And here is what to expect within those FA offerings…
Basically, the FA office will first come up with an estimate for Tuition & Fees and your Estimated Other Costs. And it is an average, based on the average freshman’s set of circumstances. It is not your actual expenses. So, to many, it is an advantage. If you choose a room and board scenario that costs less than what the average freshman chooses, you benefit. Some also pay less for some of the items thrown into the calculations. That total estimated cost of attendance usually includes Tuition & Fees, Mandatory Fees, Housing, Dining, Books & Supplies, Transportation, Personal & Miscellaneous and Other Educational Costs. But again… it is an average and not based on you in particular.
The FA office will then make adjustments for any Gift Aid, including any and all scholarships or other grants. They will deduct all gift aid from the total cost of attendance and that will leave an Estimated Net Cost #. So, any merit scholarship plus any other scholarship monies that they are aware of will be deducted first from the Estimated Cost of Attendance.
And that is when FA will determine your ability to pay that estimated net cost #. They could determine that your family can afford to pay it all. You will then have to decide if you can do so. Or, potentially, other gift aid may be offered, including an university grant or federal grants. It will all come down to their calculation of estimated family contribution… which normally does not compare well to the EFC generated with a FAFSA report. It is USC’s calculation that matters.
Ultimately, they could also offer loans or work study to help you cover your final Estimated Net Cost.
Before an admitted applicant panics after receiving an unexpected FA offering, maybe ask yourself as a family some key questions… Does the college or university truly understand your financial situation fully? Have you actually listed every known or projected liability? Have you made them aware of every recurring monthly or yearly expense? Is there a medical condition that they need to be made aware of… or an obstacle with your family business, if applicable, etc? Is your income situation somehow untenable moving forward, possibly reducing your projected income?
Any extra potential relief from the cost of attending for a family will come via an analysis of income, assets, liabilities and the like. So, just make sure that they fully understand your family’s financial condition now and projected moving forward before you abandon all hope.
In my family’s case, USC was at least generous enough in terms of financial aid to allow both of my daughters to attend, including one overlap year. Hopefully such will be the case for others on this thread this cycle.
Good Luck…