While FACTS’ suite of connected products and programs can do many great things for schools, one of the best is help them manage their families’ financial situations. From helping determine available aid to covering fees for families in need, FACTS makes it easy for both schools and families to stay on track. Here are a few of the many financial management features available through FACTS:
The grant and aid awarding season presents challenges that can pull at the purse strings and tug at the heart strings. The Financial Summary report allows your school to make difficult grant and aid decisions by offering a wide range of information to inform the process. Information provided includes:
- Concise breakdowns of income and assets vs. expenses of applicants
- The ability of an applicant to meet the financial obligation presented through tuition charges
- Ranking of the family within all who are applying to your institution
- The applicant’s standing with regards to Title I (Free and Reduced Lunch) and what percentage of the Federal Poverty Guideline
By utilizing these tools, your institution will be able to make sound and equitable choices with regards to providing financial assistance to the families who need it the most.
Paying FACTS Fees for Customer
Did you know that FACTS fees can be paid for the consumer by the institution? This means that if a school believes a family shouldn’t have to pay the FACTS fee for financial hardship or any other reason, it’s easy to cover the fee themselves. A school user can simply adjust the fee in the consumer account and FACTS will collect funds directly from the school. This can be a helpful solution for covering fees owed to FACTS so that students can be rolled forward in the roster while payment fees are reassigned in Continuous Enrollment.
To learn more about this process, as well as access a step-by-step guide to paying these fees, please visit this HubHelp article. Make sure you are logged into FACTS before viewing.
Anyone that’s ever written a paper knows that editing is sometimes the hardest part of the process. Luckily, if your institution is using both FACTS Grant & Aid and FACTS Tuition Management, editing or removing financial aid is a straightforward process.
Whether there was an error in the award amount or a family chooses not to accept the financial award, here are the steps to complete the return. If a correction has already been made on the payment plan for the returned award(s), you may start with step 6.
- Once logged in, hover over Payment Activity and select Agreements.
- Click Post Grant & Aid Awards from the links on the left side of the screen.
- Click on #Transactions Created within the Convert Awards to Transactions step.
- Select the transaction(s) you wish to delete.
- Click Delete Selected to remove the converted transactions.
- Click on #Awards to Convert within the Convert Awards to Transactions step to remove the award.
- Select the award(s) you wish to remove.
- Click Remove Awards.
- To confirm the removal of the award(s), click Remove Awards again.
- Once Remove Awards is selected, the full award amount is pushed back to Grant Management.
Visit HubHelp for more information on this process, as well as many more helpful articles!