FINANCIAL AID SCHOLARSHIPS
4% of 2018 adjusted taxable income,
By Financial Aid or Financial Aid Scholarships
we mean fee reductions based on family income.
We offer aid to the extent that our resources and grants allow.
It is our hope in 2019 to do what we have been able to do for the last several years:
for each admitted student who qualifies for aid, offer enough aid so that the student should be able to attend. However, as always we will know better what is possible as the admission season progresses and we see better how much funding is available.
Also, the US tax law changed substantially for 2018, as have the tax forms.
Our goal is to give financial aid in about the same amount as if the family had applied last year, but the new forms give some different data so it may take us some time to settle on our final algorithm. This wwebpage will always tell you our current policy.
You may apply for aid if your adjusted taxable income (as defined below) is less than $123,750. This is very likely if your total family income is less than $150,000.
All families requesting aid will be asked to submit 2018 federal tax forms for all adults who support the applicant.
If you are offered aid, then the aided tuition formula is
with a min of $0 and a max of $4950.
Your final fee can be further reduced if you qualify for any merit scholarships, the sibling benefit or the early pay reduction. See their webpages.
Definition of terms.
Total income is income before any deductions, as defined by the US Internal Revenue Service. It corresponds to line 6 of the draft 2018 US tax form 1040 (it was line 22 on the 2017 1040).
Taxable income as defined by iRS is total income less various adjustments. For most people the main adjustment is their deductions, either standard or itemized.
Taxable income is line 10 of the draft 2018 form 1040.
Adjusted taxable income is our own term and is defined as
T - S - 4000d',
where T is your total income, S is your standard deduction (even if you itemize) and d' is your number of dependents not counting the taxpayer and spouse.
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 will be funded less
generously than described above, typically paying $300 more or 25% more, whichever is greater.
It is possible that if a student is readmitted early for a 2nd year and requests
financial aid, an aid decision will be deferred until we know more about the
amount of aid requested by new admits.
If your 2018 income is either substantially higher or lower than your income in 2017 or your expected 2019 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 or little apparent income at all) we may ask for much more detail about your situation and we may compute your financial aid in some other way.
On the other hand, in some cases we may have special financial aid funds. In these cases, we may be able to give some csandidates more financial aid 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 2018 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 2018. 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 2018 total income of $135,000, all in the US, and your family consists of 2 parents (filing jointly), 2 children, and no other dependents. You took the 2018 standard deduction of $24,000 for a couple filing jointly and so had taxable income of $111,000.
However, your adjusted taxable income is
135,000 - 24,000 - 4000*2 = 103,000,
because you have 2 dependents other than you and your spouse.
Next compute your aided tuition:
.04 x 103,000 = $4120.
Since this amount is between 0 and 4950, it is your aided tuition. however, you also have a $250 merit scholarship, and our new policies let you take both. So your fee is further reduced to $3870.
If you pay four months early (by January 31; the final payment date is May 31), then you get a further 4x0.5 = 2% reduction and pay
3870 x (1-.02) = $3792.60
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 program application. For planning, we need to know at that point if you believe you are a candidate for financial aid. 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 2018, 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.
The default is to pay the $1000 minimum deposit to reserve a seat, and to compute your exact fee once your tax forms are available – resulting in a further payment or a refund.
However, especially for alumni where we already have previous year tax information, if we can
estimate key tax form amounts we will set an estimated fee, deliberately a bit on the high side. If you can pay that in full, you can take the early-payment reduction available at that time. Once again, we will settle with you exactly later. In recent years many families have taken this second option.
Of course, if there are any questions, email Prof Maurer.