Implementation Guide
GRANT & AID ASSESSMENT
www.factsmgt.com
800-390-4690
e-mail: [email protected]
Fax: 402-466-1136
PO Box 82524
Lincoln, NE 68501-2524
To apply online: www.factstuitionaid.com
Table of Contents
Introduction ........................................................................................................... 3
Welcome .......................................................................................................................................3
The FACTS Grant & Aid Process .................................................................................................4
Supplies .........................................................................................................................................5
Financial Aid Packet Letter ...........................................................................................................6
Formula .................................................................................................................. 7
FACTS Grant & Aid Assessment Formula ...................................................................................7
Contribution from Assets Calculation ...........................................................................................9
Formula Customization ...............................................................................................................10
Default Expense Setup ................................................................................................................11
Expense Allocation Adjustments for 2011-2012 ........................................................................12
Status Reports ..................................................................................................... 13
Applicant Status Report ..............................................................................................................14
Reason Codes ..............................................................................................................................16
Financial Reports ................................................................................................ 17
Student Need Report ...................................................................................................................18
Application Menu........................................................................................................................20
Update Student ............................................................................................................................22
Applicant Reported Decrease of Income Report .........................................................................23
Family At Risk Report ................................................................................................................24
Additional Sources of Tuition Support Report............................................................................25
Free and Reduced Lunch Program Report ..................................................................................26
Student Demographic Report ......................................................................................................28
Tax Year/W2 Wage Adjustment Report .....................................................................................29
Applicant Report Selection .........................................................................................................30
Sample Application Detail ..........................................................................................................31
Sample Applicant Financial Summary ........................................................................................32
Grant Management ............................................................................................. 34
How to set up a fund in Grant Management ...............................................................................34
How to Create a Report Layout...................................................................................................42
Student Award Summary ............................................................................................................44
Family Award Summary .............................................................................................................45
Fund Awards Update ...................................................................................................................46
How to Create Award Letters......................................................................................................47
Letters................................................................................................................... 52
Confirmation Letter .....................................................................................................................52
Notice Letter................................................................................................................................53
FAQ’s .................................................................................................................... 54
Definition of Terms.............................................................................................. 56
2
Welcome
Your FGAA Account Manager is: __________________________________
Account Manager E-mail: ________________________________________
We are pleased your institution has elected to use the FACTS Grant & Aid
Assessment service to evaluate the financial needs of your families. Whether
your goals are to assist financially challenged families at your school or to make a
compelling case for need to your donors, having a good understanding of your
families’ financial condition is vital. FACTS Grant & Aid Assessment can meet
your school’s need assessment challenge and at the same time keep information
confidential.
By utilizing FACTS Grant & Aid Assessment, the most challenging and
complicated elements of determining financial need for families are professionally
managed. The schools continue to be the ultimate decision maker, but the
decisions are far easier because they are based on solid analysis of key factors in
the financial lives of your families.
If you have questions or need assistance with the FACTS Grant & Aid Assessment
service, please contact your Account Manager.
3
The FACTS Grant & Aid Process
The FACTS Grant & Aid process was designed with four basic principles.
Quality Assessment - Institutions will have the option of allowing their families
to apply online or with paper applications. Paper applications will be provided by
FACTS at no additional charge. Once families have submitted their financial aid
applications, whether by paper or online, they will also be required to submit the
necessary supporting documentation in order to verify the application. FACTS
corresponds by mail and e-mail with families who send inadequate or missing
documentation. The follow-up process ensures the quality of the information
being analyzed.
Comprehensive Evaluation - Paper and online applications are processed in our
system by verifying their income using the taxable and non-taxable
documentation. Allocated and actual expenses are taken from the verified income
figure to help determine what a family has available to contribute towards
education. If the tuition cost is more than the family has available to contribute,
the family will show a financial need. The number of actual expenses taken into
account in our analysis helps institutions understand a family’s spending habits
and thoroughly evaluates their financial situation.
Confidentiality - Financial privacy is a growing concern among families. With
FACTS gathering the tax documentation, schools are no longer responsible for
financial information falling into the wrong hands or being misplaced.
Information is objectively evaluated by a third party and stored under lock and
key by FACTS. Internet security is third party tested to ensure the security of all
online services.
Online Services - The primary objective of the FACTS Grant & Aid Assessment
program was to create an interactive process allowing you to be involved from
start to finish. The online reporting system allows the institution to see who has
applied and where the application is in the process. Financial reports allow you to
view the need of each applicant and detail all the information from the
application. By creating a fund in Grant Management, institutions can view the
recommended awards based on a number of criteria, such as the amount available
to allocate and award maximums.
4
Supplies
Paper Applications - FACTS will be providing paper applications for your
institution to distribute to families applying for financial aid. Applications, along
with the supporting documentation, will need to be sent to the FACTS office.
NOTE: Applications are date specific and will need to be reordered each year.
Online Flyers - We recommend initially providing families with the online flyer to
introduce the web address. Families that prefer not to apply online can be given
instructions to pick up a paper application at your institution. Applications
submitted online can be processed faster, and the online system eliminates the
opportunity for error.
Self-Addressed Envelopes - FACTS will provide self-addressed envelopes
applicants can use to send their supporting documentation and paper application.
Applicants who apply online will not need to send a copy of their application, only
the supporting documentation. Tax forms will be matched by name and social
security number to any online applications.
Payment Coupons - Payment coupons will be supplied only to institutions on
request. They are to be used selectively for hardship cases where the family cannot
afford the application fee and the institution wishes to take on the fee for the family.
Applicants must submit a paper application if they use a payment coupon.
Ordering Supplies
Submit your new Supply Order online. Look for “Supplies” on the navigational bar
once you are logged in. If you are unable to access the supply screen, contact a
FACTS Grant & Aid team member at 800-390-4690.
Reminder: FACTS yearly deadline for application processing is October 31st.
On November 1st, FACTS will start processing applications for the upcoming
school year and applications for the previous year will no longer be processed.
Please discard any remaining applications, as they are date specific.
5
Financial Aid Packet Letter
Dear <Parent>:
FACTS Grant & Aid Assessment will be conducting the financial need analysis for
<School Name> for the upcoming 2011-2012 school year. Families applying for
financial aid will need to complete an application and submit the necessary supporting
documentation to FACTS Grant & Aid Assessment by <date>. Paper applications will
be available in the business office on <date>. Applicants can apply online beginning
November 1, 2010, at www.factstuitionaid.com. FACTS Grant & Aid Assessment will
provide a self-addressed envelope for you to mail the following information:
1.
2.
3.
4.
5.
Signed and completed paper application.
Payment of the $25 application fee.
Copies of your most recent tax forms, including all supporting tax schedules.
Copies of your 2010 W-2 form for both you and your spouse.
Copies of supporting documentation for Social Security Income, Welfare, Child
Support, Food Stamps, Workers’ Compensation, and TANF.
If you have questions or concerns about the application process, you may speak with a
FACTS Customer Care Representative at 1-866-315-9262.
Sincerely,
<School Official>
6
FACTS Grant & Aid Assessment Formula
Verified Income
Taxable Income, Non-Taxable Income, & Contribution from Assets
─ Actual Expenses
Includes:
Rent or House Payment
Vehicle Payments
Vehicle Insurance
Daycare Expense
Child Support Obligations
Health Insurance Premiums
Out-of-Pocket Medical Expense
Federal Taxes
Social Security Taxes
─ Allocated Expenses
Includes:
Food - Calculated by family size
Apparel - Calculated by family size
Utilities - Calculated by family size & region
Transportation - Calculated by family size
Estimated State & Local Sales Tax
=
Income After Core Expenses
Income After Core
Expenses
0 - 5,000
5,001 - 7,500
7,501 - 10,000
10,001 or more
FACTS
Calculated
Tuition
Contribution
Percent of Income
X given toward tuition
—
18.50%
25.00%
35.00%
50.00%
K-12 Tuition
=
=
FACTS
Calculated
Tuition
Contribution
FACTS
Calculated
Need
7
Income After Core Expenses
─ Other Discretionary Expenses
Includes:
Home Equity Line-of-Credit - customized by the school
Charitable Contributions - customized by the school
College Tuition - customized by the school
Elder Care Expense - customized by the school
House Payment on Second Home
Total Combined Minimum Credit Card Payments
Student Loans - customized by the school
Additional Loan Debt
Allocation for Other Expenses (7.5%)
=
Income After Core & Discretionary Expenses
─
=
K-12 Tuition
Family Need After Core & Discretionary Expenses
Family
Need After
Core/Disc Exp
—
FACTS
Calculated
Need
Family At
Risk
Rating
=
Family Need - Calculated Need Difference
Risk Rating
0 - 1,200
Low
1,201 - 2,400
Medium
2,401 or more
High
8
Contribution from Assets Calculation
+
+
x
Value of Cash, Savings, & Checking Accounts
Value of Brokerage Accounts
Value of Retirement Plan Assets
Total Liquid Assets
Education Savings and Asset Protection Allowance
Assets Available for Contribution
Asset Contribution Factor (12%)
Contribution From Assets (If negative, enter zero.)
(Can be taken out of calculation)
(Can be taken out of calculation)
(See Table Below)
(Percentage can be adjusted)
Education Savings and Asset Protection Allowance
Age of Older
Parent
Two Parents
25 or less
0
26
2,500
27
5,100
28
7,600
29
10,200
30
12,700
31
15,300
32
17,800
33
20,400
34
22,900
35
25,500
36
28,000
37
30,600
38
33,100
39
35,700
40
38,200
41
38,900
42
39,900
43
40,900
44
41,900
45
42,900
One Parent
0
900
1,800
2,700
3,500
4,400
5,300
6,200
7,100
8,000
8,900
9,800
10,600
11,500
12,400
13,300
13,600
13,900
14,200
14,500
14,900
Age of Older
Parent
Two Parents
46
44,000
47
45,100
48
46,200
49
47,400
50
48,800
51
50,000
52
51,200
53
52,800
54
54,300
55
55,600
56
57,300
57
58,700
58
60,400
59
62,200
60
64,000
61
65,800
62
67,700
63
70,000
64
72,000
65 or over
74,000
One Parent
15,200
15,500
15,900
16,300
16,700
17,100
17,500
18,000
18,400
18,800
19,300
19,800
20,300
20,800
21,400
22,000
22,600
23,200
23,800
24,500
9
Formula Customization
The table on the following page displays the default analysis FACTS conducts with regard to
actual expense questions from the application. Each expense is evaluated as Core or
Discretionary. Discretionary expenses are not used to determine the FACTS Calculated Need.
FACTS will default a cap on every core expense. This is to prevent a family from overreporting expenses, whether through misreporting or in an attempt to appear more needy. The
caps also prevent the formula from rewarding families that live outside their means. We
recommend that each institution use the defaulted information when conducting the assessment.
