Source: https://www.law.cornell.edu/uscode/text/20/1087oo
Timestamp: 2019-04-24 06:50:36+00:00

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the student contribution from assets (determined in accordance with subsection (h)).
except that the amount determined under this subsection shall not be less than zero.
the amount of any tax credit taken by the parents under section 25A of title 26.
The allowance for social security taxes is equal to the amount earned by each parent multiplied by the social security withholding rate appropriate to the tax year of the earnings, up to the maximum statutory social security tax withholding amount for that same tax year.
If both parents were employed in the year for which their income is reported and both have their incomes reported in determining the expected family contribution, such allowance is equal to the lesser of $2,500 or 35 percent of the earned income of the parent with the lesser earned income.
If a parent qualifies as a surviving spouse or as a head of household as defined in section 2 of title 26, such allowance is equal to the lesser of $2,500 or 35 percent of such parent’s earned income.
the asset conversion rate (determined in accordance with paragraph (4)), except that the result shall not be less than zero.
The asset conversion rate is 12 percent.
Include only the income and assets of the parent with whom the student resided for the greater portion of the 12-month period preceding the date of the application.
If the preceding criterion does not apply, include only the income and assets of the parent who provided the greater portion of the student’s support for the 12-month period preceding the date of application.
If neither of the preceding criteria apply, include only the income and assets of the parent who provided the greater support during the most recent calendar year for which parental support was provided.
If either of the parents has died, the student shall include only the income and assets of the surviving parent.
If both parents have died, the student shall not report any parental income or assets.
the student is not an independent student.
an allowance for parents’ negative available income, determined in accordance with paragraph (6).
The allowance for social security taxes is equal to the amount earned by the student multiplied by the social security withholding rate appropriate to the tax year of the earnings, up to the maximum statutory social security tax withholding amount for that same tax year.
The student’s available income (determined in accordance with paragraph (1) of this subsection) is assessed at 50 percent.
The allowance for parents’ negative available income is the amount, if any, by which the sum of the amounts deducted under subparagraphs (A) through (F) of subsection (c)(1) exceeds the sum of the parents’ total income (as defined in section 1087vv of this title) and the parents’ contribution from assets (as determined in accordance with subsection (d)).
The student contribution from assets is determined by calculating the net assets of the student and multiplying such amount by 20 percent, except that the result shall not be less than zero.
For periods of enrollment less than 9 months, the parents’ contribution from adjusted available income is divided by 9 and the result multiplied by the number of months enrolled.
the original parents’ contribution from adjusted available income is increased by the product of the monthly adjustment amount multiplied by the number of months greater than 9 for which the student will be enrolled.
For periods of enrollment of less than 9 months, the student’s contribution from adjusted available income (as determined under subsection (g)) is determined, for purposes other than subpart 2 of part A, by dividing the amount determined under such subsection by 9, and multiplying the result by the number of months in the period of enrollment.
2009—Subsec. (c)(5)(B). Pub. L. 111–39 made technical amendment to reference in original act which appears in text as reference to section 2 of title 26.
2007—Subsec. (g)(2)(D). Pub. L. 110–84 amended subpar. (D) generally. Prior to amendment, subpar. (D) read as follows: “an income protection allowance of $3,000 (or a successor amount prescribed by the Secretary under section 1087rr of this title);”.
2006—Subsec. (g)(2)(D). Pub. L. 109–171, § 8017(a)(1)(A), substituted “$3,000” for “$2,200”.
Subsec. (h). Pub. L. 109–171, § 8017(a)(1)(B), substituted “20” for “35”.
1998—Subsec. (b)(3). Pub. L. 105–244, § 473(a), which directed insertion of “, excluding the student’s parents,” after “number of family members”, was executed by making the insertion after “number of the family members” to reflect the probable intent of Congress.
Subsec. (g)(2)(D). Pub. L. 105–244, § 473(b)(1)(A), substituted “$2,200 (or a successor amount prescribed by the Secretary under section 1087rr of this title);” for “$1,750; and”.
