<p>USC has requested an expense and income report form. This form asks for
details about monthly income (including 2011) and all expenses, including
things like how much we spend on clothes and food, car payments, cable
TV, etc. It asks for a budget that is then compared to the monthly
income.</p>
<p>My questions: 1) How common are these throughout the country? Do other universities use them? 2) What are they trying to figure out? I’m very suspicious. 3) HAs anyone refused to submit this form and what was the result?</p>
<p>My concerns: 1) Privacy. They already have a FAFSA, CSS, and a copy of the tax return. They have home equity and savings amounts. I don’t have anything to hide, but I think this crosses a line. 2) My son has not been admitted, and I don’t know why they ask this from someone who has not been admitted. 3) If it were up to me, I would not fill out this form. But my son is
interested in this university, and so now it comes down to my privacy versus his college search. 4) This raises some questions
about this particular institution.</p>
<p>According to the university, they need this information to make the best
possible decision – and they say a FA app is a request for money from the
university. My response to that is – other universities are making FA
decisions with the standard FAFSA and CSS information. I would be ready to take USC off the list as a result of this form, but my son doesn’t agree.</p>
<p>There can be many reasons why USC might ask for this form, but in general the main reason it is requested is when the household income figure is lower than they would expect for the family to be able to meet its expenses. They are wondering if your family has another source(s) of support enabling you to meet your expenses, and if so they will include that additional support as a resource to your family in calculating your need.</p>
<p>If you are borrowing, using credit cards, or emptying savings accounts to make ends meet, be sure to include that information. They do not consider debt (other than mortgages and loans held against assets) in calculating need, but it will help explain how you meet expenses without additional support.</p>
<p>You are free to choose not to comply with their requests for information, but then you will likely only be eligible for Federal aid such as Stafford loans, Federal work/study, and Pell grant. You will not be eligible for USC Grants. The Federal component of aid adds up to only about $11,000 for the lowest EFCs, so with a cost of attendance over $56,000 USC may be out of reach for you without USC grants.</p>
<p>Thanks, alamemom. Our family income is more than enough to meet expenses, so I’m wondering if part of the goal is try to figure out whether we have enough extra income at the end of the mnth to pay more than the EFC or maybe they are trying to be generous and take into account high car payments or other obligations. Thanks for your thoughts.</p>
<p>I don’t know the reasons why USC requires this form, but it sounds like it is part of their process of awarding financial aid. You don’t have to complete the form if you are concerned about privacy. The flip side of that is that the school doesn’t have to give you aid if you don’t (including federal aid).</p>