However, we do realize some institutions will have differing opinions as to how they would
prefer certain expenses to be evaluated.
The FACTS caps are listed in the last column of the table. If an institution would like to
incorporate their own cap, the cap method would need to be changed to Institution. The
Institution Cap Amount would then need to include the cap amount you would like to use.
Caps must be set to an annual dollar amount. Charitable contributions, housing, and student
loan caps can be based on a percentage of Total Family Income or an annual dollar amount.
Caps are not necessary for any expenses that are categorized as Discretionary.
The Actual cap method would indicate that an institution wanted to use the reported value from
the application. We would discourage using this method, primarily because the institution is
not protected from families that over report their expenses.
Please contact your account manager at 800-390-4690 to customize the formula to meet your
needs.
10
Default Expense Setup
Expense Type
Charitable
Contributions
Child Support
Core/Discretionary
Institution
Cap
Amount
Cap Method
Core
FACTS
Cap
FACTS
Actual
Institution
10% TFI
FACTS
Actual
Institution
25% TFI
Discretionary
Core
Discretionary
College Tuition
FACTS
Actual
Institution
Avg. regional
cost per dep. in
private college
FACTS
Actual
Institution
$5,200 per dep.
FACTS
Actual
Institution
$2,400 per dep.
FACTS
Actual
Institution
$13,200 a year
FACTS
Actual
Institution
10% TFI
FACTS
Actual
Institution
28% TFI
FACTS
Actual
Institution
10% TFI
FACTS
Actual
Institution
5% TFI
FACTS
Actual
Institution
$400 per month
or $4,800 a year
Institution
National Avg.
based on size of
the household.
Core
Discretionary
Day Care
Core
Discretionary
Elderly Care
Core
Discretionary
Health Insurance
Core
Discretionary
Home Equity
Line of Credit
Housing
Core
Discretionary
Core
Discretionary
Out-of-Pocket
Medical
Student Loans
Core
Discretionary
Core
Discretionary
Vehicle
Payments
Core
Vehicle
Insurance
Core
Discretionary
FACTS
Discretionary
Actual
11
Expense Allocation Adjustments for 2011-2012
FACTS Grant & Aid Assessment’s methodology for the allocation of core expenses continues to
use the most current data available from the Bureau of Labor Statistics, Consumer Expenditure
Data. The most current year data available is 2007-2008. We utilize this data to determine the
allocation that an average family makes for food, apparel, utilities, and transportation. Maximums
for applicant entered data such as automobile insurance, automobile payments, housing, and health
insurance are suggested by FACTS with the option of the institution to adjust the caps for their
applicants. Our allocations are reviewed annually.
Food Expense Allocation:
Food allocation expenses were harvested from Bureau of Labor Statistics data. The figures were
increased 4% over 2010 based on inflation projections for 2011. The inflation rate was determined
by the Consumer Price Index Inflation Calculator. The amount of food consumed outside the home
as a percentage of a family’s total food consumption increases as a family’s income increases
because of greater disposable income. For this reason we cap food allocation expenses at the
$40,000 to $49,000 income level.
Utilities Expense Allocation:
Based on Bureau of Labor Statistics data, allocations for utility expenses were increased 5% over
2010 based on projections for 2011. The data is also regionally adjusted to the four regions of the
U.S. - Northeast, South, Midwest, and West. Also considered for this expense category is the
Department of Energy / Energy Information Administration publication of the Short-Term Energy
Outlook dated September 8, 2010. The projected cost of energy supplies (Natural Gas, Heating Oil,
Propane, Electricity) are expected to increase 5% in 2011.
Transportation Expense Allocation:
This expense allocation takes into consideration motor vehicle expenses other than automobile
payments and insurance, such as gasoline, motor oil, maintenance and repair, vehicle rental, and
public transportation. Based on Bureau of Labor Statistics data, this allocation was increased 5%
over 2010 figures. The U.S Department of Energy data from the Short-Term Energy Outlook
publication dated September 8, 2010, supports a projected expense increase of 5% for 2011 for
Gasoline and Motor Oil.
Apparel Expense Allocation:
The apparel allocation was increased 4% over 2010 figures based on inflation projections for 2011
in this category.
Auto Insurance Expense Allocation:
The average of actual prices paid for insurance reported by applicants to FACTS in the 2010-2011
application year is used to create the expense maximums. The expense maximums did not increase
from the 2010-2011 application year. Please note that FACTS uses actual reported household
insurance expense unless the insurance expense reported exceeds the maximum value. Expense
maximums protect the school from rewarding consumer spending that significantly exceeds national
and regional norms.
12
Status Reports
9.
1.
8.
2.
3.
5.
4.
6.
7.
1. Status Reports - By selecting the Status Reports option, you will be able to view the
reports listed in the picture above.
2. Application Year - From “Application Year” drop-down list, select which year of data you
would like to access.
3. Applicant Status Report - You can view the status of each application by selecting this
report. Specific comments about a family situation can also be input for others to review.
4. Student Status Report - You can view the status of an application for an individual student
by selecting this report.
5. Enrollment Management Report - This report alerts you of the families who have not
applied but submitted an application with FACTS Grant & Aid Assessment for the previous
school year.
6. Place of Worship Not Reported - This report is only for institutions who require families
to complete the Place of Worship information. This report alerts you of the families who
either did not report their place of worship, their place of worship could not be found in our
database, or they do not attend a place of worship.
7. View Sample Tax Documents - This link provides you with sample copies of all
supporting tax documents that FACTS requests from applicants.
8. My Page button - By selecting “My Page,” the report you are viewing will automatically
become your default page. Every time you log onto the system, you will immediately see
that report.
9. Sign Out - To sign out of the FACTS Grant & Aid Assessment online program, click on the
“Sign Out” link. You will be directed back to the institution login screen.
13
Applicant Status Report
17.
2.
1.
16.
3.
15.
4.
13.
5.
9.
6.
10.
11.
14.
12.
7.
8.
1. Reset button - By selecting the “Reset” button, the report and all criteria will reset to the
default values.
2. Go button - When changes are made to the search criteria, you will need to select the “Go”
button to refresh your screen. This will allow you to view the screen with the new settings.
3. Institution - This drop-down list will have multiple institutions listed when a group such as a
diocese is participating in the FGAA program. This allows the group to review reports on each
of their individual institutions.
4. Search Field/Search - From the “Search Field” drop-down list, select the field name you would
like to search, such as Applicant Name or Applicant ID. Enter the name you would like to
search for in the “Search” text box. Users may search words or parts of words by using the
“Begins With” and the “Contains” options.
5. Page Size - By selecting the “Page Size” drop-down list, you can change the view of your
report to list 5, 10, 20, 50, or 100 records on one page.
6. Count - The Applicant Status Report count indicates the number of applicants that have applied
to the school or institution. The Student Status Report count indicates the number of students
who have applied to the school or institution. Filters may alter the count for both reports
depending on the criteria set.
7. Position to - This function is used to position to a particular place in the report.
8. Navigational buttons - Navigational buttons allow you to return to page one, select the
previous page, select the next page, or select the end of the report. The View Page text box
allows you to input the page number you want to access.
9. Sort By - Select the underlined column headings to sort your report by that column. The first
click will sort ascending and the second click will sort descending.
10. Submit Date - This column indicates the date the application was received in our office.
11. Reg Verified Date & Early Verified Date - These columns indicate the date the application
14
status was changed from “Submitted” to “Verified.”
17.
2.
1.
16.
3.
15.
4.
13.
5.
9.
6.
10.
11.
14.
12.
7.
8.
12. Last Scan Date - This column indicates the most recent date in which supporting documents
have been scanned into our system for an application. Scanned images can be viewed by
clicking on the Applicant or Student ID and selecting the “View Application Images” link.
13. Application Type - This column indicates whether the application was completed online or a
paper application was submitted to our office. “WEB” indicates an online application and
“PAP” indicates a paper application. The initial status screen will default to view all of the
applications regardless of how they applied. If you want to view only the applications that were
submitted by paper, you would need to uncheck the “Web” check box and select “Go.”
14. Application Status - The status of an application can be either “Verified,” “Submitted” or
“Submitted DNF.” A Verified (VER) status indicates that we have received everything in order
to complete the assessment. A Submitted (SBM) status indicates that the assessment being
conducted is subject to change once we receive the additional tax supporting information. For
every submitted application there will be reason codes associated to help inform you as to what
is causing the application not to be verified. A Submitted DNF status would indicate that we
received the application, but the family does not file a tax return. Applications will not be
verified for applicants who do not file taxes. The initial status screen will default to show all
statuses. If you want to view only the applications in Verified status, you would need to
uncheck the “Submitted” and “Submitted DNF” check boxes and select “Go.”
15. Registration Type - Institutions can select different Tax Return/W-2 requirements for Early
and Regular registration periods. For example, an institution could set their Early Registration
period to require 2009 tax returns & 2009 W-2’s and their Regular Registration period to
require 2009 tax returns & 2010 W-2’s.
16. Download button - To download the report to Excel, select the “Download” button. The data
provided in the download will display in ALL CAPS. If you would prefer the data to display in
proper case, click the “Proper Name” check box.
17. Printer Friendly Version button - To print the report, select the “Printer Friendly Version”
button. The report will open in Adobe Acrobat to be printed.
15
Reason Codes
The reason codes help you determine what is preventing us
from verifying the application.
Incomplete Data (Inc Data) - The incomplete data column
only applies to paper applications that have been submitted to
our office. Information necessary to process that application
must be obtained before we can continue processing the
application. “INC” indicates an incomplete application. By
clicking on the “INC” link, you will be able to see what is
incomplete on the application.
Payment (Pmt) - The payment column will indicate the current status of the application fee. If
the payment column indicates “PND,” the payment is pending. This will occur when we are
waiting for the payment to clear. “CCF” indicates the credit card authorization has failed.
“PFD” indicates the payment attempt has failed. “NOP” indicates the applicant did not send
payment with the application. If this field is blank, there is no issue with the processing of the
application fee.
Business Review (Bus Rvw) - This column indicates that a family has submitted a tax return
that indicated income from a business, farm, or rental property. These applications must be
manually reviewed by our staff to evaluate depreciation, business use of the home, and other
non-cash losses. “YES” indicates that our staff is in the process of reviewing the application.
“CMP” indicates that the review has been completed. “INC” indicates that the supporting
documentation required to complete the review was not submitted, such as a missing Schedule
C, E, or F. “INP” indicates that we are in the process of entering the tax information.
Tax Return (Tax Rtn) - The tax return column indicates what was received from the applicant.
