Anytime we receive questions, they are very typically something all schools would want to know. Here are a few have been asked in recent weeks:
QUESTION: Do you know what a school's tuition rate is when figuring out what a family can pay toward their tuition, or do you use a formula for that?
ANSWER: We do not interact with a school's tuition amount. Our system is designed to assess the financial situation of the parents, and the remaining income they should have available at the end of each month is then sent through a formula that determines a percentage of remaining income that should be reasonably available for tuition payments. This is typically around 40-60% of their remaining income.
QUESTION: Is the FACT Report indicating the amount a family can pay for one child or all their enrolled children?
ANSWER: The FACT Report indicates the amount the family can reasonably be asked to pay toward a monthly tuition bill for ALL their children enrolled in ALL private K-12 schools. If they have one child in your school and one child in another private school, the FACT Report would be the amount they could pay for both children combined, not just to your school.
QUESTION: In the information on the FACT Report, I see that expenses are broken down into 12 categories. Is there any thought taken into account for expenses that do not fit into one of those categories? For example, expenses that come with purchasing a home and the needed repairs, fixes that are needed when purchasing a home, etc, or are those expenses calculated into the mortgage/rent category? Additionally what about gas expenses for vehicles or auto repairs?
ANSWER: Since our aim is to “even the playing field” for all applicants, it is nearly impossible, and potentially ill-advised, to include options for expenses that are not necessarily typical for all our applicants. For this reason, we have the current listed expenses narrowed down to what we deem necessary and common to almost all applicants. Since we only consider a portion of income to be available to pay for tuition, some of these other expenses that families may incur should be covered by the rest of their income.