NEW INCREASED 2011 FINANCIAL AID (Need-Based)
(5% of adjusted taxable income) - 1000,
We offer aid to the extent that our resources and grants allow. Our new policy for 2011 is by far the most generous we have been able to offer.
However, as in the past it is only offered to our strongest candidates,
until such time as our financial aid budget is spent, or until
we see that there is enough money left for others.
The new policy is:
You may apply for aid if your adjusted taxable income (as defined below) is $110,000 or less in US dollars. This is very likely if your total family income is $135,000 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 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, as defined by the US Internal Revenue Service. It corresponds to line 22 of the 2010 US tax form 1040.
Taxable income is total income less various deductions.
It is line 43 of the 2010 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 150% of the sum 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. Note: Admittees arriving from other counties will be responsible for all travel expenses and visa expenses.
Example. Your son or daughter receives a $250 scholarship for an AMC8 perfect paper in Fall 2010. 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 2010 total income of $130,000, and consists of 2 parents (filing jointly), 2 children, and no other dependents. Your 2010 taxable income is $90,000 (because you had total deductions of $40,000). The 2010 standard deduction for a couple filing jointly is $11,400 and your 2010 personal exemption is 4 x 3650 = $14,600. Therefore, you standard deductions would have been $26,000, and 150% of this is $39,000. This is less than the $40,000 you deducted, so your adjusted taxable income is 130,000 - 39,000 = $91,000. Next compute(.05 x 91000) - 1000 = $3550
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 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
3550 x (1-.02) = $3479.
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.
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 2010, 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 tax forms, or whatever documentation is used in your country to verify income and taxes. We will need
these forms from each country in which you report income.
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.