“2009” indicates we received a 2009 tax return, and “2010” indicates we received a 2010
return. “INP” indicates that we are in the process of entering the tax information. “DNF”
indicates that the applicant does not file a tax return and will therefore not move to a “Verified”
status. “DNR” indicates that we did not receive a tax return from the applicant. “INC”
indicates a portion of the required tax documentation is missing or incomplete.
W-2 - The W-2 column indicates what was received from the applicant. “2009” indicates we
received a 2009 W-2, and “2010” indicates we received a 2010 W-2. “INP” indicates that we
are in the process of entering the W-2 information. “DNR” indicates that the applicant did not
submit a W-2. “DNF” indicates the applicant does not file a tax return.
16
Financial Reports
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
1. Financial Reports - By selecting the Financial Reports option, you will be able to view the
reports listed in the picture above.
2. Student Need Report - Sorted by student name, this report identifies the need of the
individual students in the school.
3. Family Need Report - Sorted by applicant name, this report identifies the need of the
family regardless if all the children attend the school.
4. School Need Report - Sorted alphabetically by school name, this report identifies the need
of the individual school(s).
5. Applicant Reported Decrease of Income - This report identifies families who report a
decrease of income for the upcoming year along with reasons why they anticipate the
decrease to occur.
6. Family At Risk Report - This report identifies families whose spending habits are causing
them financial stress and as a result may not be able to afford tuition.
7. Additional Sources of Tuition Support - This report identifies families who have reported
additional sources of tuition such as their own ability to pay, support from a non-custodial
parent, or support from a state funded scholarship or voucher program.
8. Free and Reduced Lunch Program Report - This report identifies families that are
eligible for the free and reduced lunch program.
9. Student Demographic Report - This report identifies demographic information on the
applicants. It includes gender, ethnicity, place of worship, and religious affiliation.
10. Tax Year/W2 Wage Adjustment - This report identifies families who have an adjustment
being made to their assessment due to a change in W-2 wages.
11. Applicant Report Selection - This report allows you to do a mass printing of the
Application Detail and Applicant Financial Summary for each applicant.
17
Student Need Report
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
1. Student ID or Applicant ID - A unique identifier specific to each student or applicant
depending on whether you are viewing the Student Need Report or the Family Need Report.
2. Student Name or Applicant Name - This column will list the name of the student if you
are viewing the Student Need Report or the applicant if you are viewing the Family Need
Report.
3. Grade Level - Indicates the grade level the student will be enrolled in the upcoming school
year. This information is provided by the applicant.
4. Applicant Name or Co-Applicant Name - This column will list the name of the applicant
if you are viewing the Student Need Report or the co-applicant if you are viewing the
Family Need Report.
5. Employment Status - Indicates the current employment status of the applicant. Select the
link to view descriptions.
6. Household Size - The number of people in the household, including parents and children.
7. Application Status (Regular or Early) - Current status of the application. This can be
Submitted (SBM) or Verified (VER). We recommend institutions use caution when
viewing the FACTS Calculated Need on applications that are in Submitted status.
Applications are subject to change until they are verified. The check boxes can be used to
filter the financial reports to view only selected applications. To view only applications in
verified status, uncheck the “Submitted” & “Submitted DNF” check boxes and select “Go.”
8. Reviewed - Function to filter the financial reports to view only the reviewed applications.
By clicking on the Student ID number in the Student Need Report or clicking on the
Applicant ID number in the Family Need Report, the school can mark the application as
being reviewed. To view only the reviewed applications, uncheck the “No” check box and
select “Go.”
9. Total Family Income - Total Family Income for applications in Submitted status will be
reported from the application. Total Family Income for applications in Verified status will
be reported based on information from the tax returns and W-2’s.
18
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
10. Income After Core Expenses - This is the income that the family has available from their
total family income after paying the core and allocated expenses. This can be a negative
number if the family has negative available income. It can be displayed on a student basis
in the Student Need Report or on a family basis in the Family Need Report. If displayed on
a student basis, the student is allocated a portion of the family’s Income After Core
Expenses based on his/her actual tuition when compared to siblings.
11. Calculated Tuition Contribution - This is the percentage of the Income After Core
Expenses we believe the family should be able to contribute toward tuition.
12. PK-12 Tuition - The tuition obligation based on the current tuition schedule provided by
the institution for the student if you are viewing the Student Need Report, or the tuition
obligation for the family if you are viewing the Family Need Report.
13. Income After Tuition Expense - This is the income that the family has available from their
total family income after paying their core, allocated, and tuition expenses. If the number is
negative, the applicant has demonstrated need. It can be displayed on a student basis in the
Student Need Report or on a family basis in the Family Need Report. A stack ranking of
need from high to low can be displayed by sorting on the Income After Tuition Expense
column.
14. FACTS Calculated Need - This number can range from $0 to the full tuition amount. If
Income After Tuition Expense is negative, the applicant’s FACTS Calculated Need will be
greater than $0.
15. Applicant Reported Ability to Pay - The annual amount the family estimates they are able
to contribute towards each child’s tuition if you are viewing the Student Need Report. The
Family Need Report reflects the annual amount the family estimates they are able to
contribute toward the total tuition obligation of the family.
19
Application Menu
By clicking on the Student ID number in the Student Need
Report or the Applicant ID number in the Family Need Report,
the institution can access the Application Menu shown below.
1.
2.
3.
4.
5.
6.
7.
8.
11.
9.
10.
12.
13.
14.
1. Application Detail - This link will direct the school to a printable document detailing the
information obtained from the application along with an abbreviated summary of the assessment.
A date & time stamp will appear to the right of this link showing when this document has most
recently been printed. See page 30 for example.
2. Applicant Financial Summary - This link will direct the school to a printable document
detailing how the assessment was conducted. A date & time stamp will appear to the right of this
link showing when this document has most recently been printed. See pages 31 & 32 for example.
3. View Application - This link will direct the school to a printable version of the application. The
application will display the information as it was reported by the applicant.
4. Applicant Tax Returns - This link will direct the school to a printable version of the tax return(s)
received by the applicant. The tax return will display information obtained by FACTS from the
tax document in order to complete the assessment.
5. Applicant W-2 - This link will direct the school to a printable version of the W-2 information
received from the applicant. The W-2 link will display the information obtained by FACTS from
the W-2 statement in order to complete the assessment.
6. View Application Images - This link will direct the school to a viewable PDF version of all the
documents received from the applicant (i.e. paper application, tax documents, etc.). The quantity
and date of most recent images scanned will display to the right of this link.
20
1.
2.
3.
4.
5.
6.
7.
8.
11.
9.
10.
12.
13.
14.
7. Applicant Memos - This link will direct the school to a screen allowing them to input a memo
for an applicant. The Status Reports will display a “YES” in the memo column, if a memo has
been entered.
8. View Applicant Notices - This link will direct the school to a screen indicating when notices
have been sent to the applicants concerning unresolved issues. On this screen, one will also be
able to click on the specific notice link to see what items were being requested.
9. Application Reviewed - By clicking in the check box and clicking the Update button, the
school can mark the application as being reviewed. This will display on the financial reports as
a “YES” to alert the school that the application has already been reviewed.
10. Institution Income, Asset, & Expense Adjustments - These boxes allow the school to make a
manual adjustment to the applicant’s income, assets, or expenses. Enter in the amount you
would like to adjust the income, asset, or expense by and click on the Update button.
(i.e. Enter “-3000” to decrease the income $3,000)
11. Student Name - By clicking on this link, the institution can access the Update Student screen
shown on the following page.
12. Awards button - If an institution creates a fund in Grant Management, they can modify the
student’s award by clicking on the Awards button. For a further explanation of the Awards
button and the Fund Awards Update screen, see page 46.
13. Unresolved Tax Documents - This section will show you specifically what supporting tax
documents are still needed to complete the application process for the family.
14. View Sample Tax Documents - This link provides you with sample copies of all supporting
tax documents that FACTS requests from applicants.
21
Update Student
By clicking on the Student Name link, the institution
can access the Update Student screen shown below.
1.
3.
2.
4.
5.
1. Tuition Schedule - FACTS will accept multiple tuition schedules from a school or institution.
For example, tuition rates may vary for members and non-members of parishes. Preschool and
kindergarten also have different rates based on full and part-time attendees. The Tuition
Schedule drop down allows the institution to select which tuition schedule should be used for
an individual student.
2. Actual Tuition - The Actual Tuition field allows a school to override the current listed tuition
amount and force the assessment to recalculate based on the new amount. This field can be
used in situations where the custodial parent is only paying half of the tuition and the noncustodial parent is paying the other half. By overriding the tuition to half, the need is calculated
accurately for the custodial parent.
3. School Student ID - The School Student ID field is reserved for schools that need to input the
student ID numbers into our system in order to download information and import into their
accounts receivable software.
4. Student GPA - The Student GPA field is reserved for schools that need to input an individual
student’s GPA. A fund can be created in Grant Management to only allocate award dollars to
students with a designated GPA.
5. User Defined (Short/Long) - The User Defined short and long fields are reserved for schools
that need to input special codes for students. A fund can be created in Grant Management to
only allocate award dollars to students with a designated code.
22
Applicant Reported Decrease of Income Report
The Applicant Reported Decrease of Income Report displays the applicants who indicated on
the application to expect a decrease in income for the upcoming year. The reasons for the
decrease are listed for the Applicant and/or Co-Applicant. Any of the following reasons could
be listed:
•
•
•
•
•
•
•
•
•
•
•
•
Unemployed or expect to be unemployed
Will have reduced hours
Plan to take a job at a lower wage rate
Exiting the workforce and plan to work in the home
Filing for legal separation or divorce
Plan to retire
Medical reasons
Death of a spouse
Increase in family size
Loss of alimony or spousal support
Military reasons
Other: ______________________________________
**The decrease in income is not factored into the assessment. If the school determines the
decrease is valid and would like the decrease to be reflected in the assessment, they may make
an Institution Income Adjustment to the application. Click on the Applicant ID to make an
income adjustment from this report. Enter in the amount in which you would like to adjust the
income in the Institution Income Adjustment field and select Update. (i.e. Enter “-3000” to
decrease the income $3,000.)
23
Family At Risk Report
The FACTS formula allows the customization of certain expenses to be evaluated as core or
discretionary. The FACTS Calculated Need factors only the core expenses. The Family Need
After Core/Disc Expenses factors the core and all other discretionary expenses. By evaluating
both the FACTS Calculated Need and Family Need After Core/Disc Expenses, we point the
school in the direction of an applicant that may be experiencing financial stress. A High risk
applicant is an example of a family living beyond their means because of discretionary
spending choices. FACTS does not recommend an award based on the risk rating. This is an
informational tool to help you evaluate and understand your applicants’ spending habits.
