The USC FAO determines your financial aid award and will contact you via e-mail and postal mail beginning in April. While you may apply for financial aid prior to being admitted, the USC FAO will not create a financial aid package for you until you have been formally admitted to the university. Once you receive your financial aid award letter, the following should guide you in understanding your financial aid award and properly securing your aid.

Your financial aid award will reflect a “total cost of attendance” that is much higher than your actual tuition and fees. The amount reflected on your financial aid award includes tuition and fees, as well as books and living expenses. You are only required to pay tuition and fees to the university. The USC FAO indicates a higher total cost of attendance to allow students to receive additional aid for tuition and fees, as well as books and living expenses, if necessary.

Financial Aid Awards

• Federal Stafford Loan (Subsidized and Unsubsidized):  Low-interest, long-term federal loan. Eligible students may borrow up to $8,500 subsidized and $12,000 unsubsidized per academic year.  

• Federal Perkins Loan:  Low-interest federal loan. Awards up to $2,500. All on-time financial aid applicants who demonstrate financial need will be considered for this loan.

• Federal Work Study (FWS):  Federal work program administered by the university. Awards up to $6,500. All on-time financial aid applicants who demonstrate very high financial need will be considered for this program.  *Social work students often earn their FWS for hours spent in their field placement.  

• Federal Graduate PLUS Loan: Federal loan program for graduate students to finance up to the total cost of attendance minus any additional financial assistance. *Students are not automatically considered for this loan by the USC FAO and must request it.

Information about lenders, interest rates and origination fees can be found on the USC Financial Aid Office website.

Securing Your Financial Aid

The following steps are necessary to ensure the aid you are awarded by the USC FAO is properly secured and disbursed on time.

1. Download and submit a completed Stafford Loan Request Form to the USC FAO.
2. Download and submit a completed Graduate PLUS Loan Request Form to the USC FAO (if necessary).
3. Complete Mandatory Entrance Loan Counseling. This is required for all first-time borrowers at USC.
4. It is imperative that you complete a Master Promissory Note (MPN) for each loan you are awarded and/or request. The MPN will be sent to you directly via e-mail or postal mail from your selected lender.

The steps listed above should be completed as soon as you receive your financial aid award letter, but no later than the last week in July.  

Your financial aid will be delayed and will not disburse on time if any of the above steps are not completed. 

Your loans will not disburse to you in the form of a check. All federal loan funds are disbursed electronically between your selected lender and the USC FAO and then applied to your USC student account. 

It is important to consider other sources of aid for which you may be eligible to apply and receive (i.e., scholarships and stipends) prior to borrowing the maximum Federal Graduate PLUS Loan.