HOW SSS CALCULATES YOUR FAMILY’S
CONTRIBUTION
Your parent contribution is based on the information you reported on the
PFS, which is summarized in the left-hand column. Simply stated, the formula considers your income, what you own (your house and other investments), what you owe (your mortgage and other debts), the size of your family, and how many family members are enrolled in tuitioncharging schools or colleges.

FAMILY CONTRIBUTION REPORT
Academic Year 2014-2015
January 01, 2014
Doris Scott
PFS ID: L050533064

PFS Submitted: 12/13/2013

SUMMARY OF PFS INFORMATION YOU SUBMITTED
FAMILY
1

No. of Parents

1

2

No. of Tax Exemptions

3

3

No. of Children

2

4

Children in Tuition-charging Schools

2

The SSS formula determines how much “Discretionary Income” you have that can be used, in part, to pay school costs. SSS gives each family an allowance for basic household necessities, based on the size of your family. This allowance, along with different types of taxes you pay and other non-discretionary costs are subtracted from your income sources.
Then, SSS estimates a portion of the remaining amount that should be available for tuition and other school expenses. Parents bear primary responsibility for financing their children’s education, so the expectation is that your family accepts this priority for spending part of your discretionary income.

INCOME
5

Parent/Guardian A Wages

6

Parent/Guardian B Wages

$24,808

7

Dividend/Interest Income

$0

8

Alimony Received

$0

9

Other Taxable Income

$0

10

Untaxed Payments to IRA

$0

11

Keogh Plan Pmts. and SEP Deductions

$0

12

Other IRS Allowable Adjustments

$0

13

Child Support Received

$480

14

Social Security Benefits

$0

15

Other Nontaxable Income

HOW SCHOOLS USE THE SSS CALCULATION
Schools use the report provided by SSS to begin a review of your finances before making the final determination of how much your family should contribute toward education. In this review schools use their professional judgment to consider the additional information you entered on the PFS to better understand your family’s financial picture. Each school may determine a different final family contribution governed by its policies on:

16

Home-Present Market Value

$100,743

17

Home-Total Unpaid Principal
Other RE-Present Market Value

$0

19

Other RE-Total Unpaid Principal

$0

20

Bank Accounts

21

Other Investments

•

adjustments based on information from additional documents such as tax forms or school-specific application(s)

•

the appropriate use of family discretionary income review of unusual expenses you report, and

•

assessment of home equity, other assets, and debts

$70,000

18

recalculation of total income, possibly including a requirement that both parents earn income

•

$338

ASSETS

•

$60
$0

DEBTS
22

Debts

23

Consumer Debts

$0

HOW SCHOOLS MAKE FINANCIAL AID DECISIONS
After each school determines how much it thinks your family should contribute toward educational expenses, it must decide how much financial aid, if any, it can/will award to your family. School decisions about awarding financial aid are often influenced by factors such as:
•

$1,675

the