Family
Need After
Core/Disc Exp
―
FACTS
Calculated
Need
=
Family At
Risk
Rating
Family Need - Calculated Need Difference
Risk Rating
0 - 1,200
Low
1,201 - 2,400
Medium
2,401 or more
High
24
Additional Sources of Tuition Support Report
The Additional Sources of Tuition Support Report provides information on students that may
be receiving additional tuition support from other sources, such as a non-custodial parent or a
state-funded scholarship.
Non-Custodial Parent Support
It is very common in divorce situations for a non-custodial parent to provide tuition support to
the custodial parent. When this situation occurs, the applicant would provide in the application
the amount of support received from the non-custodial parent. By reviewing this report, the
school could evaluate the applicants with this situation and determine if the tuition needs to be
adjusted in order to calculate the need correctly.
State-Funded Scholarship/Voucher
A number of states have programs for providing financial assistance directly to families in need.
If the applicant receives assistance from a state-funded scholarship or voucher program, they
would indicate “YES” on the application. By reviewing this report, the school is aware of the
families receiving this type of assistance. The school can then evaluate whether to provide
additional assistance or limit the amount given to the family.
25
Free and Reduced Lunch Program Report
The Free and Reduced Lunch Program Report provides information on which applicants would
qualify for free and reduced lunches based on the federal poverty guidelines. If the application
is in a Submitted status, the Total Family Income number is supplied from the application. If
the application is in a Verified status, the Total Family Income number is supplied from the tax
returns and W-2’s of the applicants. The federal poverty guidelines are displayed on the next
page. The guideline for free lunches is 130% of poverty and reduced lunches is 185% of
poverty.
Applicant Tom Adams qualified for reduced price meals but not free meals in the example
above. The Total Family Income of $30,000 divided by the Federal Poverty Guideline of
$22,050 calculates to 136% of poverty.
26
12,996.00
17,484.00
21,972.00
26,460.00
30,948.00
35,436.00
39,924.00
44,412.00
120%
14,620.50
19,669.50
24,718.50
29,767.50
34,816.50
39,865.50
44,914.50
49,963.50
135%
16,245.00
21,855.00
27,465.00
33,075.00
38,685.00
44,295.00
49,905.00
55,515.00
150%
18,411.00
24,769.00
31,127.00
37,485.00
43,843.00
50,201.00
56,559.00
62,917.00
170%
902.50
1,214.17
1,525.83
1,837.50
2,149.17
2,460.83
2,772.50
3,084.17
SIZE
1
2
3
4
5
6
7
8
100%
POVERTY
FAMILY
1,083.00
1,457.00
1,831.00
2,205.00
2,579.00
2,953.00
3,327.00
3,701.00
120%
1,218.38
1,639.13
2,059.88
2,480.63
2,901.38
3,322.13
3,742.88
4,163.63
135%
18,952.50
25,497.50
32,042.50
38,587.50
45,132.50
51,677.50
58,222.50
64,767.50
175%
1,353.75
1,821.25
2,288.75
2,756.25
3,223.75
3,691.25
4,158.75
4,626.25
150%
1,534.25
2,064.08
2,593.92
3,123.75
3,653.58
4,183.42
4,713.25
5,243.08
170%
1,579.38
2,124.79
2,670.21
3,215.63
3,761.04
4,306.46
4,851.88
5,397.29
175%
MONTHLY GUIDELINES
*For families with more than 8 persons, add $3,740 for each additional person.
10,830.00
14,570.00
18,310.00
22,050.00
25,790.00
29,530.00
33,270.00
37,010.00
SIZE
1
2
3
4
5
6
7
8
100%
POVERTY*
FAMILY
ANNUAL GUIDELINES
1,669.63
2,246.21
2,822.79
3,399.38
3,975.96
4,552.54
5,129.13
5,705.71
185%
20,035.50
26,954.50
33,873.50
40,792.50
47,711.50
54,630.50
61,549.50
68,468.50
185%
1,714.75
2,306.92
2,899.08
3,491.25
4,083.42
4,675.58
5,267.75
5,859.92
190%
20,577.00
27,683.00
34,789.00
41,895.00
49,001.00
56,107.00
63,213.00
70,319.00
190%
Income Guidelines as Published in the Federal Register on August 3, 2010
2010 POVERTY LEVEL GUIDELINES
ALL STATES (EXCEPT ALASKA AND HAWAII) AND DC
1,805.00
2,428.33
3,051.67
3,675.00
4,298.33
4,921.67
5,545.00
6,168.33
200%
21,660.00
29,140.00
36,620.00
44,100.00
51,580.00
59,060.00
66,540.00
74,020.00
200%
2,256.25
3,035.42
3,814.58
4,593.75
5,372.92
6,152.08
6,931.25
7,710.42
250%
27,075.00
36,425.00
45,775.00
55,125.00
64,475.00
73,825.00
83,175.00
92,525.00
250%
2,707.50
3,642.50
4,577.50
5,512.50
6,447.50
7,382.50
8,317.50
9,252.50
300%
32,490.00
43,710.00
54,930.00
66,150.00
77,370.00
88,590.00
99,810.00
111,030.00
300%
3,610.00
4,856.67
6,103.33
7,350.00
8,596.67
9,843.33
11,090.00
12,336.67
400%
43,320.00
58,280.00
73,240.00
88,200.00
103,160.00
118,120.00
133,080.00
148,040.00
400%
Student Demographic Report
The FACTS Grant & Aid Application asks a number of demographic questions in the
application process. The following pieces of information are gathered from the application:
•
•
•
•
Student Gender
Student Ethnicity
Place of Worship
Religious Affiliation
If the applicant reports this information in the application process, it will be available in the
Student Demographic Report. Demographic information can be used in a variety of different
ways for institutions. Once awards have been allocated, many institutions have to provide
reports back to alumni or donors to demonstrate how financial aid resources were allocated.
Alumni and donors are often interested in knowing the percentage of males versus females who
received awards or what ethnic background received the highest percentage of awards. The
Place of Worship and Religious Affiliation information can be used to determine whether
someone is eligible for an award. Many institutions have requirements as to who can receive
tuition assistance. For example, an institution may require an applicant to be a member of their
place of worship before they can receive an award. Demographic information is optional for
the applicant to complete unless the institution has indicated to their account manager to require
this information.
28
Tax Year/W2 Wage Adjustment Report
The Tax Year/W2 Wage Adjustment report identifies families who have an adjustment being
made to their assessment due to a change in W-2 wages. The adjustment is calculated by
comparing the current year W-2 statements received with the W-2 wages reported on the prior
year tax return. An adjustment percentage column is also listed to show you the percentage
increase or decrease for an applicant.
The Income Variance buttons located above the report allow you to sort your applicants based
on a certain percentage or dollar amount. For example, if you wanted to see all of your
applicants who have had a 15% or greater decrease in W-2’s, you would enter “15” in the
Income Variance field and uncheck the “Increase” check box. You would then click on the
“Go” button to refresh the data on your screen and only those applicants with that criteria would
be displayed.
**This report only pertains to institutions who base their assessment on the prior year tax return
and current year W-2’s (i.e. 2009 Tax Returns & 2010 W-2’s).
29
Applicant Report Selection
The Applicant Report Selection allows an institution to print multiple Application Detail or
Applicant Financial Summary reports for their applicants at once instead of having to print
them individually.
The Sel link allows you to check all or clear all of the check boxes for the applicants listed on
the page. You can also manually select applicants by clicking on the check boxes individually.
Once you have selected the applicants you want to print, click on the Print button above the
corresponding column to print either the Application Detail or Applicant Financial Summary.
A date and time stamp will appear in the corresponding column for the applicant indicating the
time the report was last printed.
Examples of the Application Detail and Applicant Financial Summary are shown on the
following pages.
30
2011 Application Detail
Application Detail:
Print
Mon Jan 10 11:46:06 CST 2011
Close Window
Applicant ID: 241106
Applicant
Co-Applicant
Name:
TOM ADAMS
KRISTI ADAMS
Address:
100 MAIN ST
LINCOLN, NE 68512
Relationship:
FATHER
MOTHER
Date of Birth:
01/01/1978
01/01/1981
Day/Night Phone:
(555)555-5555
E-mail Address:
[email protected]
Marital Status:
MARRIED
[email protected]
Employment Status:
FULL-TIME
PART-TIME (LE
Occupation:
FIREFIGHTER
NURSE
Employer:
LINCOLN FIRE & RESCUE
GENERAL HOSPITAL
Place of Worship:
FACTS TEST CHURCH
LINCOLN , NE 68504
Religous Affiliation:
OTHER CHRISTIAN
OTHER CHRISTIAN
Student & School Information:
LUKE ADAMS
FACTS TEST SCHOOL
02
CAUCASIAN
MALE
KYLIE ADAMS
PRESCHOOL
PK
CAUCASIAN
FEMALE
Taxable Income Information:
Non-Taxable Income Information:
Number of adults:
2
Child support received:
Number of children:
2
Social security benefits:
$0
Temporary Assistance for Needy Families:
$0
Welfare/AFDC/ADC:
$0
Applicant Adjusted Gross Income:
$30,000
Co-applicant Adjusted Gross Income, if filing separately:
$0
Change of Income:
Does this household anticipate a decrease in 2011 household
income? YES
Applicant anticipated 2011 income:
$25,000
Co-applicant anticipated 2011 income:
$0
Applicant reason(s):
$0
Food Stamps:
$0
Tuition support from relatives/friends:
$0
Worker's compensation:
$0
Other non-taxable income:
$0
Will have reduced hours.
Monthly Expense
Information:
Mortgage:
Annual Expense Information:
Annual vehicle insurance expense:
Second mortgage:
Home equity payments:
Vehicle:
$2,000
$0
Charitable contributions:
$3,000
$0
College expenses:
$500 2008 HONDA PILOT
$0 2002 JEEP GRAND
CHEROKEE
Total credit card debt:
$0
Total min. credit card
payments:
$0
Monthly student loan payments:
$1,200
Out-of-pocket medical expenses:
$1,000 OWN
$0
Child/Day care expenses:
$4,000
Elder care expenses:
$0
$150
Monthly child support
payments:
$0
Health insurance expenses:
$0
Assets & Liabilities:
Total value of cash or savings/checking accounts:
Application Status:
Regular status:
Verified
Total value of stock/bonds/cert. of deposit:
$10,000
Early status:
Verified
Total value of retirement plan assets:
$50,000
Submit Date:
11/01/2010
$1,000
Verified Date:
01/10/2011
Annual contribution to retirement plan assets:
$3,000
Estimated value primary residence:
$150,000
FACTS Calculated Need:
$7,181
Amount owed on the primary residence:
$125,000
Family Need After Core/Disc Exp:
$7,500
Estimated value of secondary residence:
$0
App. Rpt. Ability to Pay:
Amount owed on secondary residence:
$0
Risk Rating:
$750
Low
2011 Applicant Financial
Summary
Applicant Information
Print
Close Window
Mon Jan 10 11:29:07 CST
2011
Help?
