<p>This will probably sound like a stupid question, but...in what situation would someone who needs aid not get it? I hear people saying that they can't afford to go to USC, but if they are in need of any certain amount of money, doesn't USC provide almost 100% of it? Or are those people usually middle-class that are deemed able to afford a certain amount (so USC doesn't give them as much aid), but they really can't afford that amount of their pocket? Any info would be much appreciated. Thanks! :)</p>
<p>USC guarantees to meet 100% of USC-determined need.</p>
<p>That sounds like a simple statement, but it gets a bit complicated. You and/or your parents probably have an amount in your/their heads you feel you “need.” That amount is likely to be different than the amount USC determines you need. USC uses both the FAFSA, which will give you an “EFC,” and the CSS Profile that considers assets, such as home equity, that the FAFSA does not. The amount students and their families are expected to contribute at USC is often more than the FAFSA EFC. (**Families are never expected to contribute “all” their home equity! Less than 6% of home equity would be expected per year.)
In many cases you are exactly right. For families with a fairly high EFC, say $30,000+, who are also California residents the UC system becomes very attractive. A student with a $40,000 expected contribution would pay the full $40,000 at USC plus the standard loans that come in the package, while at UCLA, for example, they would pay “only” $28,000. As USC and UCLA are generally considered comparable schools it is an easy financial decision for the parents (the bill-payers) to choose the UC (though it is not always as easy on the student!).</p>
<p>Before you panic, I have some suggestions. Get together with your parents NOW to discuss paying for college. There is a VERY good book, “Paying for College Without Going Broke” that you should get as soon as possible. It has great short-term suggestions that you can implement NOW to legally and ethically maximize your eligibilty for aid. Visit the financial aid forum and find the links to the Federal Methodology (FAFSA) and Institutional Methodology (IM) EFC calculators so you get an idea of how much you will be expected to contribute. </p>
<p>Something that often comes in to play is a sort of “jealousy” applicants from wealthier families feel toward those receiving significant need-based aid. It is very hard for 17 and 18 year olds who certainly don’t feel “rich” to watch others receive grants of thousands of dollars while they receive nothing. It is impossible for them to realize that contributing $15,000 on an income of $50,000 is just as daunting as contributing $40,000 on an income of $130,000 - but the percentages (about 30% of income) are the same.</p>
<h2>There are often complaints that those sensible enough to save for college are penalized, but it is income that has the biggest impact on your contribution. Parental savings and 529 accounts are assesed at only about 5.6% while about 30% of income is assesed. There is a LOT of excellent information available on the financial aid forum and I recommend any students who feel they need financial aid to attend USC (or other universities) should educate themselves on the process NOW. Many, many students find USC to be very generous with need-based aid, so get the book, submit the forms, and see how it turns out. GOOD LUCK!</h2>
<p>A financial aid package at USC MIGHT include</p>
<p>-Your expected contribution, to be paid in cash, PLUS loans or other financing.</p>
<p>-Stafford loans of $5,500 ($3,500 subs, $2,000 unsubs) *Freshman year, it will increase in future years.</p>
<p>-Work/study of $2,000 - $3,000</p>
<p>-USC Grants and/or merit scholarships *Merit scholarships are not added to need-based aid, they replace it. USC allows outside scholarships to first be applied to subsidized loans and work/study before reducing grant aid.</p>