<p>I wonder how they will see that. Will your spouse be a part of your equations at all. I’ll defiantly talk to some one about it.</p>
<p>Hi alamemom,</p>
<p>I have a sort of continuation to facepalm’s question. I just wanted to make sure but if I earned approx the same amount (a little less, actually) as facepalm and selected “will not file” for student IRS on FAFSA, do I have to write down the amount I earned on the non-filing statement form even though it’s something like $200-$300? And can those numbers be estimates (I get paid in cash so getting exact numbers will be doable but hard)? Thank you for your help.</p>
<p>I haven’t filled out or even seen the non-filing form, so I can’t answer that specifically. But if there is a question that asks how much you earned, then yes, you would put down the amount you earned. Making your best estimate should be fine for those amounts.</p>
<p>It would almost certainly never be discovered if you left the cash income of $200-$300 off, but it will have NO effect on the amount of your financial aid, so I strongly suggest going ahead and putting it down. It will be the start of an ethical adulthood :)</p>
<p>Hello Alamemom,
Regarding the 6% of home equity – is that 6% EACH year so the total they deduct is actual 24% of your home equity over the four years? That seem s a bit high. Thanks for clarification.</p>
<p>I helped my child with the non-filing form. It is there online at usconnect in the docs tab and takes only a couple of minutes to complete. Really not a big deal.</p>
<p>Home equity is looked at each year that you apply for aid. In general, 5.6% of home equity - after asset protection allowances and up to an approximate cap of 2X family income - is considered available in each year that you apply for aid. Over a four-year span, you could consider that to be 22.4% of home equity, but if you use some of the equity (in the form of home-equity loans, for example) the loans would would reduce the amount of equity being assessed in subsequent years, so it would actually be somewhat lower.</p>
<p>This is the first year USC has had a Net Price Calculator available to estimate your financial aid. I suggest everyone applying for aid use it!</p>
<p>[USC</a> Financial Aid : Net Price Calculator](<a href=“http://esdweb.esd.usc.edu/npc/]USC”>USC Financial Aid : Net Price Calculator)</p>
<p>A theoretical example to illustrate how it works in terms of equity:</p>
<p>Family with $90,000/year income, a home valued at $450,000 with a $250,000 mortgage ($200,000 in equity) and $50,000 in asset protection due to family size and age of oldest parent.</p>
<p>Home value - mortgage - asset protection allowance = equity considered: $450,000 - $250,000 - $50,000 = $150,000 equity considered.</p>
<p>Income of $90,000 X 2 = $180,000. $180,000 exceeds amount of equity being considered, so income cap does not apply.</p>
<p>Year 1: $150,000 X 5.6% = $8,400
Year 2: ($150,000-$8400) X 5.6% = $7,930
Year 3: ($150,000-$8400-$7,930) X 5.6% = $7,485
Year 4: ($150,000-$8400-$7930-$7485) X 5.6% = $7,066</p>
<p>So over four years, $30,881 of $200,000 in equity, or $15.4% considered available for college expenses.</p>
<p>NOTE: The equity amount would be in ADDITION to the family contribution expected from income and savings (or added to the FAFSA EFC for estimating purposes).</p>
<p>In all USC financial aid discussions, please be aware that USC uses the CSS/Profile to determine need, so your family contribution is likely to be more than your FAFSA EFC.</p>
<hr>
<p>Scholarships are considered a resource in financial aid calculations, and are combined with loans, work/study and grants to meet 100% of a student’s USC-determined need.</p>
<p>To make it more clear, here are two examples (ALL numbers and aid package components are completely MADE-UP and have no relationship to what you will receive):</p>
<hr>
<p>Student #1 - USC-determined need of $33,000
USC Cost of attendance: $56,000
Parent contribution: $20,000
Student contribution from summer earnings: $3,000
USC-determined need: $33,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $25,000</p>
<p>100% of USC-determined need met.</p>
<p>If that student is then awarded a USC Presidential Scholarship, it is considered a resource and the package would change to:</p>
<p>USC Cost of attendance: $56,000
Parent contribution: $20,000
Student contribution from summer earnings: $3,000
Presidential Scholarship: $21,000
USC-determined need: $12,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $4,000</p>
<p>100% of USC-determined need met.</p>
<hr>
<p>Student #2 - USC-determined need of $8,000
USC Cost of attendance: $56,000
Parent contribution: $45,000
Student contribution from summer earnings: $3,000
USC-determined need: $8,000</p>
<p>Possible package:
work/study: $2,500
Stafford loan: $5,500
USC grant: $0</p>
<p>100% of USC-determined need met.</p>
<p>If that student is then awarded a USC Presidential Scholarship, it is considered a resource and the package would change to:</p>
<p>USC Cost of attendance: $56,000
Parent contribution: $32,000
Student contribution from summer earnings: $3,000
Presidential Scholarship: $21,000
USC-determined need: $0</p>
<p>Possible package:
work/study: $0
Stafford loan: $5,500
USC grant: $0</p>
<p>100% of USC-determined need met.</p>
<p>Note that for student #2 the parent contribution was reduced by the scholarship and that an unsubsidized Stafford is offered to all students who file the FAFSA.</p>
<hr>
<p>Outside Scholarships</p>
<p>Outside scholarships can often be applied to the self-help portion (Stafford loans and work/study) of your aid package before reducing grants. I recommend you wait to receive your aid package and then submit a list of your outside scholarships, any restrictions (i.e. tuition-only, one-year, four year, etc) and request that they be applied to self-help.</p>
<hr>
<p>Hopefully that makes it a little bit more clear. Please use the calculator linked above to get an estimate of how much you may be expected to contribute.</p>
<p>I just submitted my fafsa today, Feb 2 at approx. 1 pm. I just looked at the FAFSA status and it says “Submitted – Being Processed” and that it takes up to three work days. and that</p>
<p>"Once your application is processed, the colleges you entered will have access to your information and their financial aid offices will determine your student aid eligibility. "</p>
<p>Should I be worried?</p>
<p>no - you are fine. I spoke with fin aid yesterday as my son made a change which “locked” his fafsa as being processed again of course the day before it is due. They are well aware of this at USC. The good news is that “processed complete” only took about 12 hours - not days and this is one of the hectic dates that fafsa deals with.</p>
<p>Sent in our FAFSA via UPSP Priority Mail on 1.17. Received ‘processed’ email notification on 1.30.</p>
<p>I applied for aid for the 2012/2013 year. Unfortunately when I went on college board to turn in my profile application on Feb. 2nd the website was down and I had to turn it in on Feb. 3rd. 
