Financial Aid InformationMAT@USC November 2011 Cohort

1. Financial Aid InformationMAT@USCNovember 2011 Cohort

2. Financial Aid Application Steps • 1)2011-2012 Free Application for Federal Student Aid (FAFSA) • Use 2010 income. • USC's Federal School Code: 001328. • As soon as possible. • 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.

3. How to view your student account • www.usc.edu • Popular Links • OASIS • USCe.pay/Current Billing Balance

4. Budgeting for MAT@USC •Determine your overall costs •Determine your budget –Fixed expenses vs. variable

5. cont’d Budgeting for MAT@USC •Manage your contribution. Determine how much you can: –Pay out of pocket •Cashier’s Office –Finance over time •Student loan eligibility

6. 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.

7. 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) • x 8 • = $11,360 tuition per semester • *The most current per-unit costs can be found online atwww.usc.edu/soc.

8. 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.

9. 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.

10. $ 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. Total Cost of AttendanceEstimate for spring 2011 and summer 2012

11. 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.”

12. Supplemental Form

13. Financial Aid Packaging for MAT@USC Year one 2011 Academic Year: Packaged as Spring & Summer 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 Multiple SubjectSingle SubjectTSLO Full-time Cost of Attendance based uponPart-time Cost of Attendance based upon 10 units6 units 10 units6 units Loan Disbursement Date 11/29/2011 4/9/2012

14. Financial Aid Packaging for MAT@USC Year two 2012 Academic Year: Packaged as Fall & Spring Semester Fall Spring Term dates 9/17/2012to 11/25/2012 12/03/2012 to 2/25/2013 FAFSA & Supplemental Form 2012-2013 FAFSA & Supp Form 2012-2013 FAFSA & Supp Form Multiple SubjectSingle SubjectTSLO Full-time Cost of Attendance based uponPart-time Cost of Attendance based upon 10 units6 units 10 units6 units Loan Disbursement Date 9/7/2012 11/26/2012

15. Loan Programs • Federal Direct Loan Programs • 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.

16. 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 six-month 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 2011-12 academic year, then your Stafford Loan eligibility will be less.

17. Federal Direct Stafford Loans cont’d Interest Rate 6.8% (Fixed) Fees 1.0% - Origination

18. Federal Direct Stafford LoansNext Steps 1.Complete the Federal Direct Stafford Loan Request Form by logging in to “My Financial Aid & Documents.” •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. •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.”

19. 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

20. 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.

21. Federal Direct Graduate PLUS LoansNext Steps 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.”

22. 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

23. 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.

24. 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

25. 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.

26. 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.

27. 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.

28. TEACH Grant https://teach-ats.ed.gov/ats/index.action

29. 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.

30. Contacts/Questions MAT@USC mat.usc.edu (888) 628-1872 Financial Aid Office (213) 740-4444 www.usc.edu/contactfao