Financial Aid
InformationMAT@USCNovember 2011
Cohort
Financial Aid Application Steps
1. 1)2011-2012 Free Application for Federal Student
Aid (FAFSA)
• Use 2010 income.
• USC's Federal School Code: 001328.
• As soon as possible.
1. 6)Supplemental Form for Graduate Students
• Available from www.usc.edu/financialaid.
• Log in to “My Financial Aid & Documents,” click on “Document Library.”
• As soon as possible.
How to view your student account
www.usc.edu
Popular Links
OASIS
USCe.pay/Current Billing Balance
Budgeting for MAT@USC
• •Determine your overall costs
• •Determine your budget
o
–Fixed expenses vs. variable
Budgeting for MAT@USC
cont’d
• •Manage your contribution. Determine how much you
can:
o –Pay out of pocket
 •Cashier’s Office
o –Finance over time
 •Student loan eligibility
Calculating Your Cost of Attendance
Tuition
+ Books, Fees, Room & Board+
Personal Expenses
= Cost of Attendance
The Cost of Attendance is used to determine your eligibility for
financial aid.
Calculating Your Cost of Attendancecont’d
Tuition
• Charged per unit of academic credit.
• First-year, full-time MAT@USC students typically enroll in 8
units each semester.
Example
$1,420* (per-unit charge) (2011-12 AY)
x8
= $11,360 tuition per semester
*The most current per-unit costs can be found online at
www.usc.edu/soc.
Calculating Your Cost of Attendancecont’d
Books & Supplies
Approximately $1,008/spring & summer term
Room & Board
Approximately $9,656/spring & summer term* (USC & non-USC housing)
Approximately $3,056/spring & summer term* (Living w/parents or relatives)
*Spring term: 11/28/2011 – 3/04/2012
Summer term: 4/09/2012 – 06/17/2012
Break between the spring and summer term (3/5/2012 – 4/8/2012)
Living cost refund applies to periods of enrollment only.
For more information, visit:
www.usc.edu/financialaid/applying_receiving/graduates1/costs.html.
Need-Based Aid
Cost of Attendance (COA)
- Any merit-based aid you receive
= Loan Eligibility
Students are not required to borrow the full loan amounts for which they
are eligible.
Borrow only what you need to cover:
• A portion of tuition & fees;
• Full cost of tuition & fees; or
• Full cost of tuition & fees plus living costs.
Total Cost of AttendanceEstimate for spring 2011
and summer 2012
$ 40,216 Total Cost of Attendance: Full-time, living on or off campus.
-$20,500 * Federal Direct Stafford Loan eligibility.
= $19,716** Graduate PLUS Loan eligibility or private loan eligibility.
(Assuming $0 merit aid). **Graduate PLUS has credit requirements (additional
information later in the presentation).
PRIOR TO APPLYING FOR PRIVATE FINANCING: Students should exhaust all Federal Title IV
assistance available, including the Federal Stafford Loan and Federal Graduate PLUS Loan.
The repayment terms of federal loan programs may be more favorable than the terms of
private loan programs.
* If you are concurrently enrolled in or attending another institution during the 2011-12
academic year, your Stafford Loan eligibility will be less.
Budget Increase
The estimated COA used to determine your financial aid eligibility includes tuition and
mandatory fees, based upon your enrollment plans, as well as average amounts for
standard educational expenses such as room and board.
If you would like a budget increase, submit a written request and include supporting
documentation.
• •Child care expenses
• •Additional course-related expenses
• •Disability-related expenses during the academic year
• •Rent exceeding the standard budget ($1,200 per month, per person)
• •Computer purchase and related computer software (one time)
• •Transportation/mileage allowance for school-based fieldwork
For more information please visit www.usc.edu/financialaid and click on “Applying for & Receiving
Financial Aid,” then “Special Circumstances” and “Budget Increase.”
