Student Resources – Socio-Economic Index - Parents/Guardians
Information about parents’ and guardians’ income is required to make a financial aid assessment. Students will be deemed to receive a certain amount of financial assistance from applicable family members based on their ability to contribute even if family members do not in fact contribute to a student’s education.
Underlying this rule is one of the core principles of the financial aid program – ensuring that the law school continues to be accessible to students from all backgrounds. Access is of particular concern for students from low-income backgrounds. Students from low-income families often have personal histories or circumstances which make a law school education less obtainable. Parental/guardian income is a proxy for a student’s socio-economic status. It provides a means of accounting for differences between students.
Parental/guardian income is defined as the combined gross income (line 15000) on the Notice of Assessment or equivalent income tax return from other jurisdictions for both parents/guardians. Social assistance and retirement income will be considered as eligible parental income.
First time applicants to the program are required to provide Notices of Assessment showing line 15000 for the previous three years of their parents’/guardians’ income taxes. The average of these three year’s gross incomes will be considered the parental income for all years of law school.
Special Provision for Material Decreases in Parental Income During Law School
If a student’s parental/guardian income falls by 25% or more from the average of the three notices of assessment (“NOAs”) submitted with the initial application, the Financial Aid office will make an adjustment to their student socio-economic index with the provision of appropriate documentation.
To qualify for a downward adjustment to the students’ socio-economic index, a student must provide all NOAs for the period after they begin law school (in addition to the NOAs that would have previously been submitted for the three years prior to beginning law school). The adjusted income will reflect the average of all the NOAs.
For each dependent child (sibling or half-sibling) under 18, parental income will be reduced by $4,000. In rare and exceptional circumstances, other dependents may be considered if sufficient documentation is provided to the Financial Aid Committee. Applicants will be asked to confirm the number of dependent children living in parental care.
Student Socio-Economic Index Calculations – Parents living in the same household for 2023-2024 academic year
Parents earning less than $82,283* are not expected to contribute towards Student Socio-Economic Index
An exemption of $82,283 per family will be deducted from the total averaged parental income
Additional deductions for dependents will be applied
Incomes between $82,283 and $199,876*are expected to contribute 15%
Incomes over $199,876 are expected to contribute $17,638.95 plus 25% of any portion over $199,876
As an example, parents with 1 child under 18 with a three-year average total household income of $250,000 are expected to contribute:
$17,638.95 plus
25% of portion over $199,876 ($250,000-4,000-199,876)*.25=$11,531
For a total expected contribution of $29,169.95
Student Socio-Economic Index Calculations – Separated, divorced parents or parents living in separate households for 2023-2024 academic year
Parents living in separate households with total household average income of $120,803* or less are not expected to contribute towards Student Socio-Economic Index
An exemption of $120,803 per family will be deducted from the total averaged parental income
Additional deductions for dependents will be applied
Incomes between $120,803 and $199,876 are expected to contribute 15%
Incomes over $199,876 are expected to contribute $11,860.95 plus 25% of any portion over $199,876
Older students are more likely to be independent from their parents, thus the Socio-Economic index adjusts expected contributions for student’s age according to the formula below:
Students 30-34 years old - 75% of the Student Socio-Economic contribution is expected
Students 35-39 years old - 50% of the Student Socio-Economic contribution is expected
Students 40 years old and above – 25% of the Student Socio-Economic contribution is expected
*Figures used in the calculations of the Socio-Economic Index are adjusted periodically to reflect inflation
Please contract Financial Aid Office if you have any questions about Socio-Economic Index calculations.
