Major Financial Aid Expansion at USC

Discussion in 'GarryP's Trojan Huddle' started by The Lizard King, Feb 20, 2020.

  1. Major Financial Aid Expansion at USC
    The Lizard King

    The Lizard King Junior Member


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    #1
    Dear USC Community,

    Today I am writing to share exciting news about steps we are taking to make a USC undergraduate education more affordable. Our priority was to find a way to increase support for families all across the country who are faced with the high costs of paying for a college education.

    Beginning in Fall 2020 and Spring 2021, all entering first-year undergraduate students whose family’s annual income is $80,000 or below will attend USC tuition-free. In addition, we will eliminate consideration of home equity in determining all students’ financial need. This means that about one-third of next year’s entering class will receive an even more generous aid package than they have in the past.

    To implement this plan at one of the largest private research universities in the country, USC will commit over $30 million in additional annual aid. Once fully implemented, more than 4,000 students from low- and middle-income families each year will receive up to $45,000 more aid over the course of their undergraduate studies.

    Today’s announcement builds on USC’s longstanding success in pushing the boundaries of access and affordability. With what is already recognized as one of the most generous financial aid pools in the country, and through access programs like our McMorrow Neighborhood Academic Initiative, USC is a nationally recognized leader in recruiting and enrolling low-income students. Consider that currently 31 percent of our undergraduate students come from families in the bottom 60 percent of income earners nationwide, compared to 19 percent at our peer institutions. In addition, around two-thirds of our undergraduates already receive some form of financial aid.

    There is a great deal more we can do. Many of you have shared your passion that access and affordability should be at the top of the list of our university’s priorities. The quality and diversity of our students is a core strength of USC. By making a USC education more affordable, we will build on this strength and become even better at attracting talented and diverse undergraduates.

    Today’s announcement is just a first step in our commitment to provide a more affordable education to all of our students. We will continue to work towards making an even greater impact, and I look forward to hearing from our Trojan community about how best to approach this task in the months ahead.

    Finally, I want to take this opportunity to thank our provost, Chip Zukoski, and our vice president for admissions and planning, Katharine Harrington and her team, all of whom put their passion for access and affordability to work in order to see this plan through. We are also grateful for the input and support this process received from student and alumni leadership and all of USC’s academic deans.

    I look forward to continuing this conversation with all of you. In the meantime, I invite you to review the announcement and visit https://affordability.usc.edu/ for full details.

    Sincerely,

    Carol L. Folt
    President
     
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  2. Arthur Jury

    Arthur Jury Points Member


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    #2
    More Bernie type socialism BS, just who is paying for this "free" tuition ? Yes you are - the dumb suckers that actually pay full fare tuition for your kids, which of course will rise to pay for the freeloaders. As Ronald Reagan said, "the trouble with socialism is that eventually you run out of other people's money".

    PS does this include all the Chinese and other foreign students that can show "records" of low out of country income ? Just asking for a friend (i.e. Xi ping)
     
  3. GoSC1

    GoSC1 Junior Member


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    #4
    Not a Bernie fan, but this is a good thing. The biggest obstacle for a tyrant is an educated public. Education should not just be for the rich and wealthy, which you seem to want.
     
  4. uscvball

    uscvball Junior Member


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    #5
    Varsity Blues was just the beginning. Make way for the "not actual" divorce divorce so the custodial parent can post less than $80k in income.

    Stanford does this with a higher threshold. USC is trying to compete with that and artificially lower the acceptance rate.
     
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  5. SCandrew12

    SCandrew12 Junior Member


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    #6
    we talking 80k after taxes? i know people in my own extended family that do this with property and taxes.
     
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  6. uscvball

    uscvball Junior Member


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    #7
    No idea the ins and outs. I have read several stories over the last several years about phony divorces so parents can appear financially lower income in order to qualify for school loans. Those with a lot of money can likely also afford a shady accountant who can fix things the same way.....and NOT saying that is your family.
     
