Allan Campbell Minister of Innovation and Advanced Learning

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11 PEI Moderate Standard of Living Allowance Family Size Rates \$34,314 \$43,623 \$50,230 \$55,352 \$59,539 \$63,077 \$66,141 \$68,848 ~ Step 2 - Calculate Expected Weekly Parental Contribution Using your parents Discretionary Income figure from the previous page Expected Contributions for Married Students If you are a married student, both you and your spouse are expected to make a contribution toward the cost of your education. See Section 6 for information on married or common-law student category. Your contribution is calculated by subtracting the following allowable expenses from your annual gross family income: If Annual Discretionary Income is: Weekly Parental Contribution 1) Income deductions (i.e. Income Tax, Canada Pension Plan and Employment Insurance). \$0 - \$7,000 (15% of Discretionary Income)/52 \$7,001-\$14,000 (\$1, % of (Discretionary Income -\$7,000))/52 \$14,001 and over (\$2,450 + (40% x (Discretionary Income - \$14,000))/52) Refer to the table above to determine which formula to use to find your parents expected weekly parental contribution. ~ Step 3 - Calculate Expected Parental Contribution You can now calculate the expected parental contribution by taking the weekly parental contribution, multiplying by the number of weeks in your study period and then dividing by the number of dependents in your family (include yourself and any children in post-secondary education) to find the expected parental contribution for the study period. 2) Weekly standard of living for student with spouse (Section 7.2) 3) Allowance for each dependent child. See Weekly Living Allowances in Section 7.2. On PEI the weekly allowance per dependent child is \$104. Income verification required from the applicant's spouse: The applicant's spouse is required to verify his or her current gross (before deductions) income with a letter from his or her employer or a pay stub (income that is verified with letter or pay stub must be within the last 4 weeks). If the applicant's spouse s gross income changes over the pre-study or study period, Student Financial Services must be notified. An example of a change in income would be if the spouse is currently receiving Employment Insurance income and he or she finds employment. Weekly Parental Contribution X # of weeks in study period # of dependents in family (including student) who are currently attending postsecondary education = Expected Parental Contribution The applicant s spouse is also required to sign the consent and declaration. x = If you require further explanation please call (902) or visit the website at Page 21 Page 22

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