<p>So USC has a sticker price, or an estimated cost of attendance, say $59,000. After all your financial aid that includes scholarships, government loans, work study, let's say that cost goes down to $20,000. You are allowed to take out $20,000 in student loans. Although That is a lot of money, I'm ok paying for that when I graduate and have a real job, with a stable schedule, and hopefully a good income. Now that's for freshmen, but lets say when you become a sophomore or upperclassmen, who the vast majority live off campus, your estimated cost of attendance goes down since it is cheaper to live off campus. So now you're living off campus, you're getting less money from the school, and you're balance of $20,000 that you have to make up goes up. Now for the money that you need to spend on rent, utilities, and food, it is my understanding that you cannot take out student loans for those. Alhough it is much cheaper, paying $1,000 a month to live is just not doable for me. So how do students who rely on financial aid manage to live off campus?</p>
<p>The absolute cheapest way to live is to get a multi-bedroom apartment and have 2 people in each bedroom and/or have someone/people live in the living room and I think you can probably get to the point of ~$400-600 a month. This is fairly common with some groups of international grad students…</p>
<p>Other options are living on the west side of campus which generally has cheaper housing or finding a cheap single bedroom with shared everything else in a house which you can find for less than $700.</p>
<p>Thanks for your response. I understand how to lower rent as much as possible but what I’m asking it that although living on campus is more expensive, I can put off those expenses until later in life when I have an actually career and can pay them off. I’d much rather be paying $1000 a month and be able to pay it off in the future, than paying $600 a month and have to pay while I’m in school. So do any students who are lower income and on financial aid successfully get loans to pay for them living off campus for the rent? I don’t think this is allowed.</p>
<p>
The maximum student loan for a freshman is $5,500. Sophomores may borrow $6,500. Juniors and Seniors may borrow $7,500.
It has been my observation and experience that USC has the same cost of attendance estimate for on-campus and off-campus students. Currently that estimate is $62,245/year. [USC</a> Financial Aid - Applying & Receiving Financial Aid - Undergraduate - Costs](<a href=“http://www.usc.edu/admission/fa/applying_receiving/undergraduates2/costs.html]USC”>http://www.usc.edu/admission/fa/applying_receiving/undergraduates2/costs.html)
Financial aid, including loans, grants and work/study may be applied to the cost of attendance even when a student lives off-campus. It is allowed.</p>
<p>For the $20,000 estimate, the $5,500, $6,500, or $7,500 are the maximum amount of Federal Loans that can be given from the Government. You can get more private loans such as from Sallie Mae etc. When you fill out the FAFSA or CSS you state whether or not you intend to live on or off campus, so the school does not take the full room and board into consideration for your total cost of attendance. Schools often time lower your grant money if you live off campus since you COA is lower. For someone paying full price, you save money, but this might not be the case for a student on FA. </p>
<p>What I am asking is that I know USC has many low income students, and since it is very rare for people to live on campus all 4 year, what do the students on a very limited budget do?</p>
<p>
To secure the other loans you mention, you will need a credit-worthy cosigner. Without a cosigner, you are limited to the amounts I listed.
It has been my observation and experience that The University of Southern California has the same cost of attendance estimate for on-campus and off-campus students. Currently that estimate is $62,245/year.
Financial aid, including loans, grants and work/study may be applied to the cost of attendance even when a student lives off-campus. It is allowed.</p>