Flexible Tuition Examples

List of 4 items.

• Flexible Tuition Example 1:

  This is a family of four: two working parents and two children, with only one child attending a tuition-charging school. The combined income of the two parents is $126,000. State and federal taxes withheld amounted to $19,000. The family owns their house, valued at $200,000; mortgage and property taxes are $17,000 annually. Assets, including savings, home equity, and investments are $14,000.
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  According to the Clarity Tuition (CT) calculation, the estimated family contribution is $12,900.
  
  

  Adjusted Gross Income:	$126,000
  Net Assets:	$14,000
  Taxes (State and Federal withheld):	$19,000
  CT Calculation for Educational Expenses:	$12,900
  Flexible Tuition Paid:	$12,900

• Flexible Tuition Example 2:

  This is a family of 4, with two working parents and two children attending tuition-charging schools, including one in college. The combined income of the parents is $307,000. State and federal taxes withheld amounted to $54,103. The family owns their house, valued at $360,000; mortgage and property taxes are $29,000 annually. Assets, including savings, home equity, and investments, are $164,532.
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  According to the Clarity Tuition (CT) calculation, the estimated family contribution is $65,383, or $32,692 per child.
  
  

  Adjusted Gross Income:	$307,000
  Net Assets:	$164,532
  Taxes (State and Federal withheld):	$54,103
  CT Calculation for Educational Expenses:	$65,383
  Flexible Tuition Paid:	$32,692

• Flexible Tuition Example 3:

  This is a family of three with two parents and one child living on a single income of $105,000. Because the stay-at-home parent chooses not to work, the system assigns an additional income of $15,000 in determining the family’s financial need, resulting in a combined total income of $120,000. State and federal taxes withheld amounted to $16,000. The family rents their home at a cost of $15,000 per year. Assets, including savings and investments, are $20,000.
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  According to the Clarity Tuition (CT) calculation, the estimated family contribution is $11,950.
  
  

  Adjusted Gross Income:	$120,000
  Net Assets:	$20,000
  Taxes (State and Federal withheld):	$16,000
  CT Calculation for Educational Expenses:	$11,950
  Flexible Tuition Paid:	$11,950

• Flexible Tuition Example 4:

  This is an example of a family with multiple households. All financial information is kept strictly confidential, and at no time will one household have access to the others’ information. There are two children, who each attend tuition-charging schools. Both households have allowable unusual expenses of $3,000 each.
  
  Parent 1 has an income of $80,000, with federal and state taxes amounting to $9,400 and a net worth of $60,000. The house is owned, with an annual mortgage and taxes of $20,000.
  
  Parent 2 has an income of $73,000, with federal and state taxes amounting to $11,900 and a net worth of $40,000. The house is owned, with an annual mortgage and taxes of $17,000.
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  According to the Clarity Tuition (CT) calculation, the estimated combined family contribution is $15,500, or $7,750 per child.

  
  

  	Household 1	Household 2
  Adjusted Gross Income:	$80,000	$73,000
  Net Assets:	$60,000	$40,000
  Taxes (State and Federal withheld):	$9,400	$11,900
  CT Calculation for Educational Expenses:	$8,400	$7,100
  Combined Calculation for Educational Expenses:	$15,500
  Flexible Tuition Paid per student:	$7,750