- My parents haven't filed their taxes, so once they file them, preferably by March 2nd (right?), we should send in the W-2 and tax return forms? And do this how, via fax?
Correct again, preferably by March 2nd (though if you cannot file until later, you will still receive financial aid, but your package may not be complete by the commitment deposit date of May 1st). You can FAX, mail, submit electronically or email the copies. Contact info for the Financial Aid Office: USC Financial Aid - Contact Us
- now amending the FAFSA and CSS profile with new numbers, how should I go about this?
To make FAFSA corrections, go to FAFSA - Free Application for Federal Student Aid and under #3, "FAFSA Follow-Up" choose "Make corrections to a processed FAFSA." You will only be updating the tax information. Your savings/checking/investment balances remain as they were on the date you first filed, unless there were errors in those numbers. For the CSS/Profile, you do not update. USC gets the information they need from your updated FAFSA and Tax return copies.
- finally, how different is the USC calculated EFC from the FAFSA?
The main difference is that USC considers assets, most often home equity, that the FAFSA does not. This often means your expected contribution at USC may be a bit higher than your FAFSA EFC. In some cases, USC will find your expected contribution to be a bit less. Your FAFSA EFC will be used to distribute your Federal and State aid - with a $1,600 EFC you will be Pell Grant eligible and if a California resident, Cal Grant, and you will be eligible for subsidized Federal loans. As for USC's institutional aid, I cannot give specific predictions, but students with similar EFCs have reported impressive need-based grant amounts.
- Finally, can you explain the Financial Aid Office's logic behind making a deadline for something and allowing incomplete and/or incorrect forms to count as meeting the deadline? My parents haven't filed their taxes, but have submitted FAFSA and CSS, so I should expect to see changes on both forms, right?
Yes. The logic is that they will admit approximately 8,000 students, and 60% of them will request financial aid. USC will have to present approx. 4,800 financial aid packages in early April so that students have enough time to make important decisions about where they will attend. By using estimated numbers, those estimated packages can be put together in advance and then quickly adjusted as the final numbers come in. If the deadline matched the tax deadline of April 15th in order to use only firm numbers, no students would know how much aid to expect until AFTER they have to decide where they will attend.
You will only submit changes to your FAFSA.
- If you're able to address all of my questions, I will be eternally grateful. Thanks again for all of your help on behalf of all USC applicants, for more than just financial aid.
Awwwww, thanks! I hope these answers helped. Your questions show that you have a very good understanding of the financial aid process and are on top of your deadlines. I have found USC Financial Aid to be patient, helpful and flexible, so don't hesitate to call or email them with questions and concerns. Good luck!
For the CSS/Profile, you do not update. USC gets the information they need from your updated FAFSA and Tax return copies.
What if you are correcting an asset number or personal information that is not on the Fafsa or the tax return? Like one of the questions about home equity, or something else unique to Profile? How would they get the information unless you send in the corrections?
When do transfer students get their financial aid package? in some cases, transfer won't know if they get accepted or not until mid-june or so b/c USC requests that we submit our spring grades....
Location: Jacks on the villa (Hurricane State of Citrus) --> Yale 2015!! (Gap Year)
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Honestly, I do have a question. I've been searching around, but I've had trouble finding real answers.
Over and over, I hear that buzzphrase-- "meets 100% need." But "meeting" need doesn't mean much to me. You can "meet" need with just loans, and you can use loans to "meet" your need at any college. The only difference is in them being college-sanctioned loans, versus a bank or other source of loaned money.
So, tell me, how much need does USC cover in the form of grants, specifically, for ~low-income students?
My family, if one can be specific, makes ~54,000 a year. Investments are zero, assets are basically nonexistent, we live paycheck-to-paycheck with about $500 in the bank at any given time. Lots of debt already, but doubt that's taken into account. Next year will be two kids in college (my sister and I).