Supplemental Form
Financial Aid Packaging for MAT@USC
Year one
2011 Academic Year: Packaged as Spring & Summer
Multiple SubjectSingle SubjectTSLO
Semester
Spring
Summer
Term dates
11/28/2011 to 3/4/2012
4/9/2012 to 6/17/2012
FAFSA & Supplemental Form
2011-2012 FAFSA & Supp Form
2011-2012 FAFSA & Supp Form
10 units6 units
10 units6 units
11/29/2011
4/9/2012
Full-time Cost of Attendance based uponPart-time Cost of Attendance
based upon
Loan Disbursement Date
Financial Aid Packaging for MAT@USC
Year two
2012 Academic Year: Packaged as Fall & Spring
Multiple SubjectSingle SubjectTSLO
Semester
Fall
Spring
Term dates
9/17/2012 to 11/25/2012
12/03/2012 to 2/25/2013
FAFSA & Supplemental Form
2012-2013 FAFSA & Supp Form
2012-2013 FAFSA & Supp Form
10 units6 units
10 units6 units
9/7/2012
11/26/2012
Full-time Cost of Attendance based uponPart-time Cost of Attendance
based upon
Loan Disbursement Date
Loan Programs
• Federal Direct Loan Programs
o
o
o
Federal Direct Subsidized Stafford Loan*
Federal Direct Unsubsidized Stafford Loan
Federal Direct Graduate PLUS Loan
*Changes in federal law prohibit graduate and professional students from receiving
Federal Direct Subsidized Stafford Loans for enrollment periods beginning on or after July
1, 2012.
• Private Loans
You are not required to borrow the full amounts for which you are eligible.
Federal Direct Stafford Loans
Annual Maximum: $20,500*
Subsidized $8,500**
• Must demonstrate financial need to qualify
• Based on the Federal EFC from your FAFSA
“Subsidized” means the federal government pays the interest that accrues on your loan while you are enrolled at least half-time, or during a sixmonth grace period after you graduate, withdraw or drop to less than half-time enrollment. Eligibility for Subsidized Stafford Loans is based on
financial need.
If you do not qualify for the subsidized portion then the full $20,500 will be unsubsidized, if there is enough room in your Cost of
Attendance.
**Changes in federal law prohibit graduate and professional students from receiving Federal Direct Subsidized Stafford Loans for enrollment periods on or after July
1,2012.
Unsubsidized* $ 12,000
“Unsubsidized” means you are responsible for paying the interest from the time the loan is disbursed. While you are enrolled in school at least
half-time, you may defer interest payments and capitalize the interest.
* If you are concurrently enrolled in or attending another institution during the 201112 academic year, then your Stafford Loan eligibility will be less.
Federal Direct Stafford Loans
cont’d
Interest Rate
6.8% (Fixed)
Fees
1.0% - Origination
Federal Direct Stafford Loans Next Steps
1.Complete the Federal Direct Stafford Loan Request Form by logging in to “My
Financial Aid & Documents.”
o
o
•You will find the Federal Direct Stafford Loan Request Form in the Document Library.
•Once the Financial Aid Office processes your loan and notifies the Department of Education,
we will e-mail confirmation to your USC address.
2. Sign your Master Promissory Note (MPN) online at www.studentloans.gov.
o
•You will be able to sign your MPN after the Financial Aid Office processes your loan. (Step 1
needs to be completed before the MPN can be signed).
3. Complete entrance loan counseling online at www.studentloans.gov.
*For additional information, please visit www.usc.edu/financialaid, click on “Loans,” then “Federal
Direct Stafford Loan.”
Federal Direct Graduate PLUS Loans
Credit Criteria required to be approved
May be borrowed for:
Cost of Attendance - Financial Aid Received
Establish a budget (COA) for yourself and borrow only the
minimum you need.
Interest Rate: 7.9% (Fixed)
Fee: 4.0% - Origination
Federal Direct Graduate PLUS Loans
cont’d
The student’s credit report must be free of the
following adverse items:
• Currently 90 days or more delinquent on repayment of any debt.
• Debt discharged in bankruptcy during the past five years.
