Independent Student
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For Independent Students

Provide the appropriate information for each of the entries below.

Items marked with * are critical. If you leave a critical field blank, the calculations may not provide an accurate estimate.

"Your" always refers to the student.

When you get to the bottom of the page, press the "Submit" button.

Student Financial Information

1. Enter your adjusted gross income: *
  $ Enter the student's adjusted gross income from the student's most recent U.S. federal income tax return (2007 IRS Form 1040-line 37; 1040A-line 21; or 1040EZ-line 4). If no return was filed, enter the amount the student earned during the last calendar year. If none, enter "0."

If the student is married and the student's spouse filed separately, add the amount from the spouse's return.
2. Enter your federal income tax paid: *
  $ Enter the amount from the student's most recent federal income tax return (2007 IRS Form 1040-line 57; 1040A-line 35; or 1040EZ-line 10). If no return was filed, enter "0." Do not copy the amount of federal income tax withheld from a W-2 form.

If the student is married and the student's spouse filed separately, add the amount from the spouse's return.
3. Enter your income from work: *
  $ Enter the amount the student earned from work. Include the income from wages, salaries, tips, combat pay, etc., from the student's most recent U.S. federal income tax return: 2007 IRS Form 1040-the sum of lines 7 + 12 + 18 + Box 14 of IRS Schedule K-1 (Form 1065); 1040A-line 7; or 1040EZ-line 1. If no return was filed, add the amounts from the student's W-2 forms. This may or may not be the same as the answer to the adjusted gross income question.
4. Enter your untaxed income and benefits: *
  $ Enter the total amount of untaxed income and benefits the student received last year. Include nontaxable interest, Social Security benefits, welfare benefits (including TANF), other government benefits, etc. Do not include earnings reported in the adjusted gross income figure. If the student is married, include any untaxed income and benefits the student's spouse received last year.
5. Enter the total amount of your (and your spouse's) current savings and checking accounts: *
  $ Enter the current or estimated balance of savings and checking accounts. Do not include lump sum pension funds or student financial aid.


Student General Information

6. Enter your year of birth: *
  19 Enter the year the student was born.
7. Select your state of legal residence: *
  Select the student's state of legal residence from the list provided.
8. Select your marital status: *
  Select the choice that applies to the student.
9. Enter the number of members in your family: *
 

How many people will the student support during the time the student is in college? Include the student, the student's children (if the student provides more than half of their support during the academic year), and others who currently live with and receive more than half of their support from the student during the academic year. If the student is married, always include the student's spouse.

If the student is divorced, separated, or widowed, do not include information about the spouse.
10. Enter the number of these family members who will be enrolled in college: *
  Of the people included above, how many will be in college at least half time in a program that leads to a college degree or certificate, while the student is in college? Always include the student, even if the student will be enrolled less than half time.


Additional Financial Information

11. Enter your spouse's income:
  $

If you are married, enter the spouse's income earned from work. Include the income from wages, salaries, tips, combat pay, etc., from the most recent U.S. federal income tax return: 2007 IRS Form 1040-the sum of lines 7 + 12 + 18 + Box 14 of IRS Schedule K-1 (Form 1065); 1040A-line 7; or 1040EZ-line 1. If no return was filed, add the amounts from the spouse's W-2 forms.

If the student and spouse filed a joint return, enter only the spouse's earnings.
12. Enter your real estate/investment equity:
  $

Enter the total equity (current value minus debt) of real estate and investments. Real estate includes rental property, land, and second or summer homes. Do not include the student's home.

Investments include trust funds, UGMA and UTMA accounts, money market funds, mutual funds, certificates of deposit, stocks, stock options, bonds, other securities, Coverdell savings accounts, 529 college savings plans, the refund value of 529 state prepaid tuition plans, installment and land sale contracts (including mortgages held), commodities, etc.

Do not include the value of life insurance policies or retirement plans (pension funds, annuities, noneducation IRAs, Keogh plans, etc.).
13. Enter your business and/or farm equity:
  $

If the student owns an investment farm, enter the equity of the farm (current value minus amount owed). Do not include a family farm if it is the principal place of residence. Do not include the value of a small business that you (your spouse) own and control and that has 100 or fewer full-time or full-time-equivalent employees.

Business or farm equity is the total of the market value of land, buildings, machinery, equipment, and inventory minus the debts for which the business or farm was used as collateral.

If the student owns an investment farm and a business, enter the sum of the two equities.