<p>I believe that money a student earns is considered for personal needs- clothing, food, supplies, transportation, etc. It is not a gift, or award, it is your way of contributing to your EFC. Your earnings will be reported on next year’s FA application and your bank account at that time will reflect how much you spent or saved this year</p>
<p>Thank you @Minnymom!!</p>
<p>Hi all, 2nd year undergrad student this fall.</p>
<p>I noticed some of the fees (tuition, mandatory fees) were up on epay. Due date on that statement says 7/27, but the Cal Grant and some other fees + loans have not been put up. USC Fin Aid website says Fall 2012 Student Account is due 8/24. </p>
<p>Do I need to pay whatever’s currently in my account by 7/27 or can I wait till all the transactions are made and pay by 8/24?</p>
<p>Trojanchick, it is the bill from 6/23 that is due 7/27. They are still loading charges for the bill that is due 8/24. My guess is that in the next few days, you will see the rest of the charges appear and then financial aid/loans will be added over the next few weeks to offset the balance. If you look at the statements under Your Bills, it will show the one that is due this week.</p>
<p>Oh, I’m looking at the statements now and see it. Thanks so much, NC Mom!</p>
<p>How exactly are financial aid grants (Pell, Cal Grant, etc) disbursed? I have an award letter but I haven’t gotten any instructions as to how I will actually get the money. Do they mail a check? Can I have the funds directed to a bank account?</p>
<p>They usually all go directly to the FA officeI think about a week before classes start</p>
<p>Can someone send me an example of a financial aid appeal letter. Im having trouble starting mine and formatting it.</p>
<p>Say if I were to study @ USC for a 5th year. Would USC cover my financial needs with their need based university grant? And if so, would it be any different from the years prior to my 5th year.</p>
<p>Thank you for this!!!</p>
<p>Do 2nd SAP appeals usually go through?</p>
<p>I failed a class which I didn’t need, but I’ll be done next spring… really nervous; can’t afford to lose my aid the final semester!</p>
<p>Some of the older information on this thread may be outdated. </p>
<p>For 2013-2014 new and continuing students whose parents are separated or divorced, USC will now require the CSS noncustodial parent profile. This is a major change.</p>
<p>If my parents have joint custody, would the parent I’ve been living with for the past 12 months be considered my “custodial parent” and the other parent my “noncustodial parent”?</p>
<p>Yes. ten characters</p>
<p>DS got in but we knew that unless he got a major scholarship, we couldn’t afford for him to go but it does look like he might receive the dean’s. I have been reading all the old finaid posts and am trying to see exactly what we could expect for a finaid package to see if there is any hope at all. DS is really sad so I just thought someone here with experience could help me run the numbers.</p>
<p>First of all, are there any more scholarships he could apply for? We are not local to USC. </p>
<p>If he got the dean’s scholarship, that would be around $11K and then if he gets a CalGrant, that would be another $9,223. Our EFC is messed up because of a onetime backpayment but is coming in around $8500. So at ~$60K cost of attendance, he would need significantly more money. Does this look close:
60000
- 8500EFC
- 9223 CalGrant
-11,000 Deans
that leaves ~31K</p>
<p>How would the rest be done? I see that his package would include loans-$3500 first year and increasing each year but why do some say they have $5500 for the first year? Also, in addition to this loan, he is expected to contribute another $4K (summer earnings?) that will also increase each year? Then it looks like he would get work study? Is that practical for an engineering student to be expected to work 10 or more hours a week? How much is that typically and would he be guaranteed a job? Do they also expect the parents to take out additional loans above the EFC or are those loans described in the finaid information there to help us pay the EFC? </p>
<p>I just wanted to see if there is any chance he could go but even as I write this, it looks like a NO? Any thoughts? The booklet says the average student graduates with almost $25K in loans! Can that be right?</p>
<p>Does the $8,500 FAFSA EFC estimate include the “extra” income this year, and is your total income below the CalGrant cap? The California Student Aid Commission is known for NOT making exceptions, so be sure to double check. Establish an account here <a href=“CSAC - Student Landing Home”>CSAC - Student Landing Home; to track your CalGrant.</p>
