<p>I was wondering if anyone can give me detailed information on the financial aid package at USC. I know 60 percent of kids get financial aid, but let's say your family income falls around 45,000......how much would USC cover and how much would you have to pay yourself...</p>
<p>i want to go to USC and I applied by the Dec. 1st deadline to see if I could get any scholarships, but I was wondering if people can give me info. about how their financial aid program works</p>
<p>Also many schools, including most State Us, do not promise to meet full need. My daughter has a 0 EFC. Her full need is met (well, less $9 - they must round the aid down or something) but only because she has a sizeable merit scholarship in the mix. Without the merit scholarship, even with the maximum student loans, she would have a gap. Other than small need based institutional grants, a lot of State schools offer only federal and State aid which usually will not be enough to meet the full cost of even a 4 year State U. </p>
<p>Federal Student aid consists mainly of: Grants<a href="do%20not%20have%20to%20be%20repaid">/B</a>
**Pell:The maximum for 2008-2009 was $4731 (supposed to increase in 2009-2010). Is EFC based. For 2008-2009 it required an EFC between 0-4041. 0 EFC got the maximum grant then the amount of grant goes down as the EFC goes up, phasing out at 4042. SEOG: Usually awarded to the neediest students. Schools set their own criteria. At my daughter's school it requires a 0 EFC and early FAFSA submission. The maximum varies by school. (schools are given a limited amount of SEOG dollars to award so decide how to best allocate the money. Some students meeting the school's criteria may not get it if funds are depleted). ACG:Freshmen/Sohomores only. $750 freshman/$1300 Sophomore. Requires Pell eligibility and certain academic requirements. SMART:3rd and 4th year students only. maximum = $4,000. Requires pell eligibility and certain majors. TEACHFor teachers training to teach in certain needed subjects and requires a time commitment teaching in needy districts. If the time commitment is not met the grant reverts to an unsubsidized loan with interest dating back to the disbursment of the loan (ugh).</p>
<p>LOANS PERKINS:Subsidized loan. Neediest students. $4,000 maximum. Limited funding. 5% interest rate. Govt pays the interest until after graduation or dropping below half time plus for a 9 month grace period. STAFFORD:Combination of subsidized and/or unsubsidized. For a freshman the maximum is $5,500 of which a maximum may be subsidized if there is 'need'. Subsidized 6% this year, dropping each year for the next several years, 6 month grace period. Unsubsidized 6.8%. Interest starts from day 1 but repayment of interest and principal may be deferred until after graduation - interest is capitalized. </p>
<p>WORK STUDY You get a job on campus (or certain off campus community jobs - my daughter works in a Govt lab) and are paid an hourly salary. The benefit of a WS job is that the earnings are not held against you by FAFSA the next year.</p>
<p>I think that is it but it is late and I am tired. There are also parent loans (Plus loans). Some States have grant programs - usually for students staying in state. Schools that promise to meet full need may have their own grant money.</p>
<p>Finaid.org is an excellent source of information on the various federal aid programs.</p>
<p>We received a couple of form letters from USC financial aid suggesting looking into the PLUS loan and giving the impression that USC will work with the parents who need financial aid. The reason this is important is because if you get a financial aid package that meets your need as a freshman, I have the impression that USC will help you if there is a change in financial circumstances and you need to start/increase your aid as time goes on.</p>
<p>In the latest USC parents newsletter, Pres.Sample of USC spoke with pride that despite the current economic difficulties, USC has THE LARGEST FINANCIAL AID PROGRAM IN THE NATION[ I added the caps for emphasis]. I think that should give a clue to how generous USC intends to be going forward.</p>
<p>Speaking strictly from experience and the common sense of history--I remember back in 198? when Stanford was reported to have broken the $10,000 ceiling for tuition and I thought to myself, in the inflection of John McEnroe, "You have got to be kidding me!"--what has happened in the field of financial aid is basically this: If you are a modest fry, whose parents do not have holdings outside of their almost-paid-for home--that is to say, no yachts or summer homes or otherwise sheltered income--and you are applying to a private school that utilizes the Profile instead of the FASFA (which all schools require but only those that don't require the Profile actually use to determine your need) you will receive a somewhat better offer than a public/private school that only relies on the FASFA. If your parents make over $150,000 and have a little socked away here and there, you will receive a better package through a FASFA-centric school than one that relies on the Profile for its calculations. All in all, what seemed like a terrible miscarriage of justice when the cost of a college education shot through the roof, has actually made it possible for many people to attend who otherwise would not have been able to afford the institutions that generally make their way onto these discussion boards. The people who could afford an $8000 dollar-a-year education way back when, it turns out, could actually afford quite a bit more than that, and what stands in for their generosity along with the gifters who embellish the endowments of these institutions, is what pays the way for the future enfranchised. It's kind of a neat little package, that.</p>
<p>all i can say is that USC gave my family WAY more than we expected. my parents thought we wouldn't get any financial aid and we ended up getting about 16,000 in university grant alone.</p>
<p>For 2200, you should expect to have about 6000-8000 difference a year, most likely they'll pay your full tuition with grants (if USC's funding haven't gone down that is...) They give you loans to make up that difference though. USC gave me a little a grant that covered the entire tuition then some. I'm really thankful and hopefully it wont go down next year due to economic crisis..</p>
<p>you’ll be fine. private schools like USC give a LOT of financial aid. 45k is not a lot (depending on where you live, but pretty much anywhere), and they won’t expect a large contribution. i’m in the same situation, besides the wanting to go to USC</p>
<p>anybody wanna estimate how much aid i would get based on similar situations you guys have or know anybody. </p>
<p>the reason i ask is that my parents will not allow me to go to USC unless it is close to UC tuition so basically they wont let me go unless USC gives me about 30-35K in grants. is that possible based on my situation?</p>
<p>MY favorite financial aid program is like the one that Stanford has:</p>
<p>“Under an enhanced financial aid program Stanford established in 2008, parents making less than $60,000 a year are not expected to pay tuition or contribute to the costs of room and board and other expenses. Families making less than $100,000 a year do not pay tuition. Many families earning over $100,000 per year also receive generous aid packages, in amounts that vary depending on income and assets. The program also eliminated the need for student loans. The financial aid program is reviewed each year, and adjustments may affect families at higher income levels. Families and students are encouraged to work with the financial aid office to review their individual circumstances.”</p>
<p>menlopark said:</p>
<p>In the latest USC parents newsletter, Pres.Sample of USC spoke with pride that despite the current economic difficulties, USC has THE LARGEST FINANCIAL AID PROGRAM IN THE NATION[ I added the caps for emphasis]. I think that should give a clue to how generous USC intends to be going forward.</p>