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Formula used
Parent Income Contribution = tiered_rate(Parent Available Income)
Parent Asset Contribution = max(0, Parent Assets − Asset Protection) × Asset Rate
Parent Share = (Income Contribution + Asset Contribution) ÷ Number in College
Student Available Income = max(0, Student Income − Student Protection)
Student Contribution = (Student Available Income × Student Rate) + (Student Assets × Student Asset Rate)
EFC ≈ Parent Share + Student Contribution
Need = max(0, COA − EFC − Pre‑secured Gift Aid)
Need‑Grant = min(Max Grant × IncomeFactor × Intensity, Need)
Institutional Need Grant = min(RemainingNeed × InstitutionalPct × Intensity, RemainingNeed)
Merit Grant = min(Tuition × MeritPct × Intensity, MeritCap)
Work‑Study = min(Desired × Intensity, RemainingNeed)
Loans (optional) = min(Limits × Intensity, RemainingNeed)
How to use this calculator
- Enter your school’s annual costs (tuition, fees, and living expenses).
- Add household income, taxes paid, and parent/student assets.
- Include scholarships, waivers, or employer assistance you already have.
- Optionally enable merit, work‑study, and loans to see a package estimate.
- Click Calculate to view net price and cash gap above.
- Use the editable assumptions to model a specific school’s approach.
Example data table
| Scenario | COA | Income | Assets | Estimated EFC | Gift Aid | Net Price |
|---|---|---|---|---|---|---|
| Example A | $26,100 | $65,000 | $25,000 | $6,950 | $10,150 | $15,950 |
| Example B | $32,500 | $95,000 | $60,000 | $14,900 | $7,200 | $25,300 |
| Example C | $19,800 | $42,000 | $5,000 | $2,100 | $9,000 | $10,800 |
Cost of attendance sets the baseline
Annual COA is the sum of tuition, fees, housing, books, transport, and personal costs. Many campuses see tuition represent 40–60% of COA, while housing and meals often contribute 25–35%. A $26,100 example COA can shift by $3,000 with housing choices alone, so update every line item from the school’s published figures.
Income and taxes shape available resources
This model estimates parent available income as household income minus taxes paid and an income protection allowance. With a $65,000 income, $9,000 taxes, and a $30,000 allowance, available income becomes $26,000. Tiered assessment rates then translate that amount into a contribution that scales as income rises. If two students are enrolled, the parent share is divided, lowering the per‑student estimate.
Assets influence aid, but usually at lower rates
Assets are assessed after a protection amount. For instance, $25,000 in parent assets with a $10,000 protection leaves $15,000 assessed at 5.64%, producing about $846. Student assets use a higher default rate, so even $500 can add $100. Keeping asset inputs realistic improves scenario accuracy. Small changes in assets can move eligibility near a grant cutoff.
Enrollment intensity can change totals quickly
Aid is scaled by intensity, defined as credits divided by 12, with a minimum floor for part‑time modeling. Moving from 12 credits to 9 credits sets intensity to 0.75, which can reduce grants, work‑study, and loan usage proportionally. Compare full‑time and part‑time scenarios before scheduling.
Packaging order determines the net price path
Pre‑secured scholarships and waivers reduce need first, then the need‑based grant applies with an income phase‑out. Institutional aid can be modeled as 15% of remaining need, and merit is applied from tuition using GPA and test thresholds. Sequencing matters: a large scholarship can lower need‑based funds even if COA stays constant. A 3.8 GPA can reach a 30% merit tier before caps.
Use scenario testing to plan decisions
Run three scenarios: conservative, expected, and optimistic. Increase COA by 5–10% to stress‑test inflation, reduce scholarships by 20% to test uncertainty, and toggle loans to see cash‑gap sensitivity. Save outputs to CSV/PDF and share them during advising or family budgeting discussions.
FAQs
What does “Estimated Family Contribution” represent here?
It is an educational estimate of how income and assets could translate into a yearly contribution. Schools may use different formulas, exclusions, and caps, so treat it as a planning number, not a decision.
Why is net price different from the cash gap?
Net price subtracts gift aid from total costs. Cash gap also subtracts work‑study and optional loans, showing what may remain to cover with savings, payment plans, or additional aid.
Where should I include scholarships and waivers?
Enter awards you already have under pre‑secured gift aid. That reduces need first, which can also reduce need‑based grants. If an award is uncertain, run an “optimistic” and “conservative” scenario.
How does part‑time enrollment change results?
The calculator scales aid by intensity using credits divided by 12. For example, 9 credits uses 0.75, which can reduce grants, work‑study, and loan usage compared with a full‑time schedule.
Can I adjust the model to match a specific institution?
Yes. Use the editable assumptions to change income protections, assessment rates, grant phase‑outs, and institutional grant percent. Then compare the output with last year’s award letter to calibrate your settings.
Is this calculator suitable for official financial aid filing?
No. It does not replace FAFSA, CSS Profile, or institutional forms. Use it to forecast ranges, compare schools, and prepare questions for the financial aid office before you submit documents.