Applicant 241106
Co-Applicant
Name:
TOM ADAMS
KRISTI ADAMS
Address:
100 MAIN ST
LINCOLN, NE 68512
Employment Status: FULL-TIME
PART-TIME (LESS THAN 30 HOURS/WEEK)
Occupation:
FIREFIGHTER
NURSE
Employer:
LINCOLN FIRE & RESCUE
GENERAL HOSPITAL
Relationship:
FATHER
MOTHER
Date of Birth:
1978-01-01
1981-01-01
Marital Status:
MARRIED
Day/Night Phone:
555-555-5555 x:
- - x:
E-mail Address:
[email protected]
[email protected]
Income
Taxable Income (* Source Document)
2009 Tax Return*
Family Size:
2010 W2's
4
Wages:
40,000
Adjusted Gross Income:
44,000
Application
Value Used
4
4
38,000
0
30,000
Taxable Income Before Adjustments:
44,000
Business/Income Adjustments
Business Expense Adjustment:
4,250
FACTS Income Adjustment:
0
Institution Income Adjustment:
0
Tax Year/W2 Wage Adjustment:
-2,000
Total Business/Income Adjustments:
2,250
Extraordinary Income Adjustments
Capital Gain or Loss Adjustment:
-1,000
Other Gain or Loss Adjustment:
0
IRA Distribution Adjustment:
0
Unemployment Compensation Adjustment:
0
Net Operating Loss Carry-Forward Adjustment:
0
Total Extraordinary Adjustments:
-1,000
Total Adjusted Taxable Income:
45,250
Non-Taxable Income
Tax-Exempt Interest:
0
Tax-Exempt Social Security Benefits:
0
0
0
0
Child Support Received:
0
0
Temporary Assistance for Needy Families:
0
0
Welfare/AFDC/ADC:
0
0
Food Stamps:
0
0
Tuition Support from Family/Friends:
0
0
Worker's Compensation:
0
0
Other Non-Taxable Income:
0
0
Total Non-Taxable Income:
0
Total Family Income: (Total Adjusted Taxable Income + Total Non-Taxable Income)
45,250
Assets & Liabilities
Value of Cash, Savings, or Checking Accounts:
Value of Stocks, Bond Investments, Mutual Funds, and/or
Certificates of Deposit:
Value of Retirement Plan Assets - 401(k), 403(b), and/or IRAs:
Institution Asset Adjustment:
Annual Contribution to Retirement Plan Assets:
Total Liquid Assets:
Protected Assets:
Assets Available for Contribution:
Asset Contribution Factor(%):
Total Family Resources:
(Total Family Income + Contributions from Assets)
(not included in Total Liquid Assets)
3,000
3,000
10,000
10,000
50,000
50,000
0
0
1,000
1,000
63,000
63,000
-17,800
-17,800
45,200
45,200
12.00
12.00
Contribution from Assets:
5,424
50,674
Expenses
Actual Household Expenses
Type
Expense
Maximum
Reported
Cap
Source
Social Security Taxes:
Core
2,907
0
Rent or House Payment (OWN):
Core
12,000
12,670
Home Equity Line-of-Credit:
Discretionary
Amt to
Core
Amt to
Disc
2,907
FACTS
0
12,000
0
0
0
1,200
0
Total Vehicle Payments:
Core
6,000
4,800
FACTS
4,800
Total Vehicle Insurance:
Core
1,200
1,900
FACTS
1,200
0
Daycare (1):
Core
4,000
5,200
FACTS
4,000
0
Child Support Obligations:
Core
0
12,500
FACTS
0
0
Health Insurance Premiums:
Core
0
13,200
FACTS
0
0
Out-of-Pocket Medical:
Core
2,000
5,000
FACTS
2,000
0
Federal Taxes:
Core
800
0
800
0
Charitable Contributions:
Discretionary
3,000
0
3,000
College Tuition (0):
Discretionary
0
0
0
Elder Care (0):
Discretionary
0
0
0
House Payment on Second Home:
Discretionary
0
0
0
Total Combined Minimum Credit Card Payments: Discretionary
0
0
0
1,800
0
1,800
Student Loans:
Discretionary
Other Loan Debt:
Discretionary
0
0
0
7.50 % Allocation for Other Expenses:
Discretionary
3,394
0
3,394
Institution Expense Adjustment:
Core
0
0
Total Actual Household Expense:
0
0
27,707
9,394
Allocated Household Expenses
Food:
Core
Allocated
7,416
Apparel:
Core
Allocated
2,564
Utilities:
Core
Allocated
4,417
Transportation:
Core
Allocated
5,086
State and Local Taxes:
Core
Allocated
Total Allocated Household Expense:
Total Household Core and Discretionary Expenses:
1,760
21,243
0
48,950
9,394
Family Need Summary
Income After Core Expenses:
1,724
Percentage of Available Income to Support Tuition: 18.50
Family Calculated Tuition Contribution:
319
Family PK-12 Tuition:
7,500
Family Income After Tuition Expense:
-7,181
Family Facts Calculated Need:
7,181
Income After Core/Discretionary Expenses:
-7,670
Family Need After Core/Discretionary Expenses:
7,500
Student Need Summary
Student
Preference Grade School Name
ADAMS, KYLIE
X
PK
PRESCHOOL
ADAMS, LUKE
X
02
FACTS TEST SCHOOL
* Indicates self-reported tuition by applicant
Memos
By
Date
Time
Memo
TOM RODDEL 11/22/10 10:51:46 Test memo.
Applicant
FACTS
PK-12 Calculated
Reported
Need
Tuition
Ability to Pay
2,500*
5,000
250
4,787
500
How to set up a fund in Grant Management
Click the Grant Management link on your menu bar.
Click on the Funds link to create a fund.
On the Funds screen, click on the Create New Fund button.
34
Enter in Fund Name and Fund Amount. Then select whether or not you would like to share
the award information. Institutions using the FACTS Grant & Aid Assessment service along
with a group of schools, such as a diocese, should select “Share award information.”
Institutions using the service independently should select “Do not share award information.”
Next select Qualify All Students or Customize Student Qualification Criteria. By selecting
Qualify All Students, every applicant will be considered for an award, if need has been
calculated. By selecting Customize Student Qualification Criteria, you will establish criteria for
who can receive an award from the fund you are creating.
Descriptions of the Customize Student Qualification Criteria are listed below:
Application Status - By selecting the Verified check box, students whose applications are in
the Verified status will receive award dollars, if a need has been calculated. By selecting the
Submitted check box, students whose applications are in the Submitted status will receive
award dollars, if a need has been calculated. By selecting the Submitted DNF Status check box,
students whose applications are submitted but the applicants do not file taxes will be eligible to
receive award dollars. Applicants who do not file taxes cannot be Verified, but are usually low
income families receiving SSI, welfare, and/or food stamps. FACTS recommends selecting
both Verified and Submitted DNF statuses to qualify applicants.
35
Regular/Early Verify Date - By inputting verify date criteria, award dollars will only be
allocated to applicants who were verified on or before the selected dates. When entering the
dates, always enter a leading zero for the numbers 1-9. Example: enter 01. The year must be 4
digits.
Submit Date - By inputting submit date criteria, award dollars will only be allocated to
applicants who applied on or before the selected dates. When entering the dates, always enter a
leading zero for the numbers 1-9. Example: enter 01. The year must be 4 digits.
Total Family Income - By inputting a Total Family Income range, award dollars will only be
allocated to the students whose application reported income is on or between the selected range.
FACTS Calculated Need - By inputting a FACTS Calculated Need range, award dollars will
only be allocated to the students with need that falls on or between the selected range.
Grade Level - By inputting a grade criteria, award dollars will only be allocated to the grades
entered. When entering the grades, always enter a leading zero for grades 1-9. Example: enter
01.
Student Gender - By selecting gender criteria, award dollars will only be allocated to the
gender selected.
User Defined Field - This is reserved for institutions that have used the user defined fields in
the financial reports to code individual students for a specific purpose. These codes are entered
in the User Defined Fields in order to allocate award dollars to specific students.
Religious Affiliation - This option can be used to create a fund to include only students whose
application indicated a designated religious affiliation. By selecting the Catholic check box,
only the students whose applications indicated to be Catholic will be allocated an award.
Place of Worship - This option can be used to create a fund to include only the students from a
selected place of worship. Only institutions that require the place of worship to be completed
on the application can use this option. By clicking on the Select Place of Worship button, a
window will pop up allowing you to select the places of worship you would like to be
considered in your fund.
36
Prior Year Awards - Schools who have used the FACTS Grant & Aid program in the past and
reserved award amounts in the online system can set up a fund to only allocate award dollars
based on whether the student received an award the prior year. By selecting the Received
check box, students who received an award for the prior year will be allocated an award again,
if a need was calculated. By selecting the Not Received check box, students who did not
receive an award for the prior year will be allocated an award, if a need was calculated. Please
note that if an applicant does not reapply with the same social security number we will not have
record of their prior year award.
Free Lunch/Reduced Lunch - By selecting Yes, award dollars will be allocated to students
whose applications, based on federal poverty guidelines, are eligible to receive the free or
reduced lunches. By selecting No, award dollars will be allocated to the students whose
applications, based on federal poverty guidelines, are not eligible to receive free or reduced
lunches.
GPA - By inputting a GPA, award dollars will only be allocated to the students that have a
GPA that falls on or between the selected range.
Finalized Student - This option can be used for institutions who will be setting up multiple
funds. If a fund has already been created and finalized students exist, a second fund can be
created to eliminate the finalized students from receiving an award allocation. By selecting the
No check box, only the students who are not finalized will be allocated an award. By selecting
the Yes check box, only the students who are finalized will be allocated an award.
Reserved Awards - This option can be used for institutions who will be setting up multiple
funds. If a fund has already been created and reserved awards exist, a second fund can be
created to eliminate the students with reserved awards from receiving an award allocation. By
selecting the No check box, only the students who do not have a reserved award will be
allocated an award. By selecting the Yes check box, only the students who have a reserved
award will be allocated an award.
Reviewed Applicant - This option can be used for institutions who have flagged applications in
the financial reports as reviewed. A fund can be created to only allocate award dollars to
applicants who have been flagged as reviewed. By selecting the Yes check box, only the
students who are flagged as Reviewed will be allocated an award. By selecting the No check
box, only the students who are not flagged as Reviewed will be allocated an award.