<p>To try to cover the rest of the questions:</p>
<p>Stafford loans: Freshman year, students are eligible for $3,500 subsidized loans and $2,000 unsubs for a total of $5,500. Sophomore year the total goes to $6,500 ($4,500 subs + $2,000 unsubs), and then $7,500 ($5,500 subs + $2,000 Unsubs) for Jr and Sr years. USC will package those totals in all need-based packages.</p>
<p>Remember, USC uses the CSS/Profile to distribute USC grants, so the FAFSA EFC does not apply. Have you used the USC NPC to estimate your aid? Go here to put in your numbers: [USC</a> Financial Aid - Planning for USC](<a href=“http://www.usc.edu/admission/fa/applying_receiving/undergraduates1/netpricecalculator.html]USC”>http://www.usc.edu/admission/fa/applying_receiving/undergraduates1/netpricecalculator.html) Be sure to use the actual numbers including the extra income. USC does consider special circulstances, so detail the extra income on the CSS/Profile “other info” section AND write a letter to USC Financial aid.</p>
<p>Work/study: Studies show that students who work approximately 10 to 15 hours per week do better in college than those who do not work. Some students with need are offered work/study, but each university is limited by the Feds to a set amount, so everyone will not get work/study. Jobs are not guaranteed - the student has to apply, interview and GET the job - but most on-campus jobs are reserved for work/study first, so I have not heard of a problem among those who actually put effort into job-seeking.</p>
<p>Yes, other scholarships in amounts ranging from $1,000/year to $4,000/year are often added during the month of April.</p>
<p>The item left out of you calculations in the USC Grant, which makes up a large portion of USC Financial aid. I have seen USC grants reported in amouts of $2,000/year to well over $40,000, depending on the need of the student as determined by USC. Depending on USC-determined need, your student may be eligible for USC grants.</p>
<p>Yes, with the current federal loan guidlines, students can graduate with a total of $27,000 at graduation ($5,500 year 1, $6,500 year 2, $7,500 year 3 and $7,500 year 4). Many students on financial aid find they can economize (cheapest housing alternative, buy used books, work all summer, become an RA,find inexpensive entertainment, move off campus to cheap housing Jr and Sr years, eat cheaply by cooking for themselves rather than eating out when living off-campus, etc)) and graduate with far less debt.</p>
<p>Parent Plus loans are another matter entirely. They are offered to help cover the expected family contribution - not as part of the need-based package. Parents with good credit can take out loans alll the way up to the cost of attendance. I strongly recommend against taking large parent plus loans - please keep more affordable options on the table until all the information is available in mid-April before making a final decision.</p>
<p>Good luck!</p>
<p>fidoprincess, I just looked up some of your posts regarding the CalGrant. Again, the CSAC is not a “flexlible” organization, so it may be that your child will not qualify for CalGrant - keep working on your appeal just in case, of course.</p>
<p>In the meantime, I wanted to mention that USC will calculate your need and provide a package to meet that need - if you do not get a CalGrant, USC will not leave a CalGrant-sized gap in your package. They will meet your child’s USC-determined need. So with the CalGrant uncertainty, be sure to keep USC as an option until all the numbers are in.</p>
<p>Hi alamemom, Thanks so much. I was hoping you would reply! I’ve read a ton of your posts and you always have such great information. I did run the calculator but it’s based on 2011 and it just seems “too good to be true”! Thanks in advance for reading and “translating” for me!</p>
<p>Here is what it says:
Estimated Gift Aid*$35,704 - $37,049 *This estimate is composed primarily of state, federal and university need-based grants and does not include athletic or other scholarships. Based on the information you entered, we estimated your median Gift Aid to be: $36,348.</p>
<p>Estimated Cost of Attendance (based on 2011-2012 costs)
Direct Cost
Tuition and Fees
$42,818
Indirect Cost
Room and Board
$12,078
Books and Supplies
$1,500
Other Expenses
$1,630
Estimated Total Cost of Attendance $58,026</p>
<p>Estimated Gift Aid* - $36,348
Estimated Net Price $21,678 (IS THIS OUR USC EFC?)</p>
<p>Estimated Other Aid
Federal Work-Study
$2,500
Federal Direct Stafford Loan
$5,500
Other Student Resources Student/family resources such as current earnings, savings or scholarships can help reduce your Estimated Net Price.
