Worried about financial aid at USC

Colleges and Universities A-Z University of Southern California
1

<p>Ok, so I am a current applicant to USC and might not even get in, but I'd still like to know. </p>

<p>I am worried about financial aid. I know most people say that financial aid at USC is great, but last year a couple of people said their EFC's and packages varied by a lot</p>

<p>Did anyone use the following calculators during the process? </p>

<p>Quick calculator (FAFSA-only calculator):
FinAid</a> | Calculators | QuickEFC</p>

<p>Calculator (switch Institutional Methodology)
FinAid</a> | Calculators | Expected Family Contribution (EFC) and Financial Aid</p>

<p>How accurate were they?</p>

<p>You don't have to fill out the calculators if you don't remember your number from last time or never did it, but could you please just take a look at the chart below? It has income, family size and value of assets. </p>

<p>How accurate was this chart for you? (note this is FAFSA EFC only)</p>

<p>FinAid</a> | Calculators | Quick EFC Calculator Chart</p>

<p>I realize that this is based off of the FAFSA, so USC EFC's might/probably will be a little bit higher, but I would like a rough estimate of what I will be expected to pay. </p>

<p>The reason am I wondering this is because my parents gave me a number that they said they could pay. Different calculators and different people have our EFC all over the place, going from $13k-$35k. My parent's number is somewhere in that range, but if my EFC comes out to be $35, then I would be screwed. </p>

<p>I know that I am going to have to take out loans, but they will be built into the FA package and if there is a shortfall between what my parents are willing to pay and USC's EFC, then I will have to take out even more loans, which wouldn't be subsidized. </p>

<p>I am grateful that my parents are helping me out with college and my sister is just entering high school, so she will be going to college in a few years, so they can only afford so much. </p>

<p>Thank you. </p>

<p>Oh and I know that this is asking a lot, and I can understand why you wouldn't want to do this, but would anyone be willing to PM me their income and asset range and the gist of their USC FA package? I know that is asking a lot, and I guess the chart would be sufficient enough, but this would probably be the most accurate way. </p>

<p>Thanks, I know this is asking a lot.</p>

<p>Edit:</p>

<p>Here is the chart input. It cuts income off at 100k, you can easily change. I tried to link a chart showing 25k-$150k income, but it reset. </p>

<p><a href="http://www.finaid.org/calculators/quickefcchart.phtml%5B/url%5D"&gt;http://www.finaid.org/calculators/quickefcchart.phtml&lt;/a&gt;&lt;/p>

2

<p>I truly feel like a broken record…</p>

<p>Your FAFSA EFC wil only, ONLY, be used to distribute Federal aid such as Stafford loans, Pell grants, Federal work/study, etc. ALL together, those items - at the most - will add up to between $5,500 and $15,000. The cost of attendance at USC is ~$56,000. For applicants with high need, USC grants become very important. Your FAFSA EFC has no, NO, effect on USC grants. None.</p>

<p>USC will use the CSS/Profile to determine your USC-determined need, so your expected contribution may differ (and by “differ,” I mean it will probably be more) from your FAFSA EFC. The CSS/Profile will consider home equity up to about 2X your income, and will consider about 5.6% of that equity to be available for college funding (please see page 1 of the FAQ for USC Financial Aid thread for more info on equity). The CSS/Profile also considers assets protected by the “Simplified Needs Test” on the FAFSA.</p>

<p>FAFSA EFC calculators are of no use in figuring your USC-determined need. The **Institutional Method Calculators **available at The College Board website can give you a rough, ROUGH, estimate of how much you may be expected to contribute at a CSS/Profile school.</p>

<p>Get the book, **“Paying for College Without Going Broke” by Kalman Chaney **for a more thorough explanation of the process at CSS/Profile schools.</p>

<p>Did I mention that your FAFSA EFC has no, NO effect on your USC-determined need?</p>

<p>You can do your own “quick calculator” by taking your FAFSA EFC and adding 5.6% of your home equity AND 5.6% of any assets protected by the simplified needs test. Any protected money held in the STUDENT’S name (including real estate equity) will be assessed at 20%. Assests held in legally designated retirement accounts will be reported, but not assessed. If you have money “earmarked” for retirement, but not held in legally-designated retirement accounts (such as a 401k, IRA, pension plan, etc.) those funds WILL be assessed.</p>

<p>Good luck.</p>

3

<p>Thank you for your response.</p>

<p>Sorry, I should have elaborated more. I know FAFSA does not really mean anything at a lot of Profile schools, USC included. I also know that I am not eligible for federal grants, just loans.</p>

<p>Before I made this thread I saw your quick calculation method, and I tried it and the results were about what I was anticipating, kind of high, but maybe still affordable. </p>

<p>But I looked all over CC and the USC website and there is nothing about sample FA packages. </p>

<p>I was hoping to find something like this:</p>

<p>[Hamilton</a> College - Financial Aid - Sample Packages](<a href=“http://www.hamilton.edu/finaid/sample-packages]Hamilton”>http://www.hamilton.edu/finaid/sample-packages)
[Rhodes</a> College | Sample Financial Aid Packages](<a href=“http://www.rhodes.edu/finaid/17168.asp]Rhodes”>http://www.rhodes.edu/finaid/17168.asp)
[Case</a> Studies](<a href=“Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs”>Submit My Documents | Penn Student Registration & Financial Services| Penn Srfs)
<a href=“http://ug-finaid.northwestern.edu/docs/financial-aid-at-nu1011.pdf[/url]”>http://ug-finaid.northwestern.edu/docs/financial-aid-at-nu1011.pdf&lt;/a&gt;&lt;/p&gt;

<p>Thank you very much for your help and explanations (sorry you had to do all that).</p>

<p>Guess all I can do it is hope to get in and hope for a reasonable package.</p>

4

<p>There are lots of such threads. Here is one <a href=“http://talk.collegeconfidential.com/university-southern-california/909468-who-else-got-amazing-fa-package.html[/url]”>http://talk.collegeconfidential.com/university-southern-california/909468-who-else-got-amazing-fa-package.html&lt;/a&gt;&lt;/p&gt;