37
Selecting the allocation method for distributing award dollars is the next step in setting up your
fund. Select one of the seven methods above. Descriptions of the methods are listed below:
None - Institutions that do not want FACTS to allocate award dollars and make award
recommendation can use this option to input their award decisions. FACTS will store the
award amounts to allow schools easy access to the information next year.
Weighted - Income After Tuition Expense - This award methodology should be used by
schools that like the distribution of a proportional award, but recognize that families with
income exceeding federal poverty guidelines can alter their spending, especially families with
higher incomes. Award dollars are concentrated on low-income families. Middle-class
families may not receive awards.
Proportional - Income After Tuition Expense - This award methodology is the easiest to
understand and should be used by schools that want a distribution that proportions a family’s
award to their cash flow relative to other families in the fund pool. Award dollars are allocated
based on a high to low ranking of the families’ capability to pay tuition.
Weighted - FACTS Calculated Need - This award methodology should be used if an
institution prefers that family financial need is capped at tuition expense rather than relative
cash flow, regardless of family expenses. Award dollars are allocated based on income and
household size, allowing a distribution of awards across lower and middle-class families. This
methodology is unique to FACTS based on feedback from schools not wanting to eliminate
middle-class families in the award process.
Proportional - FACTS Calculated Need - This award methodology should be used if an
institution wants to allocate award dollars by distributing an even percentage to all applicants.
Income and household size are not factored into this calculation. Award dollars will be
allocated to all applicants demonstrating need.
Prior Year Award Percentage - This award methodology should be used if an institution
wants to allocate award dollars based on their prior year distribution. This allocation method is
reserved for institutions who have used the FACTS Grant & Aid program for the previous
school year. Based on the tuition rates and awards given in the prior year, we will calculate the
award percentage of each individual student’s tuition. We will then apply that same award
percentage to calculate a new recommended award based on the institution’s new tuition rates.
Percentage of FACTS Calculated Need - This award methodology should be used if an
institution wants to allocate award dollars based on a percentage of the FACTS Calculated
Need. Enter in the percentage of need to be allocated.
38
If one of the five middle allocation methods is selected, institutions then have the ability to
enter maximum and minimum award amounts based on a flat dollar amount or a percentage of
the individual student’s tuition. Please keep in mind that assigning a minimum award will
assign a minimum award to every applicant regardless of need. Qualifications must be set up to
eliminate students with no FACTS Calculated Need to prevent a minimum award from being
allocated to every applicant.
The final step in creating your fund is the Additional Fund Information. These fields are
reserved for institutions who set up multiple funds and need to group those funds together for
download purposes to import into their accounts receivable software. FACTS does not provide
a custom download into accounts receivable packages. Downloads are provided in Excel and
can be manipulated by the institutions. Please contact your Account Manager for questions on
this feature.
Click on the Save button after all options have been selected. Once the information has been
saved, click on the Close button.
Click on the Fund Name you created.
39
1.
2.
3.
9.
4.
6.
7.
5.
8.
1. Report Layout - The Report Layout drop down box allows you to select the type of report you
would like to display when reviewing the award recommendations. The FACTS Standard
report includes the following columns: Fund Status, Student ID, Reg/Early Application Status,
Fund Qualified, Student Name, Grade Level, PK-12 Tuition, Student Income After Tuition
Expense, Student FACTS Calculated Need, Calculated Award, and Assigned Award. To create
your own report to include additional columns you will need to create a report layout. Once the
report layout has been created, you would select it from the drop down box. Go to page 42 for
information on how to create a report layout.
2. Fund Overview - This section of the fund is an overview of award dollars being allocated and
also the status of your students in the fund. A student can be one of four statuses in a fund
depending on the criteria used to create the fund. Status descriptions are listed below.
New - Once a fund has been created any new students will be categorized as “New.” Institutions must
manually move students to “Active” status in order to calculate an award for the “New” student.
Active - If you select to Qualify All Students when creating your fund, all the students will initially be in
an Active status. If you select Customize Student Qualification Criteria when creating your fund, only
students that meet your criteria will be in an Active status. Students who do not meet the criteria of the
fund will move to Inactive status.
Inactive - If you select to Qualify All Students when creating your fund, you would have to manually
move a student to “Inactive” status. An example of this might be when a student has decided not to return
to your school and you therefore do not want to be allocating them an award. If you select Customize
Student Qualification Criteria when creating your fund, the students who do not meet the criteria of the
fund will move to Inactive status. When a student is in Inactive status, it can be manually moved back to
Active status.
Reserved - To reserve an award for a student, you would move the student from Active status to
Reserved. This will prevent the student from being affected by any recalculation of the fund. A student
in Reserved status can be manually moved to Active or Inactive status.
3. Fund Criteria - By selecting the Fund Criteria button, the parameters of the fund (Basic Fund
Information, Fund Qualified Options, Calculated Award Options, & Additional Fund
Information) can be reviewed and adjusted. If fund criteria are modified, all New, Active, and
Inactive students will be reevaluated based on the new criteria and reassigned and recalculated
accordingly. Awards that are in Reserved status will not be affected by the recalculation.
40
1.
2.
3.
9.
4.
6.
7.
5.
8.
4. Round Assigned Award to - This section gives you the ability to round your awards based on
the calculated award amount. Enter the increment you want to round to (25, 50, 100, etc.) and
select whether you would like to round to the nearest value, down, or up. Then click on the
Assign button to round.
5. Fund Status - By clicking on the Fund Status drop down box, you can change the status of your
students to Active, Inactive, or Reserved.
6. Calculated Award - This column shows the amount allocated to each student in your fund.
This is a recommendation by FACTS based on the criteria established when creating the fund.
To recalculate your fund based on changes you make, such as moving students to Inactive and
Reserved, click on the Calculate button to reallocate your fund dollars. Always click Save
before clicking on Calculate.
7. Assigned Award - This column allows an institution to override the Calculated Award and
input their own award amount. The final award to be given to a student should be entered in
this column. To move the Calculated Award amounts over to the Assigned Award column,
click on the Assign button. The Assign button is also used to round award values. (See #4)
Special Note: If actual award amounts have been entered into the Assigned Award column but
are not yet Reserved, you do NOT want to click the Assign button until you Reserve those
awards.
8. Save/Close - When making changes to a fund, such as changing students statuses or assigning
awards, you will need to click on the Save button in order to save the changes before exiting or
moving to another page. To exit your fund, click on the Close button.
9. Need Help Creating Award Letters - Instructions on how to complete a mail merge are
available by clicking on this link. Go to page 47 for more information on how to create award
letters.
41
How to Create a Report Layout
Click on the Report Layouts link.
Click on the Create Report Layout button. The window below will display to create your report
layout. If a report layout has already been created, click on the saved report layout to modify.
Input a name for your Report Layout. To share this report layout with other users at the
institution, place a check in the Share Report Layout with Other Users box. The Standard
Fields cannot be changed and will always display in a report.
42
To add a field to your report, select from the Available Fields list and move to the Selected
Fields list. To move fields, use the navigational arrows provided between the two boxes. Once
all fields have been added to your report layout, click on Save and then Cancel.
Select a fund to view your report layout. Click on the Report Layout drop down box and select
the saved report layout. Once selected, click on the Go button to update your screen. The
report layout can be downloaded into Excel by selecting the Download button.
43
Student Award Summary
The Student Award Summary report lists all of the students at an institution, the awards they
have received, and from what fund they received the award. The number of awards and the
total amount of awards are also listed in this report.
This report is useful for schools who are part of a group, such as a diocese. It allows the school
to see the awards given at the diocese level, if the diocese has chosen to “Share Awards” when
setting up their fund.
If awards have been shared, they can also be filtered based on whether they are given by your
institution or another institution (i.e. diocese). To do this, simply check or uncheck the “My
Institution” or “Other Institution” checkboxes depending on what information you want to view
and click on the Go button.
44
Family Award Summary
The Family Award Summary reports lists all of the families at an institution, the awards they
have received, and from what fund they received the award. The breakdown of the awards is
listed below the applicant’s name for all of the children within the family. You can show or
hide this report detail information by checking or unchecking the Show Detail check box and
clicking on the Go button to refresh the screen. The number of awards and the total amount of
awards are also listed on this report.
This report is useful for schools who are part of a group, such as a diocese. It allows the school
to see the awards given at the diocese level, if the diocese has chosen to “Share Awards” when
setting up their fund.
If awards have been shared, they can also be filtered based on whether they are given by your
institution or another institution (i.e. diocese). To do this, simply check or uncheck the “My
Institution” or “Other Institution” checkboxes depending on what information you want to view
and click on the Go button.
45
Fund Awards Update
By clicking on the Awards button, the institution can
access the Fund Awards Update screen shown below.
The status of the student can be modified by selecting from the Fund Status drop down box.
Awards can also be updated or removed in the Assigned Award column. A student can also be
finalized from this screen by selecting the Finalize Student check box. The purpose of
finalizing a student is to ensure they will never be allocated money if another fund is created.
Flagging a student as finalized also helps filter your report to only review the applicants that
have not been finalized. If changes are made to the student, click on the Save button to keep
your changes. Click on the Close button to return to the Application Menu.
46
How to Create Award Letters
The first step in creating your award letters is to download the award information into an Excel
spreadsheet from either the Student Award Summary or Family Award Summary reports.
Select the Student Award Summary if you want to send a letter detailing the award information
for each student. Select the Family Award Summary if you want to only send one letter to a
family summarizing the total awards for the entire family.
Click on the Download button in the upper right-hand corner of the report. The downloaded
data will default to all upper case unless the Proper Name box is checked.
Click Open on the File Download box.
47
After opening the document, select “File” on the menu bar, then select “Save As.” Save the
document as an Excel document. You will need to change the “Save as type” to Microsoft
Office Excel Workbook.
Note: Instructions may differ depending on your version of Microsoft Office.
The following instructions are for Microsoft Office 2003.
Open up your award letter in Microsoft Word, or if you have not created your letter, open a
blank page in Word. (FACTS Grant & Aid Assessment has Sample Award & Denial Letter
templates. Contact your account manager for more info on these templates.)
In Word, select the “Tools” menu, then select “Letters and Mailings,” then “Mail Merge…”
48
The following Mail Merge boxes will appear in your award letter document:
By selecting “Browse…” in Mail Merge Step 3, the Select Data Source box shown below will
display. Select the Excel document that you had previously saved. The Select Table box will
then appear. Click OK.
The Mail Merge Recipients box will then display. If your list of recipients includes applicants
who have a reserved award of zero, you may want to uncheck their record so they do not
receive an award letter for zero dollars. Click OK.
Select “Next: Write Your Letter” to complete Step 3 of the Mail Merge process.
