<p>The USC Financial Aid Website now has a calculator you can use to get a rough estimate of how much aid you might receive at USC:</p>
<p>USC</a> Financial Aid - Planning for USC</p>
<p>VERY useful link!</p>
<p>WHAT?! finally!</p>
<p>This is a valuable tool to estimate your financial aid at USC [USC</a> Financial Aid : Net Price Calculator](<a href=“http://esdweb.esd.usc.edu/npc/]USC”>USC Financial Aid : Net Price Calculator)</p>
<p>I suggest all financial aid applicants use it!</p>
<p>So just a quick question…</p>
<p>If we receive a merit scholarship (whether it be half-tuition or full-tuition), does that replace the gift aid amount or does it add to it? So if someone was a Presidential Scholar and had an estimated gift aid of… say, $20,000. Would they basically be set for tuition, or would the scholarship take over the gift aid, and still leave them to find another $20,000? (Assuming the estimated gift aid happens.)</p>
<p>In all USC financial aid discussions, please be aware that USC uses the CSS/Profile to determine need, so your family contribution is likely to be more than your FAFSA EFC.</p>
<hr>
<p>Scholarships are considered a resource in financial aid calculations, and are combined with loans, work/study and grants to meet 100% of a student’s USC-determined need.</p>
<p>To make it more clear, here are two examples (ALL numbers and aid package components are completely MADE-UP and have no relationship to what you will receive):</p>
<hr>
<p>Student #1 - USC-determined need of $33,000
USC Cost of attendance: $56,000
Parent contribution: $20,000
Student contribution from summer earnings: $3,000
USC-determined need: $33,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $25,000</p>
<p>100% of USC-determined need met.</p>
<p>If that student is then awarded a USC Presidential Scholarship, it is considered a resource and the package would change to:</p>
<p>USC Cost of attendance: $56,000
Parent contribution: $20,000
Student contribution from summer earnings: $3,000
Presidential Scholarship: $21,000
USC-determined need: $12,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $4,000</p>
<p>100% of USC-determined need met.</p>
<hr>
<p>Student #2 - USC-determined need of $8,000
USC Cost of attendance: $56,000
Parent contribution: $45,000
Student contribution from summer earnings: $3,000
USC-determined need: $8,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $0</p>
<p>100% of USC-determined need met.</p>
<p>If that student is then awarded a USC Presidential Scholarship, it is considered a resource and the package would change to:</p>
<p>USC Cost of attendance: $56,000
Parent contribution: $32,000
Student contribution from summer earnings: $3,000
Presidential Scholarship: $21,000
USC-determined need: $0</p>
<p>Possible package:
work/study: $0
Stafford loan: $5,500
USC grant: $0</p>
<p>100% of USC-determined need met.</p>
<p>Note that for student #2 the parent contribution was reduced by the scholarship and that an unsubsidized Stafford is offered to all students who file the FAFSA.</p>
<hr>
<p>Outside Scholarships</p>
<p>Outside scholarships can often be applied to the self-help portion (Stafford loans and work/study) of your aid package before reducing grants. I recommend you wait to receive your aid package and then submit a list of your outside scholarships, any restrictions (i.e. tuition-only, one-year, four year, etc) and request that they be applied to self-help.</p>
<hr>
<p>Hopefully that makes it a little bit more clear. Please use the calculator linked above to get an estimate of how much you may be expected to contribute.</p>
<p>alamemom, Thank you for your posting. I have a Q related to the USC Calculator-> For the item 4 as : What is the sum of your income losses?(positive number required).
This number is supposed to be propotional to the Gift Aid result, right? (just made-up example as below)
Ex: Income losses :$100, Gift Aid offer: 150
Income losses :$40, Gift aid offer: $110</p>
<p>Theoretically, the more you loss, the more gift aid you get , right?</p>
<p>For some reason, the USC Calculator does not work in this way. I must misunderstood sth.
Can you clarify a little?</p>
<p>Thank you.</p>
<p>The aid calculator is new this year, so I have not used it (I have a senior and - drum roll please - am NOT filling out any financial aid applications this year!!!).</p>
<p>So I will answer as best I can without having used the calculator itself (and please don’t shoot the messenger when you read the answer 
):</p>
<p>If the item you are referring to is for business losses, then no, in general you will not get “more aid” as a result of business losses. Business losses reported on your tax return are added back into your income for the purposes of financial aid calculations (this is not a USC policy - it is consistent in financial offices at most universities).</p>
<p>The rationale is that owning a business and investing in that business is, like living in higher-cost areas or accumulating high credit-card debt, a choice - and a choice that is not rewarded with additional need-based aid.</p>
<p>So that could be why you do not see an increase in aid when you enter higher losses. Higher losses will actually result in less aid because they are added back into the income figure you are reporting from your tax return.</p>
<p>Check over on the financial aid forum for further info - there are some experts over there.</p>
<p>Best of luck.</p>
<p>My case is sold a rental property in a dramtic loss which made our 2011 TGI ended in a negative zone. So you mean USC or other school do not give break for this kind of loss?</p>
<p>Thanks again.</p>
<p>The financial aid forms will not reduce income for an investment loss, and in general colleges do not consider investment losses as a special circumstance. Financial aid is primarily calculated on current year income. The contribution that would have been expected for assets such as a rental property will of course not be expected if the asset is gone or has a negative value.</p>
<p>It is the same for primary homes - those who are “upside down” with a mortgage that exceeds the value of the home will not receive additional aid for that circumstance - the home equity will be treated as “$0” in that case.</p>
<p>You can always present your losses as a special circumstance and see if colleges will consider it [USC</a> Financial Aid - Applying & Receiving Financial Aid - Special Circumstances - Factors We Will Consider](<a href=“http://www.usc.edu/admission/fa/applying_receiving/special/change.html]USC”>http://www.usc.edu/admission/fa/applying_receiving/special/change.html) . It never hurts to ask.</p>
<p>Financial aid applicants - PLEASE use USC’s net price calculator to get an estimate of your aid. And remember,</p>
<p>**USC uses the CSS/Profile **to distribute USC grants, so your FAFSA EFC will not give a good indication of the aid you may receive.</p>
<p>Keeping this available to financial aid applicants!</p>