Financial Needs Estimator

Directions for Faculty Representatives

This online worksheet will provide an estimate of financial need for your candidate. This is a tool for your convenience only, and is not a required document to be completed for consideration. You can combine the results with your knowledge of each candidate's likely financial aid package to determine his or her unmet financial need. Unmet need includes both (1) education costs that exceed to an appreciable degree other grant awards and (2) insufficient student and family income to meet educational costs. (The Foundation does not consider loans when calculating unmet need.) Students receiving full funding for their proposed degree will not be competitive for this scholarship.

Remind students who are under the age of 30 that a complete application must include the financial information forms for both themselves and their parents. A portion of family income is considered for all applicants under the age of 30. Parents of these students must be willing to complete the financial information forms. Failure to submit the completed financial forms will exclude a candidate. (See the 2012 Nominee Guidelines for financial form requirements.)

The score your candidate receives by completing this worksheet should be used for guidance only. The Foundation's process is significantly more detailed. The final determination of financial need by the Foundation will not mirror this score and in some cases may differ considerably.

For accurate results, ask your candidates to complete the form by following the instructions and help tips in each section. 

Students age 30 or older should only complete the student fields and leave the parent fields blank.

Candidates should review both the general directions as well as the field comments before completing the form and carefully follow the directions. The final score will not be accurate unless the candidate provides all the data requested.

If you have questions, please call 1-800-310-4053.

Application Information

Is the applicant 24 years old or older, married, or does he/she have children?

Number of dependents in college

If the applicant is independent and has his/her own family, include any dependent children of the applicant that are currently in college or will start college in the fall.
If the applicant's parents are married to each other, include any dependent children that are currently in college or will start college in the fall. Do not count the applicant here.
If the applicant's mother is single, divorced, separated, or widowed, include any dependent children that are currently in college or will start college in the fall. Do not count the applicant here.
If the applicant's father is single, divorced, separated, or widowed, include any dependent children that are currently in college or will start college in the fall. Do not count the applicant here.

Help

 

Number of people in the immediate family

If the applicant is independent (married, has children, or is 24 years old or older) include in the count the applicant and any other members of applicant’s household, if any. Do not include the applicant's parents or other members of parent’s household here.
Count the members of the parents’ household, including dependents. Do not count the applicant here.
Count the members of the mother's household, including dependents. Only count stepchildren that receive more than half of their support from applicant’s mother. Do not count the applicant here.
Count the members of the father's household, including dependents. Only count stepchildren that receive more than half of their support from applicant’s father. Do not count the applicant here.

Help

 

Financial Information

Income

Use the Adjusted Gross Income (AGI) from the most recent taxes, if possible.

$
If the applicant is single, the applicant should list his or her AGI. If the applicant is married and filed jointly, the applicant should subtract his/her spouse’s portion from the AGI.
Subtract the applicant's non-reimbursed medical or dental expenses claimed on federal taxes and federal income tax paid from the AGI and enter that number instead. Do not include spouse's portion of medical expenses or income tax if filing jointly.
$
 
Subtract the parents' non-reimbursed medical or dental expenses claimed on the federal taxes and federal income tax paid from the AGI and enter that number instead.
$
If the applicant's mother is married and filed jointly she should subtract her spouse’s portion of the AGI and list her AGI only. Only complete this field if the applicant's mother is single, widowed, separated, or divorced.
Subtract the mother's non-reimbursed medical or dental expenses claimed on federal taxes and federal income tax paid from the AGI and enter that number instead. Do not include spouse's (if any) portion of medical expenses or income tax if filing jointly.
$
If the applicant's father is married and filed jointly he should subtract his spouse’s portion of the AGI and list the father's AGI only. Only complete this field if the applicant's father is single, widowed, separated, or divorced.
Subtract the father's non-reimbursed medical or dental expenses claimed on federal taxes and federal income tax paid from the AGI and enter that number instead. Do not include spouse's (if any) portion of medical expenses or income tax if filing jointly.

Help

 

Tips for a more accurate score

 

Assets

Include home equity & savings, but exclude retirement/pension.

$
If the applicant has assets jointly owned with his or her spouse, include half the value of the jointly held assets.
Add the applicant's portion of any real estate equity, investment equity, and farm/business equity to this number.
$
 
Add the parents' portion of any real estate equity, investment equity, and farm/business equity to this number.
$
If the applicant's mother has assets jointly owned with her spouse, include half the value of the jointly held assets. Only complete this field if the applicant's mother is single, widowed, separated, or divorced.
Add the mother's portion of any real estate equity, investment equity, and farm/business equity to this number.
$
If the applicant's father has assets jointly owned with his spouse, include half the value of the jointly held assets. Only complete this field if the applicant's father is single, widowed, separated, or divorced.
Add the father's portion of any real estate equity, investment equity, and farm/business equity to this number.

Help

 

Tips

 

Estimation of Financial Need Eligibility

Your Financial Need Eligibility Score: 0

Understand Your Score

  • 1: highly likely that the applicant has significant financial need
  • 2: likely that the applicant has significant financial need
  • 3: possible, but not likely that the applicant has significant financial need
  • 4: not likely that the applicant has significant financial need