<p>Hi everyone,</p>
<p>USC calculated my Total Financial Aid Eligibility to be 25,313, which includes a package of my Presidential Scholarship, Federal Work-Study, Subsidized Federal Stafford Loan, and University Grant.</p>
<p>With the total cost rising to about 47,000 a year, I still have to pay about 22,000 annually. My parents are hoping that loans can help me cover this cost.</p>
<p>Some questions I have: </p>
<p>What are some student loans that any current or prospective USC students suggest, and what lenders did any of you borrow them from?</p>
<p>Also, I know Bank of America is popular with USC students, but why is it not on the "preferred lenders" list on the USC website?</p>
<p>What would be the best way for me to request additional need-based aid from USC?</p>
<p>Thanks for any help in advance!</p>
<p>There is an appeal form that you can fill out if things will be different than they calculated. For instance, if one of your parents lost their job, or took a lower paying job. Or, if you were working lots of hours during high school and won't be able to in college, and will thus not be able to make as much. If things like that are happening, you can file an appeal form with the financial aid office. They came through for me spectacularly one year because I filled that out.</p>
<p>Sallie Mae is one of the most popular lenders on campus.</p>
<p>The first thing you want to do is maximize your Stafford loan amount. This is a loan that is subsidized, meaning that the interest accrued during your in-school period is paid for by the government. That may not seem like a lot, but it sure adds up. The lender really doesn't matter since most lenders, such as BofA will end up "re-selling" the loan to a servicer such as Sallie Mae. I used BofA all 5 years, and it was just fine, and now I'm repaying to Sallie Mae. The most important thing is to keep with one lender throughout your 4 (or 5) years, so that the process is simplified. This helps you keep things organized.</p>
<p>The next thing you may consider is private or federal PLUS loans, both of which may be used to cover the "gap" between your financial aid/scholarships and the total cost. Both have their advantages, and your situation may better suit either one or the other. PLUS loans have the option of consolidating with stafford loans, which is a process of refinancing, after you've graduated. Both have variable rates, I think. Also, interest accrues while you're in school and you may want to find out if you need to pay that during school. I ended up using Citibank's CitiAssist loan. The interest rate is variable. It was 4ish% 5 years ago, now at 7.5%. That sure added up, so you should do some research about PLUS loans.</p>
<p>Most importantly, you'll need to repay these loans. If you do, it's a good step in establishing your credit history. So, don't borrow more than you need to. If you/parents are able to pay some up front, that's good too.</p>
<p>I hope this helps. Good luck. Fight On!</p>