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Forum -> Chinuch, Education & Schooling
Can I still qualify for a tuition break?
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amother
OP


 

Post Sun, Aug 02 2020, 12:00 pm
Hello,
The school we're applying to uses the FACTS system. I'm not clear how they determine tuition assistance, but I wanted to mention that in case anyone has insight.

My income is based solely as assets, and it's relatively low. In other words, I get interest every month from these large investments.

I don't touch the investments because if their value goes down, my monthly income goes down. But if someone saw the worth just of those assets, I feel like they'd say obviously no to any tuition discount.

I was wondering if I should even bother applying? Again, my income is kind of low, even if the assets are high, but I am not using the assets except for income.

(please stick to just answering the question: Is it likely or impossible I'd get a discount with my situation.)
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amother
Pewter


 

Post Sun, Aug 02 2020, 12:09 pm
We currently have no income and are living off of savings/selling stocks. We applied through FACTS and got a discount.

The situation is b”eh temporary as we are looking for jobs. not sure if they take that into account
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amother
Natural


 

Post Sun, Aug 02 2020, 12:28 pm
Why wouldn’t you apply? Does it cost money? What do you have to lose?

If you’re embarrassed I’d say don’t be, it’s your job to apply for the help you feel you need and it’s their job to decide if you’re eligible.
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amother
OP


 

Post Sun, Aug 02 2020, 12:32 pm
amother [ Natural ] wrote:
Why wouldn’t you apply? Does it cost money? What do you have to lose?

If you’re embarrassed I’d say don’t be, it’s your job to apply for the help you feel you need and it’s their job to decide if you’re eligible.


Thank you Natural amother, I hate to admit I think I am a little embarrassed. You're absolutely right tho. But moreso, I have this feeling like my financial situation is 'nobody's business,' and I'd rather not volunteer all this information if in the end I don't get a discount anyway.
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amother
Natural


 

Post Sun, Aug 02 2020, 12:55 pm
amother [ OP ] wrote:
Thank you Natural amother, I hate to admit I think I am a little embarrassed. You're absolutely right tho. But moreso, I have this feeling like my financial situation is 'nobody's business,' and I'd rather not volunteer all this information if in the end I don't get a discount anyway.
I hear you. It stinks to have to put yourself out there. I don’t think anyone on this forum will be able to give you guidance for your particular situation though. It sounds very specific.
What I’ve done is start the process, then if it gets too overwhelming and it’s not going the way I want I just drop it. If you get the ball rolling you might find things easier than you thought they’d be.
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Coke Slurpee




 
 
    
 

Post Sun, Aug 02 2020, 1:17 pm
I think there is a section on facts application that you can explain your situation. It can't hurt to try.
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amother
Crimson


 

Post Sun, Aug 02 2020, 1:20 pm
If you don't mind me asking, why doesn't anybody work and bring in any employment income? On the facts application it asks what your jobs are. If you continue this route will you just write "unemployed" for the next 15 years? Why?
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amother
Natural


 

Post Sun, Aug 02 2020, 1:22 pm
amother [ Crimson ] wrote:
If you don't mind me asking, why doesn't anybody work and bring in any employment income? On the facts application it asks what your jobs are. If you continue this route will you just write "unemployed" for the next 15 years? Why?
she very specifically said she does mind people asking. Right in her original post. Smile
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amother
Lime


 

Post Sun, Aug 02 2020, 1:27 pm
I am not familiar with the application form but does it ask for employment history?

I would think that someone who has lost a job - especially during this time - would be viewed differently than someone who is not working and doesn't plan to work unless there are health or other reasons which preclude adults in the family from being employed.

This is not a value judgment of your choices but just based on how financial aid is generally determined in evaluating ability to pay.
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amother
Seagreen


 

Post Sun, Aug 02 2020, 1:45 pm
Facts does not ask for employment history. It does ask for your last 2 years of tax returns and w2.

I think it really depends on the situation. If you are sitting on a two million asset and the return is 5 percent bringing in 100k a year if you have 5 kids and live tri state yes you should get a break.

If you are sitting on 10 million asset only bringing in 100k the school will give you a harder time giving you a break.

It also makes a big difference why you are not working. Are you looking for a job etc. is this situation temporary or permanent.
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amother
Lime


 

Post Sun, Aug 02 2020, 1:54 pm
amother [ Seagreen ] wrote:
Facts does not ask for employment history. It does ask for your last 2 years of tax returns and w2.

I think it really depends on the situation. If you are sitting on a two million asset and the return is 5 percent bringing in 100k a year if you have 5 kids and live tri state yes you should get a break.

If you are sitting on 10 million asset only bringing in 100k the school will give you a harder time giving you a break.

It also makes a big difference why you are not working. Are you looking for a job etc. is this situation temporary or permanent.


If they don't ask for employment history, how would it make a difference? As I posted, reason for not working is a factor for most aid allocation that I am familiar with.

I don't want to question why OP is in her situation as there can be many reasons a person is living on assets and not working but I do want to question why - absent some reason for not working - someone who has two million dollars in assets should receive financial assistance from a limited pot which would mean that someone who is working with no assets as a safety net because they have no extra might not be entitled.

