm not the only one. And I'm sure I (as well as everyone else) will become stronger people in the end. And this has definitely opened my eyes to the real world, and I know not to make the same financial mistakes in the future.</p>

15

<p>ranganz, I am not sure you fully understand the "EFC." That is the amount your family is expected to contribute to college for a given year, not "per child." Having two children in college at the same time is a financial benefit if you are eligible for aid, because your EFC is spread over both children. Be sure to submit a FAFSA and CSS/Profile for BOTH children, and on each note that there are TWO children in college. When your financial aid packages are put together by colleges, the total EFC for BOTH students should be about $23,000, not each (unless the colleges do not meet full need).</p>

<p>As UCLA and UCB have estimated IN-STATE cost of attendances of about $26,000, your EFC of $23,000 means that they will cost about the same for your family as USC, unless you have significant assets on the CSS/Profile that are not assessed by the FAFSA-only UCs. USC guarantees to meet full USC-determined need, while the UCs do not. Both offer Subsidized loans, work/study and grants as part of the packages.</p>

<p>Make sure your paperwork is filled out properly and submitted well in advance of all deadlines. Try posting your question on the Financial Aid forum - there are some great financial aid experts over there.</p>

<p>Good luck!!!</p>

16

<p>The only thing is, while USC will give me aid to pay everything not covered in my EFC they may give it in primarily loans. Too much loans means that I will graduate with too much debt. While I may be paying the same amount of money for USC and UCLA/UC Berkeley, I will have little to no loans graduating from UCLA/UC Berkeley. If USC does give me mostly grants, leaving little loans, then I will definitely go there. But I worry that they may not. Hopefully talking to them and explaining my situation would help.</p>

17

<p>What has made you think USC gives loans for the need portion instead of grants? And what has made you think the UCs will not offer loans as part of your financial aid?</p>

<p>USC and the UCs will both offer you about $5,500 in subsidized loans and $2,500 in work/study as part of your need-based award. (The work/study may vary a bit.) Even with an EFC of 0 this would be the case. The rest of your need from USC will most likely be in grants. Giving loans (generally PLUS loans) for the need portion is called "gapping," and USC does not gap. They guarantee to meet 100% of USC-determined need.</p>

<p>The UCs do not make the same guarantee, and would only offer grants if you are determined to be a California resident. If your EFC is under $26,000, USC's offer is likely to be as good or better than the UC's. (Our family received financial aid offers from USC, UCB and UCLA last year. The costs to our family were almost identical for all three. We are California residents.)</p>

18

<p>So what your saying is, the need based portion of my award will have 5500/yr loans max and 2500/yr work-study max, and I can expect the rest in grants? Or have I misread your post? </p>

<p>Cause if this is the case, that would be excellent. Perhaps affording USC may be affordable after all</p>

<p>Thanks for the info.</p>

19

<p>The work/study might be a bit higher (possibly $3,000), but yes, the need based portion will have about $8,000-$8,500 in loans and work/study, and the rest is generally grants. Of course, your family will also have to pay the EFC (which may be higher than your FAFSA-generated EFC because USC uses the Profile/CSS) from income and savings. USC will also offer PLUS loans to help with the EFC, but that is not part of your need-based award.</p>

<p>Don't give up on USC until you see their offer (and are accepted, of course!) there were many students posting last year who were very pleased with the grants they received. Just be patient!</p>

<p>Good Luck!!!</p>

20

<p>yes definitely call them, write them a letter, email, have a meeting with them whatever that'll get your point through.</p>

<p>I wrote them a email explaining my brother's situation last year (grad student getting support from parent. Technically he's no longer a dependent but financially he really is and my parents are paying full tuition at Cornell) and I think they took it into consideration because my Fin aid didn't change.
Good luck!</p>