financial aid tier calculation examples
The following fictitious examples will give you a better idea of how Rite of Passage Journeys makes its financial aid award determinations. If you have questions after reading through these examples, please email us at info@riteofpassagejourneys.org
Example 1, Family A: Family A is a family of 4 with 2 working parents and 2 children under the age of 18. They have enrolled their son in the Mountain Quest Young Men Program for 2024 ($3,495 total tuition)
One parent makes $60,000/year and the other makes $90,000/year for a combined family annual income of $150,000/year. The Federal Poverty level for a family of 4 in the United States is $31,200, so Family A falls approximately 481% above the Federal Poverty level. This would put Family A in Tier 3 (Up to 25% coverage) based on their annual income.
Family A indicates on their Financial Circumstances Questionnaire that they do not have difficulty meeting basic needs, that both parents have retirement funds, that they do not have monthly expenses related to child or elder care, that both parents have a combined Student Loan debt of $140,000, and that they regularly have disposable income. Their ‘stretch’ amount to contribute to Journeys, as indicated on their Financial Circumstances Questionnaire is $2700 (about 77% of total tuition amount).
Financial Aid Requested: $795
Financial Aid Awarded: $700
Example 2, Family B: Family B is a family of 2 with 1 working parent and 1 child under the age of 18. They have enrolled their daughter in the MoonRise Program for 2024 ($1,495 total tuition)
The working parent makes $40,000/year. The Federal Poverty level for a family of 2 in the United States is $20,440, so Family B falls approximately 196% above the Federal Poverty level. This would put Family B in Tier 1 (Up to 100% coverage) based on their annual income.
Family B indicates on their Financial Circumstances Questionnaire that they do have difficulty meeting basic needs, that they are regularly helped out financially by a Grandparent of their child, that they have student loan debt and car loan debt totaling $60,000 and that they do not regularly have disposable income. Their ‘stretch’ amount as indicated on their Financial Circumstances Questionnaire is $350 (about 23% of total tuition amount).
Financial Aid Requested: $1,145
Financial Aid Awarded: $1,145
Example 3, Family C: Family C is a family of 5 with 1 working parent, 1 child under the age of 18 and 2 children under the age of 10. One parent has enrolled in the Adult Mountain Quest Program for 2024 ($2,295 total tuition)
The family’s annual income is $91,500/year. The Federal Poverty level for a family of 5 in the United States is $36,580, so Family C falls approximately 250% above the Federal Poverty level. This would put Family C in Tier 2 (Up to 50% coverage) based on their annual income.
Family C indicates on their Financial Circumstances Questionnaire that they often have to choose between buying healthy food for their family or taking their kids to do fun things, that they do not have support from family or other means or any retirement savings, that they have medical debt, student loan debt and home loan debt totaling $500,000, that they have monthly expenses for child care and that this Adult Mountain Quest Program is something they’ve been wanting to do for many years. Their ‘stretch’ amount as indicated on their Financial Circumstances Questionnaire is $1000 (about 44% of total tuition amount).
Financial Aid Requested: $1,295
Financial Aid Awarded: $1,150