$11,000 (guessing he’ll get the dean’s)
Total Other Resources
$11,000
Estimated Total Other Aid and Resources$19,000
Adjusted Costs
Estimated Net Price
$21,678
Estimated Total Other Aid and Resources
$19,000
Estimated Remaining Costs $2,678</p>
<p>How could that be true!? Does this say that we would owe the amount of the two loans (8K) plus $2678 so less than $11K per year? That seems less than the UC Calculators that expect the student to contribute $9700 plus the parent EFC!</p>
<p>Yes, if you’ve read my tons of other problematic posts, we were able to just squeak in under the calgrant limit so he will get that and I assume it would replace part of the gift aid. I am using the high EFC in all my calculations but have written a “special circumstances” letter with documentation from the employer regarding the one time payment and already sent it to USC just in case it might help.</p>
<p>DS is trying every which way to see how to make this work and I can’t blame him because it’s just such a beautiful campus and I could see him happy there. I think the above figures are too good to be true. Although it says gift aid doesn’t include scholarships, wouldn’t they reduce that by the $11K scholarship? Then it wouldn’t count as total other aid as listed above so that would be a bummer but I “think” that’s how it works? He did the above calculator and was so excited that it “might” be possible but I think that isn’t right so I’m trying to find out all I can before I have to kill his dream.</p>
<p>If you’ve read my other posts re the grandparent owned 529, maybe you can answer this question, too? I told DS he couldn’t end up with a ton of loans. He came up with the idea of take the loan amount of $5500 from the 529 instead of the loan (if he could get the 529 money-still not sure?). Then he would be under the $6K that he would have to declare as income the following year so it wouldn’t hurt his finaid (unless he works and makes more?) Is that a possible option or is that even true that he wouldn’t have to declare that amount as incom?. Does the 11K dean’s count as income or ? I am sure that I saw someone writing that they expect “summer earnings” to figure in there too and as high a figure as $4K but I don’t see that in the NPC. </p>
<p>I feel so bad for him but want to reiterate that we were not total slackers. We had saved money for him in a 529 and the fund was “mismanaged” and involved in a class action lawsuit. They gave us $500!!! to “reinvest” in the fund and the lawsuit is still ongoing but won’t be settled anytime soon.</p>
<p>Hmmm… to sort out what I can:</p>
<p>It looks like, according to the estimator, your current expected contribution is $13,678 (the $21,678 minus $5,500 Stafford and minus the $2,500 work/sudy) because Stafford and work/study are part of the “need” component of the package.</p>
<p>Both the CalGrant and the Dean’s would replace part of the gift aid of $36,348 and the net result would stay the same.</p>
<p>The work/study is a job, not a loan, so the loan total is $5,500, rather than $8,000.</p>
<p>529:
It does not appear to me that the 529 distribution is taxible, and as far as I know the grandparent can choose any beneficiary. [Publication</a> 970 (2011), Tax Benefits for Education](<a href=“http://www.irs.gov/publications/p970/ch08.html]Publication”>http://www.irs.gov/publications/p970/ch08.html)</p>
<p>Replacing the loan w/529 is a great idea! Submit your special circumstances letter and hope for the best. Also double-check your home value estimate to be sure it isn’t too high, thereby giving a too-high equity figure. Ask a local real estate agent to give you a list of “comps” that sold near the date you first submited the CSS/Profile and if it is lower than your estimate, include that info in your special circumstances. If he has outside scholarships, wait until AFTER the package is presented, and ask to have them replace self-help or be applied to a one-time computer purchase (you will not have to provide any documentation for the purchase - if he already has a computer, you can consider the amount pre-spent). He can cut his books/supplies/other expenses by buying used books, choosing the cheapest housing option, and overall living cheaply.</p>
<p>Scholarships are only taxable for the amounts that exceed qualified tuition and fees. USC will provide a 1098T next January that will list your gift aid verses qualified expenses. The qualified expenses will be $45,000-ish, so if any amount is taxable (and it probably won’t be in your case), it will not be a large tax burden.</p>
<p>Soooo… assuming your NPC estimate is fairly accurate:</p>
<p>$13,678 expected contribution (after replacing Stafford w/529 - keep the work/study unless it is replaced by scholarships)
A successful special circumstances letter might net you another $3,000 in grants.
Summer job for son: $3,000.
Cut books and other expenses by $1,000 by being super-frugal.
That leaves $6,678 to try to find. USC does set up monthy payments, and looking at it that way it would be $669/month over ten months out of current income. It is still costly, but not as overwhelming as it first looks. I would think that is close enough to cross your fingers and hope it might be even a bit better than the estimator. As always, keep ALL the options on the table until the END of April - your plan to limit debt is the best plan of all.</p>
<p>Remember, it is all estimates right now!</p>
<p>Another note - you are not limited to the amount of a Stafford loan for your 529 withdrawals - you can take out as much as is needed to pay qualified educational expenses. So in your example, as much as $21,678. The only real limit is the amount IN the 529! It would make sense to take out 1/4 of whatever amount the grandparent wants to designate for that particular child each year.</p>