My student also received departmental scholarships we had been unaware of–and received notice in late March just after his acceptance package. They were substantial–more than the amount listed in above post, too. This may not be typical–truly–but they made the difference in terms of making USC affordable for our family. We also had very good luck with FA. This may not be the case for any other family, but I would say each individual should apply. You won’t know until you do. We have read of other families who were bitterly disappointed, so I want to make sure I’m not sugar-coating my advice. But we are extremely grateful to USC for what our son received.
My inner circle doesn’t have any mottoes. But we tried to be straightforward with our kids about what the bottom line was and what we would and would not be able to pay. We do not believe in parent loans. Fed student loans, however, were a choice for my son, as they add up to under $25K for 4 years. Not every family would be comfortable with this, so this isn’t meant as encouragement to go into any debt. I agree–no college is worth getting into a terrible financial hole.