Financial Aid Calculator

Home → Administration → Finances → Financial Assistance → Financial Aid Calculator

This financial aid calculator will give an estimate of financial aid by calculating your Comparative Need Index.

INCOME

Parents’ Adjusted Gross Income from IRS tax form 1040, line 37, 1040A, line 21 or 1040EZ, line 4, as listed on either a joint return, or the combined total from the individual returns of both father and mother, or the individual return of the custodial parent.

Aid for Dependent Children received.

Welfare benefits received.

Child support received.

Untaxed IRA or Keogh plan payments.

Housing benefit received by pastors, teachers, or others .

ADJUSTMENTS TO INCOME

Total federal income tax paid (IRS tax form 1040 line 63 or 1040A line 37 or 1040 EZ line 9) Note: includes "self employment" tax where applicable.

Total state, county, and city taxes paid.

Total real estate taxes paid.

10.

Social security tax paid from W-2 forms (do not include "self-employment" tax it is included in line 7 above).

11.

Medical/dental expenses not covered by insurance (do not include the cost of your insurance premiums).

12.

Tuition and fees you will pay in 2008-09 for the education of all the children under your care

13.

Offerings to local congregation

14a.

Number of personal exemptions claimed on your 2007 federal tax return:

14b.

Family maintenance allowance for exemptions claimed for IRS purposes:

If 2 enter $30,170		If 5 enter $51,075
If 3 enter $36,435		If 6 enter $59,040
If 4 enter $43,480		If 7 enter $65,095

For each additional exemption over 7 add $1,465 to $65,095. Enter total for all exemptions

Michigan Lutheran Seminary

Sections

Personal tools