2012 FINANCIAL AID (Need-Based)
4% of 2011 adjusted taxable income,
We offer aid to the extent that our resources and grants allow.
It is our hope in 2012 to offer aid to all admitted candidates who
qualify according to our criteria, but as always we will know better as the admission season
progresses and we see better how much funding is available.
The basic 2012 policy for American students is:
You may apply for aid if your adjusted taxable income (as defined below) is $112,500 or less. This is very likely if your total family income is $140,000 or less.
If you are offered aid, then the aided tuition formula is
with a min of $0 and a max of $4500.
You may receive
(not need based) or financial aid (need-based reductions), but not both. You will receive whichever lowers your tuition the most.
Whatever is your final tuition amount, 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, as defined by the US Internal Revenue Service. It corresponds to line 22 of the 2011 US tax form 1040.
All families requesting aid will be asked to submit 2011 tax forms for all adults who support the applicant.
Taxable income is total income less various deductions.
It is line 43 of the 2011 form 1040. These deductions are at least equal to the sum of the standard deduction and a personal deduction for each parent and each 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 $10,000 more than the sum of the standard and personal deductions. That is, adjusted taxable income is the larger of a) line 43 and b) (total income) – (standard and personal deductions) – $10,000.
Students who have already attended MathPath twice are not eligible for any financial aid.
Students who have attended MathPath once are eligible for aid, but if funds are becoming short, this group will be the first to have financial aid limited.
If your 2011 income is either substantially higher or lower than your income in 2010 or your expected 2012 income, we may consider those other years in deciding your financial aid.
If the nature of your income is unusual (e.g., little wage income but significant income in other forms) we may ask for much more detail about your income and we may compute your financial aid in some other way.
In some cases we may have special named financial aid scholarships from grants. In these cases, we may be able to give full financial aid even if it is more than what our formula above determines.
Other countries. We need to know the worldwide income of all family members who support the applicant. If income comes from countries with tax systems roughly similar to the US system and with a realistic exchange rate (e.g., Canada), we will ask for 2011 tax forms you submit to those countries, convert your income to US dollars, and then compute your adjusted taxable income as if your were reporting all your income in the US. In other cases, we will ask for as much financial information as you can give us and compute your financial aid in some appropriate way.
Note 1: Financial aid for returning students from overseas (not Americans or Canadians) is severely limited. There may be no aid, or it may be capped at $1000.
Note 2: Admittees arriving from other counties will be responsible for all travel expenses and visa expenses.
Example. Your son or daughter, who has been admitted to MathPath for the first time, receives a $250 merit scholarship for an AMC8 perfect paper in Fall 2011. You request financial aid and we tell you that you qualify for aid consideration and we still have enough funds to give aid according to the formula on this webpage. Your family has 2011 total income of $130,000, all in the US, and your family consists of 2 parents (filing jointly), 2 children, and no other dependents. Your 2011 taxable income is $90,000 (because you had total deductions of $40,000). The 2011 standard deduction for a couple filing jointly is $11,600 and your 2011 personal exemption is 4 x 3700 = $14,800. Therefore, your standard deductions would have been $26,400. Adding $10,000 to that, your minimum adjusted taxable income is $130,00- $36,400 = $93,600. In this case that is more than your actual taxable income. So compute.04 x 93,600 = $3744.
Since this amount is between 0 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 merit scholarship tuition, you pay the aided tuition.
If you pay two months early (by March 31; the final payment date is May 31), then you get a further 2% reduction and pay
3744 x (1-.02) = $3669.12
Reminder: Financial aid is not automatic; it depends on what funds MathPath has available and timely submission of financial data.
How to apply for financial aid.
You apply for aid by a simple checkoff on the online camp application. We will inform you whether aid is offered when we email you our admissions decision. The exact amount of aid is determined after you submit your tax forms for 2011, which you should do as soon after admission to MathPath as they are available.
If this tax information will not be available until some time after your admission, we will decide with you at the time of admission how to proceed.
Typically, if you can estimate key tax form amounts at that time, we will set an estimated fee. If you can pay that in full, you can take the early-payment reduction available at that time. You don't have to wait until April when your tax forms are finished, thus limiting your early-payment reduction.
Of course, if there are any questions, email Prof Maurer.