• Evidence of a default, foreclosure, tax lien, repossession, wage
garnishment, or write-off of a Title IV debt during the past five years.
May apply with an endorser (co-borrower) if you don’t meet the credit criteria.
Federal Direct Graduate PLUS Loans Next
Steps
1. 1.Complete the 2011-12 Federal Direct Graduate PLUS Loan Request Form
by logging in to “My Financial Aid & Documents.”
 •You will find the Federal Direct Graduate PLUS Loan Request Form in the “Document
Library” section.
 •Once the Financial Aid Office processes your loan and notifies the Department of
Education, you will receive an e-mail confirmation.
2. If approved, you will need to sign your Master Promissory Note (MPN) online at
www.studentloans.gov.
*For additional information, please visit www.usc.edu/financialaid, click on “Loans,” then “Federal
Direct Graduate PLUS Loan.”
Private Loans
• May be borrowed for COA - Financial Aid Received
• Establish a budget (COA) for yourself and only borrow the minimum you
need
• Cannot be forgiven as part of Public Service Loan Forgiveness
Interest Rate
Variable
A co-borrower with exceptional credit will help you obtain the best interest rate.
Important information
PRIOR TO APPLYING FOR PRIVATE FINANCING: Students should exhaust all Federal Title IV assistance available, including the
Federal Stafford Loan and the Federal Graduate PLUS Loan. The repayment terms of federal loan programs may be more favorable
than the terms of private loan programs.
More information: www.usc.edu/financialaid/loans/private
How to receive your refund
www.usc.edu/sfs
Services
Refunds
Sign up today: Direct Deposit link
Financial aid refunds are available to students whose financial aid disbursement exceeds their charges.
Refunds are issued via direct deposit.
Repayment Plans for Federal Direct Loans
Repayment
Standard Repayment
Graduated Repayment
Income-Based Repayment
 10-year cancellation for Public Service Loan Forgiveness
 25-year cancellation for non-public service
Extended Repayment
May extend repayment up to 25 years depending on the amount borrowed.
More information:
www.ibrinfo.org
direct.ed.gov
www.usc.edu/financialaid/loans/loanrepayment
Public Service Loan Forgiveness
•
•
•
•
•
•
•
•The Public Service Loan Forgiveness (PSLF) program was established to encourage individuals
to enter and continue in full-time public service employment. It forgives the remaining balance of
Federal Direct Loan Program loans after the borrower has made 120 qualifying monthly payments
(beginning anytime after October 1, 2007) while employed full-time by a public service
organization.
•The PSLF program is available only for Direct Loans. If you have FFEL Loans, you may be
eligible to consolidate them into the Direct Loan Program to take advantage of PSLF program.
•The 120 required payments must be made under one or more of the following Direct Loan
Program repayment plans:
•Income Based Repayment (IBR) Plan
•Income-Contingent
•Standard Repayment Plan
•For more information, please visit www.studentloans.gov.
Public Service Loan Forgiveness
• •The Public Service Loan Forgiveness program is for federal
student loan borrowers who:
 Are employed by any nonprofit, tax-exempt 501(c)(3) organization;
 Are employed by the federal government, a state government, local
government, or tribal government (this includes the military and public
schools and colleges); or
 Serve in a full-time AmeriCorps or Peace Corps position.
Loan Forgiveness Programs
AmeriCorps/Teach for America
www.americorps.org
May allow you to postpone payment and subsidize accruing interest in return
for full-time employment with public agencies, community organizations and
other groups.
TEACH Grant
https://teach-ats.ed.gov/ats/index.action
Loan Forgiveness Programs
cont’d
Teacher Loan Forgiveness
studentaid.ed.gov
$5,000 forgiven for students who teach full-time after graduation in qualified
low-income elementary or secondary schools for 5 years.
Up to $17,500 forgiven for “highly qualified” teachers of math, science or
special education.
Contacts/Questions
MAT@USC
mat.usc.edu
(888) 628-1872
Financial Aid Office
(213) 740-4444
www.usc.edu/contactfao