<p>I truly feel like a broken record…</p>
<p>Your FAFSA EFC wil only, ONLY, be used to distribute Federal aid such as Stafford loans, Pell grants, Federal work/study, etc. ALL together, those items - at the most - will add up to between $5,500 and $15,000. The cost of attendance at USC is ~$56,000. For applicants with high need, USC grants become very important. Your FAFSA EFC has no, NO, effect on USC grants. None.</p>
<p>USC will use the CSS/Profile to determine your USC-determined need, so your expected contribution may differ (and by “differ,” I mean it will probably be more) from your FAFSA EFC. The CSS/Profile will consider home equity up to about 2X your income, and will consider about 5.6% of that equity to be available for college funding (please see page 1 of the FAQ for USC Financial Aid thread for more info on equity). The CSS/Profile also considers assets protected by the “Simplified Needs Test” on the FAFSA.</p>
<p>FAFSA EFC calculators are of no use in figuring your USC-determined need. The **Institutional Method Calculators **available at The College Board website can give you a rough, ROUGH, estimate of how much you may be expected to contribute at a CSS/Profile school.</p>
<p>Get the book, **“Paying for College Without Going Broke” by Kalman Chaney **for a more thorough explanation of the process at CSS/Profile schools.</p>
<p>Did I mention that your FAFSA EFC has no, NO effect on your USC-determined need?</p>
<p>You can do your own “quick calculator” by taking your FAFSA EFC and adding 5.6% of your home equity AND 5.6% of any assets protected by the simplified needs test. Any protected money held in the STUDENT’S name (including real estate equity) will be assessed at 20%. Assests held in legally designated retirement accounts will be reported, but not assessed. If you have money “earmarked” for retirement, but not held in legally-designated retirement accounts (such as a 401k, IRA, pension plan, etc.) those funds WILL be assessed.</p>
<p>Good luck.</p>