Also, those who work have increased taxes because of payroll and payroll taxes are not progressive - I.e. they are taken off from gross salary so they burden lower income workers disproportionately especially since they cap out when one earns more than $100,000 or so. Income from assets are taxed at lower capital gains rate and one can take full deductions from them since they aren't subject to payroll taxes.
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Optione




 
 
    
 

Post Sun, Aug 02 2020, 2:40 pm
FACTS does not determine scholarships or discounts. FACTS is the service used by the board/tuition committee to collect information and payments. So to answer your question regarding if its likely or not to get a break, it depends on your individual tuition committee for your school.
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amother
Crimson


 

Post Sun, Aug 02 2020, 2:49 pm
amother [ Natural ] wrote:
she very specifically said she does mind people asking. Right in her original post. Smile



The op is asking whether she thinks facts will give her a tuition discount based on the situation she described.

As another poster pointed out, FACTS only gathers information and hands the info over to the schools tuition committee for a determination. Again, the op wants to know if this fits the bill for a tuition break. It is very possible (although who really knows) that the tuition committee will ask why nobody has a job and why there is no income. The op needs to be prepared to answer this question.
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amother
Pumpkin


 

Post Sun, Aug 02 2020, 3:03 pm
as others have said. I would imagine it would depend on why noone is working. I believe a lot of schools ask about saving.
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Hashem_Yaazor




 
 
    
 

Post Sun, Aug 02 2020, 7:00 pm
FACTS Grant and Aid does make a proposed amount of how much tuition a family should pay based on settings the school put in, and it's up to the school to take it as is or adjust. Many schools allow appeals on top of that.

I guess the answer to OP is, what is more important: the possibility of a discount or financial privacy?
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amother
Blush


 

Post Sun, Aug 02 2020, 8:03 pm
OP, 2 of my kids schools uses FACTS.

They dont ask as much information as my other child's school which asks a million questions besides for bank and brokerage accounts....

BUT EACH SCHOOL CAN PUT IN FROM A FEW CHOICES OF QUESTIONS ON FACTS...

And, as you know, every school makes a different decision based on facts and if I get or dont get a scholarship based on facts doesn't mean you will or wont..BECAUSE EVERY SCHOOL HAS A DIFFERENT WAY THEY DETERMINE WHO WILL GET A DEDUCTION...

And, yes, you may have to be open about why you/spouse are not working ....

So, yes, applying for a tuition scholarship is about opening yourself up and giving out all your private financial information...facts does not ask as many questions as some other tuition applications do(my son's school) but yes, the secretaries, school administrators etc. Will all know your business...

So, you have to decide if giving out your private financial information is worth the chance of a scholarship...(as you said you are concerned about)....there's no way to determine if your school will give a deduction to you even if someonelse in your same financial situation got a scholarship...every school focused on different things even if they use facts....I work with 3 different schools and they each have their own specific way to decide if I'm getting a scholarship or not even though 2 use facts.
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Hashem_Yaazor




 
 
    
 

Post Sun, Aug 02 2020, 8:48 pm
I don't know how it is in all schools, but most I know has facts information extremely limited to very, very few people. Principals, secretaries, even other people in the business office might not be privy to it.
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amother
Linen


 

Post Sun, Aug 02 2020, 9:06 pm
My kids’ school uses FACTS. Among the added questions are whether your kids went to sleep away camp, you did home renovations, you went on vacation, bought a new car, etc. If you act like your assets are limited income, it will likely be less of a problem than if you did all these things and still want a tuition discount.
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amother
Babypink


 

Post Sun, Aug 02 2020, 10:28 pm
amother [ OP ] wrote:
Hello,
The school we're applying to uses the FACTS system. I'm not clear how they determine tuition assistance, but I wanted to mention that in case anyone has insight.

My income is based solely as assets, and it's relatively low. In other words, I get interest every month from these large investments.

I don't touch the investments because if their value goes down, my monthly income goes down. But if someone saw the worth just of those assets, I feel like they'd say obviously no to any tuition discount.

I was wondering if I should even bother applying? Again, my income is kind of low, even if the assets are high, but I am not using the assets except for income.

(please stick to just answering the question: Is it likely or impossible I'd get a discount with my situation.)


We are in a similar although a little different situation as we also have salary coming in. We do not see any money even interest from the investments at all it’s a family thing and ours in name only. On the Facts application their is a place where u can explain different things about ur application. ( our w2 show that we make literally over 150k more per year solely because of the “fantom” income that is reported on a w2) then Facts sends the application including your letter to your school financial committee and from their they decide. With some schools you can also call the financial committee after sending in application to explain further. I’m not sure how much it really helps because we where not looking for a large break but the school will only give multi child discount if you fill out the application and with 4 kids in the school even the 1500 dollar discount helps.
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amother
Black


 

Post Mon, Aug 03 2020, 7:21 am
Please fully assess your financial situation before asking for a discount. Please realize that It’s not just about not wanting to open yourself up, if you get a discount you are directly taking $$ from the pot- ie those paying full tuition are subsidizing your child’s education. If you are living ok (frugally but making it) with your large investment as a safety net, why would you qualify? We live more frugally than most of our neighbors so that we can afford all expenses tuition included. I find it so upsetting to watch my neighbors get new cars, new additions on their homes, nice vacations, designer clothing, knowing that they get tuition breaks and that I’m the sucker who’s actually paying and therefore can’t afford those things...
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