Inquiring Minds Want to Know More

We want you to be comfortable with your experience using BeneFAQ. Our customer service team always helps schools and parents get the answers they need.

FAQs

We are thrilled you are interested in user-friendly BeneFAQ. Whether a school or a parent, you may have questions about the system and how it works. Here, we answer a few common questions for those considering using BeneFAQ. If you have others, please reach out to us through your account login page (click Messages in the upper menu) or via the CONTACT PAGE.

Common Questions from Schools

Why Should Our School Use A Service Like BeneFAQ?

Schools put themselves at extreme risk legally when they do not use a third-party service such as BeneFAQ to do all the processing of tuition aid applications. We are unbiased in our approach which helps level the playing field among all applicants. Schools that try this on their own may unwittingly show favoritism and lack the thoroughness of a third-party service. BeneFAQ removes that threat. We help parents feel safe in sharing their personal financial situation and documents, and in the end, we provide a comprehensive final report to schools that they likely could never produce on their own. We ask the hard questions so you don't have to. Your role is to make award determinations with qualified and verified data from an expert team that has been at this for years.

What Does This Cost for Schools?

Schools pay a nominal annual fee of $40 to use the system (there is a one-time $25 set-up fee). This is unheard of in the industry and should speak highly to our desire to work within every school budget!

If Our Parents Have Questions On Their Application, Who Do They Talk To?

If their question is not something you feel you can answer, please direct them to contact us through the in-line messaging system in their account. If they have not yet created an account, they can understand more about our process by reviewing this website where they can also make contact with us.

Are Vouchers Available?

Schools that would like to purchase application payment vouchers for parents may do so through their school account (>Manage>Vouchers).

Do Parents Get a Copy of the Same Report We Get?

Parents get a summary report of what they entered on their application. The school should always share the full FACT Report from BeneFAQ if requested by a parent.

What is the FACT Report and How Do You Arrive at a Final Number?

The FACT Report (Family Anticipated Contribution Total) summarizes what discretionary money a family has at the end of each month, and reports a percentage of that amount as income that can be reasonably used toward tuition. The application summarizes the family's average monthly income for the year minus their average core, necessary monthly living expenses. Various adjustments may be applied to the result based on current spending habits that are out of proportion to income (such as auto, credit card, and charitable giving). High tax returns, excess savings, and business assets may be factored in as income. A cost of living index for the area is applied before our system finally produces the FACT number that is reported to the school.

What Financial Information Do You Request of Parents?

We ask for certain pages from the most recent Federal and State Returns including Schedule C, Form SE and Business taxes if applicable, copies of the four most recent pay stubs for each job listed, and other explanations as necessary. Parents are asked to report all income sources that include wages, self-employment, unemployment SNAP, Government Aid, Alimony, Child Support, help from friends and family, and more. We ask each applicant for reasonable and necessary living expenses. Not all are allowed so that no one applicant is treated with greater favor. This levels the playing field for all applicants. Applicants are always permitted to provide written details of extenuating circumstances that may help us understand their situation.

Is the FACT Number on the Report a Final Tuition Amount the School Should Present to the Parent?

A school can vary the amount as needed. The important thing is that the school has verified each applicant using the exact same criteria and process. Once a FACT Report is completed, with our recommendation, a school can make their final award determination in any manner they deem appropriate.

Why Can't We Just Do This Ourselves?

Discussing someone's finances can be a sticky situation. As an unbiased third-party, we help you avoid getting into the nitty-gritty of family financial questions and assure you that each application is dealt with using the exact same criterion and process. We know the follow-up questions to ask to clarify situations. Our process helps your school maintain legal compliance from start to finish in the way it verifies financial aid applications. To do this on your own could bring irreparable harm to your school's 501(c)3 status and to individuals who mishandle information.

Common Questions from Parents

What Does This Cost for Parents?

Parents pay a $35 application when they apply for financial aid at a school that uses our service. This is collected at the time they create their account. The fee is applicable for one school year only and only for the school to which they applied. Paper applications are no longer provided and every parent who applies must be able to access their online account.

Why Do I Have to Pay a Fee for This Application? Isn't This a Part of My Admission Fee to the School?

This is a service our company provides to the school to take the burden and legal responsibility off of them for vetting financial aid applications. The $35 application fee is paid directly to BeneFAQ (SchoolRIGHT, LLC) and is not a part of the admission fees that are owed to the school

Can I Complete One Application for All My Children at the Same School?

Yes. Parents complete one application for the entire family. Applications do not carry over from one school year to another nor can an application be seen by multiple schools.

How Do You Process Divorced/Separated Applicants?

To ensure a fair assessment of each family's financial situation, parents in divorced or separated households should submit separate applications. This helps us correctly determine each parent's ability to contribute toward tuition. Combining income and expenses on one application does not provide an accurate picture.

We understand this may be challenging, especially if one parent is "absent." In such cases, only the custodial parent needs to apply. Please confirm with us if this applies to your situation so we can ensure proper handling of your application. Our goal is to create a balanced and transparent financial aid process. We're here to support schools and parents throughout and are available for any questions or assistance.

I Don't Have A Computer, Can I Get a Paper Application?