49
Position your cursor in the letter where you want the merge field to be inserted. Select “More
Items…” from the Mail Merge box to see a list of all the available fields to merge. Select the
appropriate field and click Insert. Continue this process until all fields have been inserted into
the award letter.
Select “Next: Preview your letters” to complete Step 4 of the Mail Merge process.
Select “Next: Complete the merge” to complete Step 5 of the Mail Merge process.
50
The final step in the mail merge process is to print your award letters. You can either send the
award letters straight to the printer or edit the individual letters by merging them to a new
document.
Below is an example of an award letter completed using the mail merge process.
51
Confirmation Letter
FACTS Grant & Aid Assessment Confirmation Letter
Dear <Applicant Name>:
<Date>
Thank you for the recent submission of your application for tuition
assistance which is being processed by FACTS Grant & Aid Assessment. Please
allow at least two weeks for your application to be processed.
If you have not already done so, please fax or mail your most recent IRS
Federal Form 1040, 1040A, or 1040EZ Tax Return and all supporting tax
schedules, current W-2’s for both you and the co-applicant, and supporting
documentation for Social Security Income, Welfare, Child Support, Food
Stamps, Workers’ Compensation, and Temporary Assistance for Needy Families
(TANF).
A few reminders about the FACTS Grant & Aid Process:
• Award decisions are not made by FACTS, but by the organization providing
the scholarship.
• If we have not received all of the required information and supporting
tax documents to evaluate your application, we will send you a reminder
in a few weeks.
You may access your application status online at www.factstuitionaid.com. You
will use the same username and password you used to submit your application.
FACTS Access Code: 1234567890
Please keep this confirmation letter for your records.
FACTS Grant & Aid Assessment
P.O. Box 82524
Lincoln, NE 68501-2524
Phone: 1-866-315-9262
Fax: 1-866-315-9264
-----------------------------------------------------------------------------------------------------------------------------------------FACTS Grant & Aid Assessment
P.O. Box 82524
Lincoln, NE 68501-2524
<APPLICANT NAME>
<ADDRESS>
<CITY, STATE, ZIP>
52
Notice Letter
<Date>
<Applicant Name>
<Address>
<City, State, Zip>
Dear <Applicant Name>:
The following unresolved issues exist for your application for tuition assistance:
Incomplete Application - required fields were left blank on your application.
Application Fee Payment Failed.
No Payment was included with the Application.
YYYY Federal Form 1040, 1040A, or 1040EZ and supporting schedules have not been received.
Page 1 of your YYYY Federal Form 1040, 1040A, or 1040EZ Tax Return has not been received.
Page 2 of your YYYY Federal Form 1040, 1040A, or 1040EZ Tax Return has not been received.
YYYY Schedule C or C-EZ (Form 1040 Line 12) has not been received.
YYYY Schedule E (Form 1040 Line 17) has not been received.
YYYY Schedule F (Form 1040 Line 18) has not been received.
YYYY Schedule K-1 for <Business Name> has not been received.
YYYY Form 1065 (5 pages) for <Business Name> has not been received.
YYYY Form 1120S (4 pages) for <Business Name> has not been received.
YYYY Form 8825 for <Business Name> has not been received.
YYYY Form 1041 for <Business Name> has not been received.
YYYY Form 4562 Depreciation and Amortization has not been received.
YYYY W-2 forms for the household have not been received.
These unresolved issues may result in your family not receiving financial aid or
limit the amount given by the organization providing the award.
Incomplete applications and problems with payment of the application fee can be
resolved by logging on to www.factstuitionaid.com. If you applied online, please use
your existing username and password. If you submitted a paper application, you will
need to create an account by clicking the "Create an Account" button and using the
FACTS Access Code listed below.
All supporting documentation can be faxed to 1-866-315-9264 or mailed to FACTS Grant
& Aid Assessment, P.O. Box 82524, Lincoln, NE 68501-2524. We are unable to verify
receipt of documents until they are scanned into our system, which takes
approximately 2 to 3 business days. Sample tax documents can be viewed on our website
at www.factstuitionaid.com/facts/gatax. If you need to speak to a Customer Care
Representative, please call 1-866-315-9262.
FACTS Access Code: 1234567890
Sincerely,
FACTS Grant & Aid Assessment Team
-----------------------------------------------------------------------------------------------------------------------------------------FACTS Grant & Aid Assessment
P.O. Box 82524
Lincoln, NE 68501-2524
<APPLICANT NAME>
<ADDRESS>
<CITY, STATE, ZIP>
53
Frequently Asked Questions
1. How do I check the status of the applications that have been submitted through
FACTS Grant & Aid Assessment for my institution?
Once you have logged in to the Institution Sign In page, click on the Status Reports tab then
select the Applicant Status Report to view the status of each applicant. If you do not have
or remember your username and password, please contact a member of the FACTS Grant &
Aid Assessment Team at 800-390-4690 or e-mail us at [email protected].
2. When will my institution’s reports be available?
All reports are available online in real time. Preliminary assessment results for online
applications are available immediately upon submission. Assessment results for paper
applications are available immediately after they have made it through the data entry
process. Final assessment results are updated once we have received the supporting tax
documents for an applicant.
3. Who should applicants call if they have questions about the FACTS Grant & Aid
Application?
Applicants may contact the FACTS Grant & Aid Assessment Customer Care Center
Monday through Thursday from 10:00 a.m. to 7:00 p.m. Central Standard Time and Friday
from 10:00 a.m. to 5:00 p.m. at 866-315-9262.
4. What information does FACTS Grant & Aid Assessment give to the families once they
have submitted their application?
The assessment of an application can only be viewed by the institution with which FACTS
Grant & Aid Assessment has contracted. A confirmation letter will be sent to the applicant
alerting them that we have received their application. Information regarding the final aid
award to a family will always be the responsibility of the institution(s).
5. Does FACTS Grant & Aid Assessment require families to submit supporting
documentation to verify income?
Yes. We require applicants and co-applicants, if applicable, to submit their most recent
federal income tax return (1040, 1040A, or 1040EZ), supporting tax schedules (C, E, & F),
most recent W-2 forms, and supporting documentation for any non-taxable income. These
are used to verify the family’s income.
6. What happens to the tax forms and W-2 information that is submitted to FACTS
Grant & Aid Assessment?
All documentation received from an applicant is imaged upon receipt and then destroyed for
security purposes.
54
7. Who decides how much financial aid a family will receive?
The educational institution granting aid is solely responsible for determining the final grant
or aid award. The analysis completed by FACTS Grant & Aid Assessment serves as a
recommendation only.
8. Who determines a deadline?
All application deadlines are set by the institution. The FACTS Grant & Aid team will not
communicate these dates to applicants and they will be referred back to the institution for
this information.
9. What gets sent to the educational institution?
All assessment reports are available online in real-time. Reports can be easily printed or
downloaded from the online system.
10. How do I order financial aid supplies (applications, envelopes, online flyers)?
Supplies can be ordered for your institution by clicking on the "Supplies" tab in your online
reports. The supply quantities will mirror the previous year's quantity. You will be able to
increase or decrease the amount of applications needed in your initial order. If you are
unable to access the supply screen or need to order additional supplies, contact a FACTS
Grant & Aid team member at 800-390-4690.
55
Definition of Terms
Additional Child Tax Credit - Families with three or more children whose taxable income is
too low to claim all of their child tax credit. The additional child tax credit will give a refund
even if the family does not owe any tax.
Additional Source of Tuition Support - A report found in the Financial Reports that identifies
families who have reported additional sources of tuition income such as their own ability to
pay, support from a non-custodial parent, or support from a state-funded scholarship or voucher
program.
Allocation or Allocated to - The amount of financial aid awarded to an applicant for a
particular fund.
Allocated Expenses - Food, apparel, utilities, transportation, and estimated state and local tax
expenses that are assigned to a family based on the region of the country they live in and the
number of people in the household.
Applicant ID - A number assigned to an application used to identify individual families. Each
ID number is unique for that application.
Applicant Pay - This describes the payment of the entire $25.00 application fee by the
applicant. This is to be encouraged.
Applicant Reported Decrease of Income - A report found in the Financial Reports that
identifies families who report a decrease of income for the upcoming year along with the
reasons they anticipate the decrease to occur. Applicants are able to indicate multiple reasons
for a change of income including expect to be unemployed, will have reduced hours, plan to
take a job at a lower wage rate, exiting the work force and plan to work at home, filing for legal
separation or divorce, plan to retire, medical reasons, death of a spouse, increase in family size,
loss of alimony or spousal support, military reasons, or other.
Application Follow-up - The method whereby FACTS Grant & Aid confirms the receipt of an
application and any discrepancies or missing supporting documentation. Follow-up
communication is sent for successive three week intervals for up to a maximum of three letters
encouraging applicants to send in the required information.
Application Type - Indicates if an application has been submitted by a paper application
“PAP” or if the application was submitted online “WEB.”
Applicant Status Report - A report found in the Status Reports that allows you to view the
status of each application by applicant name or ID.
Assets - What an applicant has or owns, including homes, cars, cash from savings or checking
accounts, financial investments, retirement plans, and other personal property.
Business Income - Applicants indicate on the application if they have business income.
FACTS Grant & Aid then cross references to the tax information provided to determine total
applicant cash flow from business resources. There is no additional charge for FACTS Grant &
Aid to evaluate a business. FACTS Grant & Aid also determines (to the extent possible from
the tax return) if there are expenses run through a business that are personal in nature.
56
Calculated Tuition Contribution - This is a percentage of the Income After Core Expenses
that we believe the family should contribute towards the cost of tuition.
Income After Core
Expenses
0 - 5,000
5,001 - 7,500
7,501 - 10,000
10,001 or more
X
Percent of Income
given toward tuition
18.50%
25.00%
35.00%
50.00%
=
FACTS
Calculated
Tuition
Contribution
Confidentiality - Applicant financial information is retained in FACTS Grant & Aid
Assessment’s secure database. Hard copies of documents will be destroyed throughout the
year. Personal information provided to FACTS is not used for any purpose other than to
evaluate need for financial aid.
Contacts - Individuals at the educational institution that have access to FACTS online reports.
These contacts are the only ones who will be able to view information or make adjustments to
the system.
Core Expenses - Expenses that individual institutions specify that all families have, such as
mortgage/rent, insurance, and vehicle expenses.
Discretionary Expenses - Expenses that individual institutions specify the families elect to
have that may cause financial stress, such as credit card debt, second mortgages, and student
loans.
DNF Status - The status of an application when the applicant does not file a federal income tax
return due to low income.
Download - The process of copying the FACTS Grant & Aid data to an Excel spreadsheet or
other system by the institution user.