Even though I was recently accepted to USC, I'm so skeptical of their FA that I'm not even really considering it at the moment. If there's evidence that my wariness is unfounded, I'd gladly bump USC to the top of the two places I've been accepted to (USC and UPitt). Academically and location-wise--well, everything except money, really--I prefer USC. But, to me, money is much more important, and the differences aren't big enough to warrant choosing debt.
I'm especially wary after having read the many pages of this thread: Financial Aid. BEWARE. as well as looking at the number of members in the facebook group about being "screwed over" by USC's financial aid. Even if I'm offered an initially large package for freshman year, at this point, there's no way I would take it and matriculate. It seems to me like they increasingly lower your FA every year you're there so that you're racked up with loans and debt by graduation, no matter what they entice you with for freshman year.
I post this because, honestly, I want to be convinced that what I've read isn't true. I want to believe USC has good FA, I really do. I've love to go to USC! But I'm not going to risk debt for it.
Schools aren't required to give grants to low-income students, I know. The fact is that the majority of schools have loans as a significant amount of their "financial aid." I don't give fault to USC if this is their reality; it's a great school regardless of their FA policies. However, I am curious about the truth behind that "beware" thread, as well about their loan policies.
Thanks for any explanation.
dt123 - You are right - if you are correcting information about assets, you do need to let them know. I have never corrected my CSS/Profile, so I do not have solid information for you. I suggest you FAX or mail them complete information about the correction and ask how to proceed.
Even if I'm offered an initially large package for freshman year, at this point, there's no way I would take it and matriculate. It seems to me like they increasingly lower your FA every year you're there so that you're racked up with loans and debt by graduation, no matter what they entice you with for freshman year.
Our family has not found this to be the case at USC.
Quote:
Over and over, I hear that buzzphrase-- "meets 100% need." But "meeting" need doesn't mean much to me. You can "meet" need with just loans, and you can use loans to "meet" your need at any college. The only difference is in them being college-sanctioned loans, versus a bank or other source of loaned money.
As mentioned earlier in this thread, USC uses the FAFSA, the CSS/Profile, and their own formula to determine need, so the amount you are expected to contribute may differ from your FAFSA EFC. Once they determine your need, USC's packages consist of
-your EFC, to be paid in cash or PLUS loans
-the student contribution from summer earnings (usually $2,000 - $3,000)
-Federal Stafford loans. $5,500 frosh (of which $3,500 is subsidized), $6,500 soph ($4,500 subs), and $7,500 jr and sr ($5,500 subs).
-Federal work/study of $2,000 - $3,000
-Grants/scholarships for the remaining need.
Quote:
So, tell me, how much need does USC cover in the form of grants, specifically, for ~low-income students?
My family, if one can be specific, makes ~54,000 a year. Investments are zero, assets are basically nonexistent, we live paycheck-to-paycheck with about $500 in the bank at any given time. Lots of debt already, but doubt that's taken into account.
As I mention earlier in the thread, I am unable to give estimates of the financial aid you will receive. Also mentioned earlier, consumer debt is not considered. The only debt considered is debt against a reportable asset, such as a mortgage on a second home.
Quote:
Next year will be two kids in college (my sister and I).
As mentioned earlier in this thread, when a family has two in college at the same time, it is a significant benefit. The EFC is spread between the siblings. Keep in mind that when one graduates, even if they continue in graduate school, the benefit disappears.
Quote:
I post this because, honestly, I want to be convinced that what I've read isn't true. I want to believe USC has good FA, I really do.
I am just giving information, it is not my role to "convince" you of anything. If you feel more comfortable attending another institution that you feel will provide "better" financial aid, then you should do so.
@ Greenery - when I said Fax or email "them," I mean contact USC, not College Board. College Board would certainly say to pay again! Hopefully USC can just process the changes themselves without you having to go through College Board.
Quote:
Even if I'm offered an initially large package for freshman year, at this point, there's no way I would take it and matriculate. It seems to me like they increasingly lower your FA every year you're there so that you're racked up with loans and debt by graduation, no matter what they entice you with for freshman year.
