So USC is my top choice and I was accepted. Now I’m pretty much just waiting for my financial aid package. My EFC is 001077, which I dont really understand. I’m assuming it means my family is expected to be able to contribute $1,077. Is that incorrect? Also, I know they say they meet 100% need based, but I’m extremely worried. Do they actually mean that and is there any chance for a substantial financial aid package? I have a twin sister attending college elsewhere at the same time, so I’m really praying for money. Thanks!
One thing I would suggest, do some research regarding their package and how it will continue in later years at the school. 15 or so years ago my DD got into USC and at that time I read that their packages often switch grants into loans for years 3-4. She did not attend USC and we later read on C of a family to whom that happened.
Now this was all before major financial aid changes at most schools in the mid-2000s so it may not be an issue any longer, but check into it to make sure.
You are correct that your assumed contribution would be $1077 but there is no guarantee that all schools will fully meet that need.
^^I don’t think that is their current practice.
First USC does not use the federal EFC as your family portion. It very likely will be more. And you will have loans and likely work study too. Did you ever run the Net Price Calculator? At this point you might as well wait for the package and get the real numbers.
They will probably at least make you borrow about $30K total over the 4 years, and do work study over the 4 years, and then your parents pay their FAFSA EFC.
That is the best case.
It will be worse than that if CSS Profile shows up things that dont’ show up on FAFSA, such as non-custodial parents, or assets, etc…
OP:
USC is a profile school. If your FAFSA EFC ~1k, without any signification assets or other sources of income, you could get an institutional EFC of ~2-3k. However, this can be completely affordable.
At this point in the cost of attendance, those 2-3k would consist of personal expenses and books. You can work over the summer full time to cover these expenses. Your package would consist of grants, a stafford loan (5500) and some work study, which is very manageable.
Or…
You could apply for local outside scholarships, as well as USC-affiliated scholarships (the ones given by alumni groups and such). These would be large enough to offset some of the student contribution (loans +workstudy) but small enough to not lower grants. Thus, you would be able to use your stafford loan to cover the EFC, if for some reason you can’t earn enough during the summers.
"15 or so years ago my DD got into USC and at that time I read that their packages often switch grants into loans for years 3-4. She did not attend USC and we later read on C of a family to whom that happened.
Now this was all before major financial aid changes at most schools in the mid-2000s so it may not be an issue any longer, but check into it to make sure."
It’s not an issue any more.
technically - the EFT of $ 1077 is what your FAMILY is expected to have to pay IN TOTAL for BOTH you and your twin.
It is the expected FAMILY contribution. Not your INDIVIDUAL contribution.
i.e.only $ 538 per student.
As others have stated, wait for the FA package, and then dont be afraid to contact the FA office with an appeal.
^ Yes. But if the parents can’t afford their contribution, the OP could easily cover it and still make USC work.
yes I also believe that can be possible, but she seemed to be confused about what EFC means.
Thank you all so much! This cleared a lot up for me. Just a question @Lilliana330 what exactly is the OP? I have applied for both USC affiliated scholarships and a bunch of local scholarships as well, so I hope that will help me a lot. I also live in Florida, so even the small scholarships will help me pay for plane tickets to and from LA.
OP = Original Poster (the person who started the thread)
technically - the EFT of $ 1077 is what your FAMILY is expected to have to pay IN TOTAL for BOTH you and your twin.>>
No, that would be the EFC for her and her twin would have a separate one. The parent portion would already have been divided in half, assuming both twins put down 2 students in college on the FAFSA.
I have always been fed the line that USC is generous with aid, but my experience with my kids, and with friends, is just the opposite. For two kids now, USC has offered the least generous package, by not even close. As in, twice more expensive than the next stingiest package. I think they are generous for a few at the top, and maybe for the very needy. But I tend to warn people away from USC if they don’t fall in those categories. It’s a very expensive school with generally worse aid than even NYU in my experience.
Is this your EFC from the FAFSA? if yes, the only thing that you can determine from this is that you are eligible for federal aid; Pell grant, subsidized loans an unsubsidized loans. USC uses the CSS profile which takes a more in-depth look at your family’s income, assets and finances. It is a real possibility that your EFC will increase.
USC has a calculate your bill worksheet. did you try to plug your numbers into there
http://www.usc.edu/admission/fa/forms/forms1.html#C
USC states the following in their frequently asked questions:
They will most likely expect a student contribution from work for you (which is how you will pay for your airline tickets to california). My advice is that you get a job; get two if you have to as it is highly unlikely that USC is going to give you upfront money to pay for a plane ticket to arrive at school.
I got my financial aid package and I received enough to allow me to attend! Thank you!!
Congrats
@Katelinw Fight on!
Right, each student has an EFC. But, both my kids had different EFC’s. I figured it was because they had different jobs and different incomes?
Awesome, you’re lucky. Many posters have said they didn’t get nearly enough.
That has been our experience also. USC has given the absolutely worst financial aid package of any of my daughter’s admitted schools. Their formula requires contributions from home equity, savings, 25% of pre-tax income, and significant loans for my daughter. Further, their financial aid office is staffed mainly by “advisors” who have neither the power nor the knowledge to deal with any complex issue, particularly those of small business owners. It is very very difficult to appeal(we are now on our third try) and after your hours of work, you can expect a form letter. Sadly my daughter won’t be able to attend. Wish we had known about their “formula” in advance.