Early Application Status (Early App Stat) - A column heading in the Status and Financial
Reports that shows the status of an application for an institution that requires the previous
year’s tax and W-2 information. The application statuses are “DNF” Do Not File tax returns,
“SBM” Submitted, and “VER” Verified.
Earned Income Credit - A tax credit for low-income workers even if no income tax was
withheld from the worker's pay. This credit varies with family size, income, and number of
children.
Employment Status - FACTS requests the employment status for every applicant and coapplicant. Employment statuses are, “FT” Full-Time, “PT” Part-Time, “UE” Unemployed,
“DA” Disabled, “SH” Stay at Home, “RE” Retired, “SE” Self Employed, and “ST” Student.
Enrollment Management Report - A report found in the Status Reports that alerts you of the
families who have not applied for the current processing year but submitted an application with
FACTS Grant & Aid Assessment for the previous year.
57
FACTS Calculated Need - This is the actual K-12 tuition expense for a family or student
minus the FACTS Calculated Tuition Contribution. This number can range from $0.00 to the
full tuition amount. The FACTS Calculated Need is the full need assessment figure.
Family At Risk Rating - This is a measurement of the difference between the FACTS
Calculated Need and the Family Reported Need. Depending on how high the difference is
between the two need calculations, the at risk indicator will be Low, Medium, or High.
Family At Risk Report - A report found in the Financial Reports that identifies families whose
spending habits are causing them financial stress and as a result may not be able to afford the
cost of tuition.
Family Cash Flow - The cash available to a family from all available income sources minus
allocated and actual expenses. While this is not a term used in FACTS Grant & Aid reporting,
it is used in presentations to institutions to clearly define our goal for evaluating need.
Family Income After Core & Discretionary Expenses - This is the income that the family has
available from their total family income after paying their core, allocated and discretionary
expenses.
Family Need After Core & Discretionary Expenses - The Family Income After Core &
Discretionary Expenses minus the K-12 tuition amount.
Family Need Report - A report found in the Financial Reports that identifies the full need of
the family regardless if all children attend the school.
Farm Income - Applicants indicate on the application if they have farm income. FACTS Grant
& Aid then cross references the tax information provided to determine total applicant cash flow
from farm resources. There is no additional charge for FACTS Grant & Aid to evaluate a
farming operation. FACTS Grant & Aid also determines (to the extent possible from the tax
return) if there are expenses run through a farming operation that are personal in nature.
Finalize - A term used in the Award Summary report to indicate that a student’s award has been
decided and will not be considered for any more awards.
Financial Reports - Portion of the information management program that details the need of
the family or the student.
Formula - The formula FACTS Grant & Aid uses to evaluate financial need. The formula can
be disclosed to administrators but should never be disclosed to applicants because of the ability
of applicants to manipulate the need calculations with the self-reporting of expense information.
Free and Reduced Lunch Program Report - A report found within the financial reports that
identifies families that are eligible for the free and reduced lunch program. Qualifications are
based on the Federal Poverty Guidelines and the Reduced Lunch Guidelines.
Fund(s) - A specific sum of available financial resources to be allocated to a pool of applicants
based on a common set of fund criteria established by the awarding institution.
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Fund Award Calculation Method - The option to which a fund calculation method can be
customized to meet the needs of an institution’s award distribution. The seven calculation
methodologies are None, Weighted Income After Tuition Expense, Proportional Income After
Tuition Expense, Weighted FACTS Calculated Need, Proportional FACTS Calculated Need,
Prior Year Award Percentage, and Percentage of FACTS Calculated Need.
Grant Management - Portion of the information management program where FACTS
completes a distribution of the money available based on the need of the student. The criteria
and calculation can be customized to meet each institution’s need.
Income After Core Expenses - The income that the family has available from their total family
income after paying their core and allocated expenses. This can be a negative number if the
family has negative available income. It can be displayed on a family basis in the Family Need
Report or on a student basis in the Student Need Report.
Institution Profile - The institution setup of options that are completed by the account manager
with the institution to insure that the customized setup meets the needs of the institution.
Liabilities - What an applicant owes to others, including mortgage indebtedness, car payments,
credit card debt, and other consumer credit obligations.
Maximum/Minimum Award Options - A Grant Management Fund build option that indicates
the maximum or minimum financial need to be considered, or the maximum or minimum award
that can be calculated.
Memo - A feature that will allow contacts at the institution to input specific family
circumstances into the applicant record for retention and review for the current processing year.
Net Tuition - The student’s remaining tuition balance after award amount(s) have been
reserved in a Grant Management fund.
Non-Taxable Income - Income that is exempt from tax obligations. Non-taxable income
sources for an applicant include child support received, social security income, welfare
payments, workman’s compensation claim proceeds, temporary assistance for needy families,
food stamps, tuition support from friends or relatives, or other non-taxed income.
Percentage of FACTS Calculated Need - This Grant Management fund award calculation
should be used if an institution wants to allocate award dollars based on a percentage of the
FACTS Calculated Need. Enter in the percentage of need to be allocated
Prior Year Award Percentage - This Grant Management fund award calculation should be
used if an institution wants to allocate award dollars based on their prior year distribution. This
allocation method is reserved for institutions who have used the FACTS Grant & Aid program
for the previous school year. Based on the tuition rates and awards given in the prior year, we
will calculate the award percentage of each individual student’s tuition. We will then apply that
same award percentage to calculate a new recommended award based on the institution’s new
tuition rates.
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Proportional FACTS Calculated Need - This Grant Management fund award calculation
should be used if an institution wants to allocate award dollars by distributing an even
percentage to all applicants. Income and household size are not factored into this calculation.
Award dollars will be allocated to all applicant demonstrating need.
Proportional Income After Tuition Expense - This Grant Management fund award
calculation is the easiest to understand and should be used by schools that want a distribution
that proportions a family’s award to their cash flow relative to other families in the fund pool.
Award dollars are allocated based on a high to low ranking of the families’ capability to pay
tuition. Institutions that used PSAS in the past will likely favor this methodology.
Reason Codes - The reason codes help determine what is preventing FACTS from processing
the application. “INC Data” is the reason code for an incomplete application. “PMT” is the
reason code for the status of the application fee. “Bus Rvw” is the reason code is an indication
that an application will need an additional review of an applicant’s business income from either
a small business, rental property, partnership, S corporation, or farm property. “Tax Rtn” is the
reason code for the receipt of 1040 tax forms from applicant. “W-2” is the reason code for the
receipt of W-2 from applicant.
Regular Application Status (Reg App Stat) - A column heading on the Status and Financial
reports that indicates the status of an application. Application statuses are “DNF” Do Not File
tax returns, “SBM” Submitted, and ‘VER” Verified.
Relationship to Student - The applicant or co-applicant’s relationship to the students attending
a given school. These include father, mother, stepfather, stepmother, legal guardian,
grandfather, grandmother, or other.
Rental Income - Derived from personal or business investments in real estate. The applicant
indicates whether he or she has rental income. FACTS Grant & Aid then cross references the
tax information provided to determine total applicant cash flow from rental properties. There is
no additional charge for FACTS Grant & Aid to evaluate a rental property. FACTS Grant &
Aid also determines (to the extent possible from the tax return) if there are expenses run
through the rental operation that are personal in nature.
Reserved - A term used to indicate that an award has been put on hold for a student, but
adjustments can still be made to that award at a later time. Student can be included for other
awards.
School Fee - Annual Institution setup fee for schools is $150. There is no additional cost for
the applications.
School Need Report - A report found in the Financial Reports that identifies the full need of
the individual institution(s).
School Pay - An option in which the institution decides to pay the $25.00 applicant fee for
every family that applies in addition to the school fee. The school pay option is to be
discouraged.
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State Tax Credit Scholarship Guidelines - A report found in the Financial Reports that
identifies families who may be eligible for a tax credit scholarship program in which the
institution may be participating. This report may not appear on your menu, depending on your
institution’s requirements.
Status Reports - Reports that specify the current status of each application to the institutions.
Student Demographic Report - A report found in the Financial Reports that identifies
demographic information on the applicants. It includes gender, ethnicity, place of worship, and
religious affiliation.
Student ID - A number assigned to students listed on an application. Each ID number is
unique for that student.
Student Need Report - A report found in the Financial Reports that identifies the full need of
the individual students in the institution. The default sort is by student name.
Student Qualification Criteria - The process of setting up customized criteria in a Grant
Management Fund that will determine if individual students are eligible to receive an award.
Student Status Report - A report found in the Status Reports that allows you to view the status
of an application for an individual student.
Submitted Status - The status of an application that has been submitted but not verified against
the supporting documentation from tax returns and W-2s. Assessment information will be
based on the application until all supporting documentation has been entered into the system.
Tax Form 1040 - The Federal IRS form that individuals use to file their annual income tax
return.
Tax Form 1040A - A simplified version of the Form 1040 individual income tax form.
Families that do not itemize or own a business and their taxable income is under $100,000 are
eligible to use the 1040A form.
Tax Form 1040EZ - The most simplified version of the Form 1040 individual income tax
form. This form is for single or joint filers with no dependants.
Tax Year/W2 Wage Adjustment Report - A report found in the Financial Reports that
identifies families who have an adjustment being made to their assessment due to a change in
W-2 wages. The adjustment is calculated by comparing the current year W-2 statements
received with the W-2 wages reported on the prior year tax return. This report may not appear
on your menu, depending on your institution’s requirements.
Total Family Income - This is the FACTS verified income figure for the family that is
displayed on the Financial Reports and Applicant Financial Summary. It includes the adjusted
gross income, total adjusted taxable income, and total non-taxable income.
Total Family Resources - This is the Total Family Income plus contributions from Assets. It
is displayed on the Applicant Financial Summary. It takes into account the need for retirement
saving using a 12% contribution as the default. The percentage contribution can be adjusted to
meet the institution’s need by setting the desired asset contribution percent.
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Verified Status - The status of an application that has all supporting documentation received
and reviewed by FACTS Grant & Aid. This application is ready to be processed in a fund for
Grant Management.
Weighted FACTS Calculated Need - This Grant Management fund award calculation should
be used if an institution prefers that family financial need is capped at tuition expense rather
than relative cash flow, regardless of family expenses. Award dollars are allocated based on
income and household size, allowing a distribution of awards across lower and middle class
families. This methodology is unique to FACTS based on feedback from schools not wanting
to eliminate middle class families in the awarding process.
Weighted Income After Tuition Expense - This Grant Management fund award calculation
method should be used by schools that like the distribution of a proportional award, but
recognize that families with income exceeding federal poverty guidelines can alter their
spending, especially families with higher incomes. Award dollars are concentrated on lowincome families, and middle-class families may not receive awards.
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Notes
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