It is perfectly OK for you to contact USC and ask about their formula. Especially given that you know you are facing a significant financial change.
to mom2college kids…In response to USC being one of the worst in need aid…my ds got a very large need based aid and I heard USC does bait and switch with their money, taking large sums away after freshmen year. Do you have any input to this rumor?
@cyy97mo best to make your own thread as it can be confusing to advise 2 people. But if you are very low income and that is why you are getting very large aid you should be okay.
OP, remember that scholarships will not be affected. The NMF and 4k will stay. Only your FA will be affected. First by your other child graduating which may be significant. Then by inheritance. Contributions to retirement are added back to income in the contribution year only. Your kid can’t borrow that much on their own. I would have them take the federal student loan which will be 27k over 4 years. If that’s not affordable…
A coworker had 3 sons in college, two at either community colleges or at a smaller private school in Cal, one at USC from freshman year through graduation. One of the other sons transfered to USC as a junior. She thought they gave great aid to both, but especially to the son whostarted as a freshman. He was in engineering, and I think he was considered the ‘smart’ one but I don’t think he was national merit. This woman made above $150k and her husband worked too, at least half time, but with 3 in school I’m sure there was some financial need too.
Anyway, she was happy with the aid.
It sounds as though the inheritance hasn’t happened yet. This would be an ideal time to see a financial advisor to see if the inheritance can be structured through a trust or in some other fashion that would be the most advantageous for your entire financial picture not just the USC issue.