Subsec. (g)(2)(F). Pub. L. 105–244, § 473(b)(1)(B), (C), added subpar. (F).
Subsec. (g)(6). Pub. L. 105–244, § 473(b)(2), added par. (6).
Subsec. (j). Pub. L. 105–244, § 473(c), added subsec. (j).
1997—Subsec. (c)(1)(F). Pub. L. 105–78, § 609(g)(1), added subpar. (F).
Subsec. (g)(2)(E). Pub. L. 105–78, § 609(g)(2), added subpar. (E).
1993—Subsec. (c)(4). Pub. L. 103–208, § 2(g)(2), substituted “$9,510” for “9,510” in table.
Subsec. (f)(3). Pub. L. 103–208, § 2(g)(3), in introductory provisions, substituted “If a parent” for “Income in the case of a parent”, “(1) of this subsection, or if a parent” for “(1) of this subsection, or a parent”, and “the income” for “is determined as follows: The income”.
Subsec. (g)(1)(B). Pub. L. 103–208, § 2(g)(4), inserted closing parenthesis after “paragraph (2)”.
Subsec. (g)(3). Pub. L. 103–208, § 2(g)(5), in table added last item relating to Other.
1992—Pub. L. 102–325 amended section generally, making minor changes in subsecs. (a) to (c) and (e) to (g), in subsec. (d) substituting provisions relating to parents’ contribution from assets for provisions relating to parents’ income supplemental amount from assets, in subsec. (h) substituting provisions relating to student contribution from assets for provisions relating to student and spouse income supplemental amount from assets, and in subsec. (i) substituting provisions relating to adjustments to parents’ contribution for enrollment periods other than 9 months for purposes other than subpart 2 of part A of this subchapter for provisions relating to adjustments for enrollment periods other than 9 months.
1987—Subsec. (c)(2), (4). Pub. L. 100–50, § 14(1), substituted “section 1087rr of this title” for “section 1087ss of this title”.
Subsec. (c)(7). Pub. L. 100–50, § 14(2), struck out “National” before “Center”.
Subsec. (d)(2)(B). Pub. L. 100–50, § 14(3), substituted “displaced homemaker” for “dislocated homemaker”.
Subsec. (d)(2)(C). Pub. L. 100–50, § 14(1), substituted “section 1087rr of this title” for “section 1087ss of this title”.
$169,000 plus 100 percent of NW over $325,000”.
Subsec. (d)(4)(B). Pub. L. 100–50, § 14(5), substituted “$15,999” for “$15,000”.
Subsec. (d)(4)(C). Pub. L. 100–50, § 14(6), substituted “$16,000” for “$15,000” in three places.
Subsec. (d)(4)(D). Pub. L. 100–50, § 14(7), substituted “income is less than zero” for “income is equal to or less than zero”.
Subsec. (e). Pub. L. 100–50, § 14(8), inserted a minus sign before “$3,409” in two places in table.
Subsec. (g)(1)(C). Pub. L. 100–50, § 14(9), substituted “paragraph (2)” for “paragraph (3)”.
Subsec. (g)(3). Pub. L. 100–50, § 14(10), inserted “(or a successor table prescribed by the Secretary under section 1087rr of this title)” after “following table”.
Subsec. (i). Pub. L. 100–50, § 14(12), added subsec. (i).
Amendment by Pub. L. 105–244, effective Oct. 7, 1998, and applicable with respect to determinations of need under this part for academic years beginning on or after July 1, 2000, see section 480A of Pub. L. 105–244, set out as a note under section 1087kk of this title.
Amendment by Pub. L. 102–325 applicable with respect to determinations of need under this part for award years beginning on or after July 1, 1993, see section 471(b) of Pub. L. 102–325, set out as a note under section 1087kk of this title.

References: § 8017
 § 8017
 § 473
 § 473
 § 473
 § 473
 § 473
 § 609
 § 609
 § 2
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 § 14
 § 14
 § 14
 § 14
 § 14
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 § 14
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 § 14