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| The Money Maze |
| College Costs |
| Available Aid |
| The Needs Analysis Formula |
| Contribution Worksheet |
| Applications |
| Timelines and Aid Offers |
| Additional Articles |
Contributions Worksheet
HOW MUCH WILL YOUR FAMILY'S CONTRIBUTION TO COLLEGE BE?
This worksheet will allow families to figure out an estimate
of how much they might be expected to contribute toward the cost of education
at the college of their choice. This worksheet is based on the federal needs analysis formula. To complete this worksheet, use your most recent tax return or pay stubs to get earnings estimates.
PARENT INCOME - (custodial household only, in case of divorce/seperation)
| 1. Parent Income: wages, include payments to retirement plans, social security benefits, interest, investment, tax-exempt interest income, child support received and unemployment compensation. | $ |
| 2. Federal Income Tax and Social Security (FICA) Tax Paid | $ |
| 3. Income Protection Allowance: $11,480 for a household of two, $14,290 for three, $17,640 for four, $20,830 for five, $24,360 for six, (add $2,670 per person above six). Subtract $1,950 for each child in college (if living on campus). | $ |
| 4. Employment Expense Allowance: $2,600 or 35% of the smaller income, whichever is less, if both or single parent works | $ |
| 5. Add lines 2. 3 and 4. | $ |
| 6. Parent's Available Income: subtract line 5 from line 1 | $ |
PARENT ASSETS (custodial household only, in case of divorce/seperation)
| 7. Total Assets: cash and bank/savings accounts (moneys available for college), investments/real estate, exclude home & retirement funds. | $ |
| 8. Asset Protection Allowance: use following table | $ |
| Age - Older Parent |
2 Parent Family |
1 Parent Family |
Age - Older Parent |
2 Parent Family |
1 Parent Family | |
| 32 | $16,200 | $11,400 | 49 | $43,700 | $29,800 | |
| 33 | $18,600 | $13,100 | 50 | $44,800 | $30,500 | |
| 34 | $20,900 | $14,700 | 51 | $45,900 | $31,300 | |
| 35 | $23,200 | $16,300 | 52 | $47,400 | $32,000 | |
| 36 | $25,500 | $18,000 | 53 | $48,400 | $33,000 | |
| 37 | $27,800 | $19,600 | 54 | $50,100 | $33,700 | |
| 38 | $30,200 | $21,200 | 55 | $51,600 | $34,500 | |
| 39 | $32,500 | $22,900 | 56 | $53,200 | $36,400 | |
| 40 | $34,800 | $24,500 | 57 | $54,800 | $36,400 | |
| 42 | $36,400 | $25,600 | 58 | $56,500 | $37,400 | |
| 43 | $37,300 | $26,100 | 59 | $58,200 | $38,300 | |
| 44 | $38,300 | $26,700 | 60 | $60,000 | $39,400 | |
| 45 | $39,200 | $27,200 | 61 | $62,100 | $40,500 | |
| 46 | $40,300 | $27,900 | 62 | $64,300 | $41,700 | |
| 47 | $41,300 | $28,600 | 63 | $66,200 | $42,900 | |
| 48 | $42,300 | $29,300 | 64 | $68,500 | $44,100 | |
| 65 and over |
$70,800 | $45,500 |
| 9. Parent's Available Assets: subtract line 8 from line 7 | $ |
| 10. Multiply line 9 by 12%, if negative, enter 0 | $ |
| 11. Adjusted Available Income and Assets: add lines 6 and 10 | $ |
| 12. Parent's Expected Contribution: using number on line 11, see the table below. Divide line 12 by number of students in college at the same time for contribution per student. NOTE - line 12 negotiable based on family circumstances | $ |
| Available Funds from line 11 | Parent Contribution |
| Less than $3,409 | $750 |
| $3,410 to $10,300 | 22% of line 11 |
| $10,301 to $12,900 | $2,266 + 25% of $ over $10,300 |
| $12,901 to $15,500 | $2,916 + 29% of $ over $12,900 |
| $15,501 to $18,100 | $3,670 + 34% of $ over $15,500 |
| $18,101 to $20,700 | $4,554 + 40% of $ over $18,100 |
| $20,701 or more | $5,594 + 47% of $ over $20,700 |