What is going to happen to my financial aid? Will I not receive any?</p>
<p>How is gift aid of 45,228 broken up I’m confused as to how the money is used does this go directly to my tuition?</p>
<p>Has anyone received decent aid from USC with a fairly high EFC? My EFC is around 37K and I unfortunately did not get a Presidential/Trustee scholarship. I’m not sure if USC will be possible for me to attend without some aid and other scholarships. I know USC finaid is good, but how good is it for someone with a high EFC number like me?</p>
<p>scarter14 - it will be just fine. Do not worry, many people experienced difficulty w/submission and USC is aware of the problem. Your aid will not be affected.</p>
<p>tretreusc - where did you get that number - from the net price calculator? On that assumption: USC grants and scholarships as well as state and federal grants (gift aid) are first applied to tuition and mandatory fees. Next they are applied to USC-billed costs such as room and meal plans, health center fees, and other fees. Any excess is then paid out to the student for expenses. In the case you mention - $45,228 in gift aid, it would first be applied to the $42,000 in tuition, probably about $400 in other fees, and then to room and board if you are living in USC housing. If living in non-USC housing, you might get $2,000 paid to you to use for rent. Any federal loans would be distributed in the same fashion.</p>
<p>**ghuskies **- pleas give the net price calculator (linked a page or two back) to get an idea of your aid. Your FAFSA EFC only applies to federal Stafford loans. USC grants are distributed using the CSS/Profile. As I mentioned in the other thread, the Presidential scholarship would have brought the cost down to your FAFSA EFC, so try to get your parents to buy-in to the idea that if you get $21,000 in need-based aid, you could consider attending. Good luck!</p>
<p>Hi alamemom,</p>
<p>I submitted my parents’ Federal Tax Income 2011 and my non-filing form to USC recently. Just now I logged into my portal to check my financial aid page, and the two forms I’ve submitted are still under the “Required” section. I was thinking that since I’ve submitted them, they should at least be under the “Pending” section. Have I done something wrong or does it take time for the Financial Aid office to process things? It has been over 24 hours since I’ve submitted the forms. </p>
<p><a href=“http://img813.imageshack.us/img813/9049/financialaid.png[/url]”>http://img813.imageshack.us/img813/9049/financialaid.png</a>
Here’s a screenshot.</p>
![http://img813.imageshack.us/img813/9049/financialaid.png[/url]](http://img813.imageshack.us/img813/9049/financialaid.png%5B/url%5D){kind=link}
<p>If I’m a freshman at USC right now and I’m already receiving a Cal Grant, do I need to resubmit anything (that GPA verification form) or does USC do it for me? I’ve already submitted the FAFSA and am currently filling out the CSS Profile Application.</p>
<p>Hello CC, i have a question about financial aid at usc and the tuition exchange scholarship.</p>
<p>I just did my FAFSA and my EFC was estimated to be about 9500 with me being eligible for 6500 in loans. I am going to be a sophomore next year and I was talking to the tuition exchange liaison and she said that if i get the scholarship it with cover 80% of the tuition and then i can get 8000 more in gov. aid. to cover the tuition. lets assume that i get it (i only need a 3.0 gpa according to her, but idk). because i am being expected to pay 16000 (9500 + 6500) for college, does that mean that this scholarship essentially doesnt help much. since i am getting off campus housing for 5400 for whole year and the scholarship covers 80% leaving me with about 8000 left to pay, will i be paying 13400$ (still better than 16000)? or am i misinterpreting the way scholarships apply to how much i have to pay?</p>
<p>also, do any of you guys know how the tuition exchange scholarship is awarded? is it based on grades, how many they can give out, or is it done in some other way? the tuition exchange website isnt very helpful</p>
<p>When can I expect to receive my financial aid package from USC if I was admitted back in late January?</p>