<p>Hi,
Our son has been accepted by USC, has decided to attend (paid the fee), has registered for orientation, completed his housing application, and is procrastinating about the Orientation homework (naturally). We do not expect any financial aid other than information on how to obtain loans. So, as far as payment is concerned, what comes next from USC? We want to start planning how much to pay out of savings vs taking out a loan - either PLUS or Home Equity. Can you help us figure out the next steps?
Thanks so much for the help. By the way, we are in awe of many of you for your knowledge on the process, mostly of course, Alamemom. You need to write a book!</p>
<p>Haha! Sometimes I feel as if I HAVE written a book with all these posts!</p>
<p>I think the next bill that will come due will probably be the housing confirmation after you get your housing assignment - I think that is in early May and is $400. If your student is bringing a car he should enter the permit lottery in early May as well.</p>
<p>If you filed the FAFSA, you should get a financial aid package very soon. If you do not qualify for need-based aid, it will at minumum include $5,500 in unsubsidized Stafford loans. The PLUS loans are not listed in the package, but there is a note at the bottom about starting the process. The PLUS loans are offered in amounts up to the cost of attendance minus any scholarships or financial aid, but parents have to qualify for the loans. You do not have to take the full amount offered - you can just take the amount you feel you need.</p>
<p>If you haven’t filed the FAFSA, you still can and that will trigger them to offer the unsubs Stafford and PLUS info.</p>
<p>Check the first page of the <a href=“http://talk.collegeconfidential.com/university-southern-california/839970-faq-usc-financial-aid-2010-a.html[/url]”>http://talk.collegeconfidential.com/university-southern-california/839970-faq-usc-financial-aid-2010-a.html</a> for a link to info on PLUS loan rates and fees. Then investigate home equity loans to see which would be the best option.</p>
<p>For the Stafford, your student will have to do a Stafford request (which will be included with the fin aid package) and take an online test that basically asks him to confirm (several times) that he understands that the loans have to be paid back. Then he will complete a MPN (Master Promissary Note). If you decide to take a PLUS the process is similar for you (the PLUS is a parent loan). Those steps don’t have to be taken until June or July.</p>
<p>You will be billed by semester, and everything is due a few days before classes begin. The Stafford and PLUS loans fund about ten days before classes begin and are automatically credited to the student account. If you are paying some of it out of savings and current income, you can set up a monthly payment plan for that portion for a fee. All that info will be included in your fin aid packet.</p>
<p>Half the loans will fund the first semester and half will fund the second. Interest will only start accruing on the portion that has funded.</p>
<p>USC is GREAT about taking you through the process. I was very surprised at how easy it all turns out to be. After all the stress of the application and decision process, you have a little breather here! </p>
<p>Another chapter done! :)</p>
<p>Alamemom,</p>
<p>Wow, you keep coming through. Thanks for the detailed information.We filed the FAFSA and the CSS, and are waiting for the financial aid response from USC. It’s great to hear you say how easy USC makes the while process. As you say, it will great for a breather.</p>
<p>Thanks again!</p>