FINANCIAL AID (Need-Based)
$2000 + 2.5% of adjusted taxable income,
We offer aid to the extent that our limited resources and grants allow. Our current policy is as follows:
There is no aid for the less expensive 2-week option.
For the 4-week option, you may apply for aid if your adjusted taxable income (as defined below) is $100,000 or less in US dollars. This is very likely if your total family income is $125,000 or less.
If you are offered aid (it depends on the strength of your application), then the aided tuition formula is
with a min of $2500 and a max of $4500.
You may receive
scholarships (need-based reductions).
(not need based) or financial aid, but not both. You will receive whichever lowers your tuition the most.
Whatever your final tuition package is, it may be further reduced by 1% per month by paying early, as explained elsewhere.
Definition of terms.
Total family income is income before any deductions. It corresponds to line 22 of the 2008 US tax form 1040.
Taxable income is total income less various deductions.
It is line 43 of form 1040. These deductions are at least equal to the sum of the standard deduction and a personal deduction for each parent and dependent in the family, but it can be much more.
Adjusted taxable income is our own term, and may be higher than taxable income if the tax forms allow you many deductions. For the purpose of our financial aid, we will allow you to take at most 150% of the standard and personal deductions. That is, adjusted taxable income is the larger of a) line 43 and b) total income less 150% of standard and personal deductions.
Other countries. If your income comes from another country or more than one country, we will convert your income from all sources to US dollars, and then compute your adjusted taxable income as if you were reporting all your income in the US.
Example. Your student receives a $250 scholarship for an AMC8 perfect paper. You request financial aid and we tell you that you are eligible for financial aid because your application to MathPath was strong enough. Your family has 2008 total income on line 22 of $120,000, and consists of 2 parents (filing jointly), 2 children, and no other dependents. Your taxable income as reported on line 43 is $80,000 (so you had total deductions of $40,000). Your standard deduction for a couple filing jointly is $10,900, and your personal exemption is 4 x 3500 = $14,000. Therefore, you standard deductions would have been $24,900, and 150% of this is $37,350. This is less than the $40,000 you deducted, so your adjusted taxable income is 120,000 - 37,350 = $82,650. Next compute2000 + .025 x 82650 = $4066.25
Since this amount is between 2500 and 4500, it is your aided tuition. Your tuition without aid would be $4250, because of the AMC8 scholarship. Since the aided tuition is lower than your scholarship tuition, you owe the aided tuition.
If you pay two months early (by April 27), then you get a further 2% reduction and pay
4066.25 x (1-.02) = $3984.93
Reminder: Financial aid is not automatic; it depends on what funds MathPath has available, the strength of the student's application, and timely submission of financial data.
If you don't think you can afford MathPath even with our aid offer, let us know. We have an installment plan and we can share ideas for your raising income locally. If you are an especially strong candidate for MathPath, we may consider extenuating circumstances on an individual basis.
How to apply for financial aid.
You apply for aid by a simple checkoff on the camp application. We will inform you whether aid is offered when we email you our admissions decision, although if you application is especially early, we may defer an aid decision until we see how many aid requests we are receiving. (Remember, our funds for aid are limited.) The exact amount of aid is determined after you submit your tax forms for 2008, which you should do as soon after admission to MathPath as they are available.
US taxpayers should submit Form 1040 (whichever version they used). Taxpayers in other countries should submit their main forms, the ones that show total income and taxable income as computed in your countries.
If this tax information will not be available until some time after your admission, then don't wait for it. Please send the completed registration form and a $1000 deposit promptly, to reserve your place at camp. Indicate when your tax information will be coming.
Of course, if there are any questions, contact us by email.