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  7. SCandrew12

    SCandrew12 Junior Member


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    #8
    I think we all know somebody who has a shady/creative tax guy. lol. I know several people that have upped their military disability just to qualify for the cal vet free tuition for their kids. Tuition costs are so out of control I cant judge them for at least trying....well judge them a little. lol
     
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  8. Rhett Salem

    Rhett Salem Member


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    #9
    Annual trips to CWS in Omaha again
     
  9. ACETrojan

    ACETrojan Junior Member


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    #10
    What's your problem? Some of us don't come from families who are well enough to pay for the high tuition at SC. I benefited from scholarships and grants to get me through both my undergrad and grad school at SC. Does that make me less of a Trojan? Am I a freeloader? You can take your elitist attitude and shove it. IF all you want is to be surrounded by your yacht club buddies and not mingle with people who didn't grow up with a silver spoon in their mouths I suggest you stay home and stir clear from campus if this is such a problem for you.
     
  10. gubo&palanka

    gubo&palanka Points Member

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    #11
    Am glad Folt finally took a big step to help the baseball program. LOL
     
  11. Fyton82

    Fyton82 Points Member


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    #12
    Who's paying for the scholies for all those "freeloading" student athletes?
     
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  12. Troy70

    Troy70 Junior Member


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    #13
    Wondered how those other baseball programs got into WS ?
     
  13. KeenObserver

    KeenObserver Junior Member


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    #14
    No free tuition. Students need skin in the game. How about lowering administration costs and tuition across the board?

    How about tuition differences for permanent US residents/citizens and foreign students?

    I can’t believe how far this school has fallen in integrity and direction.
     
  14. SC87

    SC87 Points Member


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    #15
    Ah, the beauty of the Internet. People complaining about efforts to reduce the crushing financial burden on students. Someone post a cute picture of a puppy and maybe some dog haters will chime in next. If you are concerned about the costs, be concerned with the tax payer dollars that have to support students due to the outrageous tuition fees (which are set high in large part because universities know that federal loans are available).
     
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  15. uscvball

    uscvball Junior Member


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    #16
    Unfortunately I don't believe economic altruism is what drove this decision. Nobody forced anyone else to attend college, or attend an expensive one so if there is a crushing financial burden, then pick another school.

    Tax payer burden is more applicable when discussing costs at state schools. USC is private. Schools and banks should be more concerned with the amount of aid being provided. There is absolutely NO reason to obtain loans in absurd amounts to receive a degree in a field where the annual income has no hope of re-paying the loan. There are a lot of degrees at USC associated with jobs like licensed social worker, K-12 teacher, disaster workforce, customer service, human resources, music teacher, community organizer. Unless those students can finance 75% of their tuition, they probably shouldn't be attending USC. They will graduate with a ridiculous amount of debt, will continue to borrow and finance, and will then beg forgiveness. It's a horrible cycle.
     
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  16. USCHusbandUCLAWife

    USCHusbandUCLAWife Junior Member


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    #17
    My take on this change is that it benefits the wealthy. Parents making less than $80,000 were already receiving substantial financial aid (unless they had unusually high assets), so there's not much change there. They still have to pay room and board, and fees. The big change is no longer factoring in home equity. A family who shelters a couple million dollars in a home (which is easy to do in our area), and keeps maybe $50,000 in savings, will receive more in financial aid than a family that rents, and has $100,00o in savings. One family could have 20 times or more wealth than another family, and receive more financial aid.
    USC financial aid has not yet updated its Net Price Calculator, but it's possible that a family that rents will now have to pay more than prior to this. Only $30 million has been added to the financial aid pool. Not factoring in home equity will likely shift more than $30 million in the financial aid pool towards Trojan homeowner families.
     
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  17. Troy70

    Troy70 Junior Member


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    #18
    So, just good news noise?
     
  18. SCandrew12

    SCandrew12 Junior Member


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    #19
    I agree with you. There are plenty of cal states/UCs that offer these programs for a fraction of the price if you wish to stay in the state. I always tell my students you can always go to grad school at SC or dream school after you have saved up some money or paid off your undergrad fees. Do not put yourself into debt hoping that somebody is going to bail you out....especially the govt.
     
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  19. Trojack

    Trojack Junior Member


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    #20
    They're endowed positions. They don't affect the general fund.
     

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