Quote:
Our family has not found this to be the case at USC.
Our family has also not found that FA decreases every year. Through seven cycles in a row now, the aid has been consistent and generous. USC is actually renowned for its generous financial aid, though if the person wants to reject his generous first year offer, just in case, he should feel free to do so, so someone more appreciative can receive the aid.
Just filed my FAFSA. I'm a little bit scared of our family's expected contribution.
Our EFC is apparently $99,999. Does that mean USC will not give me any financial aid?
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Wow, yeesh. I'm not trying to attack USC's aid, I'm just saying that this thread, along with other sources, has me concerned. I apologize if I worded it badly, but of course I am aware it is not your "role" to "convince" me of anything; I was simply asking if there is evidence to the contrary of the concerns I have.
I have read this thread, and am aware of the things you mentioned. I am not asking for what my FA would be specifically, I am asking what FA is like for low-income families in general-- if such info is even known.
I'm not sure how being concerned about negative stories I've heard of USC'S FA makes me "unappreciative." Nor am I sure why I should be sensing a tone of hostility here... I apologize if I've offended anyone, but I'm simply reporting what has me worried about USC. I know it's a great school.
I am grateful for the anecdotes to the contrary. That was along the lines of what I was asking for.
Just filed my FAFSA. I'm a little bit scared of our family's expected contribution.
Our EFC is apparently $99,999. Does that mean USC will not give me any financial aid?
oxolojo, You are correct, it is unlikely that with an EFC of $99,999 you would receive need-based financial aid. USC's cost of attendance is about $54,000, so your expected contribution is far more than the cost of attendance. If you think your EFC is way out of line with your income/assets, double check all the information you entered looking for errors. If you have siblings attending college at the same time you are, there would be a slight possibility of receiving aid. Sorry I don't have better news , I know that USC is your top choice.
Prussia, I am sorry you were unhappy with my answer to you. I spent a great deal of time typing up detailed responses to your questions in the most straightforward manner possible. I have re-read my answers and am at a loss as to with what you are taking issue.
As for the "Beware" thread, if one reads it critically, all the way through, one would find that nearly all of the posters had their issues resolved. Others were unhappy with their high EFC's (which were consistant at all the colleges to which they applied), and still others were upset that when their siblings graduated their grants were reduced (again, standard at all universities). Two of the posters were alternate screen names for the OP. As for the FaceBook group, please read post #140 to see that USC sought out the administrators of that group to specifically adress their concerns.
Thanks alamemom. You're truly helpful to this board, and I know I can speak for most of us when I say that we'd be lost without you.
I'm bummed, that's for sure. My mom got a bonus. A big bonus. At the wrong time.
I know I can get the stafford loans, because anyone can. Do you know if I could contribute using work-study or any other way? If I get into USC, I want to go. And while I don't have enough money to pay for it, I will try whatever I can!
I know you can request for special circumstances. And I know that 2009 was a special circumstance for my family. My mom received a bonus that she will never receive again. And that bonus jacked up my EFC, I know that. Is there any way to tell USC this? We won't be making nearly the same amount in 2010 as 2009.
Look at ##132, 133 in the thread you cite. On appeal, the awards were increased and the persons were satisfied.
This happens all the time. Somebody complains that their aid was reduced, we inquire about it, and it turns out there is a good reason for the reduction or a mistake was made, then corrected. Some people just like to complain, using the flimsiest of circumstances as an excuse to start up a new complaint. If 10 people complain, out of 15,000 people receiving financial aid, and 8 of the 10 turn out to have no reason to complain, should you still be worried?
Think about it. If USC had a consistent policy of baiting freshmen in with big awards which were then dramatically reduced in subsequent years, so people could not afford to finish, it would be a scandal and there would not be a 90% graduation rate.
, I know that USC is your top choice.