Paper applications are no longer provided and every parent who applies must be able to access their online account. If you do not have a computer we recommend the following:

Ask the school if they have a computer you may use.
Check with your public library, church, or a friend to see if they have a computer you can use.

What Information Do You Collect from Me and Share with the School?

In addition to the basic information of name(s), address, phone, email, income, and necessary living expenses, you will need to submit the following:

First 2 pages of your federal income tax return, at a minumum. We may request other pages.
State tax return (if applicable).
Supporting documentation for other non-taxable income.
Four (4) most recent pay stubs for each wage income listed on your application. DO NOT SEND W2s!
Schedule C & SE if self-employed.
Forms 1065, 1120, 8829 (if applicable), Schedule K-1 (if applicable) for business owners.

We may ask for written explanations of your situation (i.e., such as if your monthly expenses exceed your income, if you desire to change your application after completed and want some expenses to be increased from your original entry).

Our goal is to get an accurate picture of your financial situation. You will upload documentation directly to your account and in some instances may reply to us via our inline messaging system or email. The school will be able to see all the answers on your application and supporting documents if they choose.

Do You Share My Information Elsewhere?

No. Your information is only seen by us and the school if they choose. We do not report any of your information to any other agencies. This is strictly for internal use to verify your financial need for the school. Most schools do not want to view documents that are submitted and trust our verification process to help them make award determinations.

Do You Run a Credit Check on Me?

No. Credit reporting agencies will not be aware of your financial aid application.

What is the "FACT" Report and How Do You Arrive at a Final Number?

Why Can't I List All My Expenses on the Application?

Our process asks for the core, necessary living expenses of each applicant and is not able to account for every possible expense a family may have. Each applicant is afforded the same list so that no one is treated with greater favor. This levels the playing field for all applicants. That being said, applicants are always permitted to provide written details of extenuating circumstances so a school can determine if that will be a factor in their financial aid offer.

Why Is There No Place to List Food Expenses?

Using federal food expense guidelines, our system automatically calculates this amount based on the size of your household.

Why Do You Ask About Foster/Adoption Subsidies Since Those Don't Count As Income?

You are correct that foster care and adoption subsidy payments are not considered as family income for the express purpose of income tax reporting (IRS 1974 ruling), but may be regarded as income for other purposes such as determining financial assistance eligibility by organizations such as ours who process financial aid applications as those subsidies do include payments to you to help cover housing, food, and other living expenses for that child. Any applicant using our system must report those subsidies.

Why Do I Have to Report the Social Security Benefits of My Minor Children?

According to the SSA website, you must use the regular monthly SSI benefit for the child's food, clothing, or shelter. Therefore, we consider their benefits to be a part of your household income to help you meet living expenses.

Why Is Retirement Counted As Income?

Retirement savings that have already accrued are not counted as income. However, when evaluating financial aid applications, the goal is to assess a family's true financial capacity to contribute toward their tuition costs. Voluntary contributions to retirement accounts, while important to some for long-term savings, represent income that has been set aside. Because these contributions are voluntary and not mandatory deductions like taxes, they are added back to the income to provide a clearer picture of the resources available to support a child's education now. This approach ensures that schools have an accurate understanding of a family's ability to pay tuition, allowing aid to be granted as wisely as possible.

Can I Make Changes to My Application After I Submit It?

You will need to ask your school to grant that permission to us and explain why. If so, then we can open your application up for you to make changes. We may require proof of expense entries that are changed.

Can I Email the Documents You Are Requesting

While technical issues may prevent some from uploading documents, we strongly discourage emailed submissions as they add additional time and man-hours to the process. To ensure security, efficiency, and confidentiality, all applicants should upload their documents directly to their BeneFAQ account. This method protects your information with encryption, streamlines processing, and keeps application costs reasonable. If you need assistance, our support team is ready to help.

How Long Will It Take to Process My Application?

From the moment we receive the last documentation or information requested we typically finalize the verification within 3 to 5 business days.

How Can I Check the Status of My Application?

Please reach out to us through the inline messaging system (must be logged in to your account) or via the CONTACT PAGE.

Ho Do I Know If I Have Been Awarded Financial Aid?

Award determinations are made by your school after reviewing your FACT Report. Please reach out to your school to understand its award notification process.

Do I Get a Copy of the Report You Generate for the School?

You will not receive a copy of the FACT Report from BeneFAQ. The school can supply you with a copy of the report at your request.

If I Don't Agree with the Report What Should I Do?

We understand there may be times when an application may have entry errors. Sometimes this will correct the FACT Report in such a way there are no more questions. When you have questions about your FACT Report, please first discuss this with the school before contacting us. If you need further clarification, we will set up an appointment time with you, at our earliest convenience, to review the report.

Specific "How to" Instructions for Applicants

How Do I Remove Password Security from a PDF?

In Adobe Acrobat, use the "Unlock" tool.
Choose "Tools" > "Protect" > Encrypt" > "Remove Security."
If the document has a Document Open password, click “OK” to remove it from the document.
If the document has a permissions password, type it in the “Enter Password” box, then click “OK.” Click “OK” once more to confirm the action.