Parent FAQs
Payment Plans
- If payments are made automatically from my bank account or processed to my credit card, does that mean FACTS/Nelnet Business Solutions or my institution has direct access to my account?
No. No one other than you and your financial institution has access to your account. When you set up automatic payments, you are solely authorizing an automatic payment.
- Are these transactions secure?
Yes. You have more privacy with automatic payments than by writing a check. Bank research has shown that as many as 10 people handle a check from the time it is written until the funds are finally deducted from your account. Most checks include your name, address, phone number, and other financial information which can be easily copied. With electronic payments, the transaction passes electronically from bank to bank. Any information you share with us is completely confidential. We do not share any information with unauthorized third parties.
- When will payments begin?
When we receive your agreement, we send you a letter or email confirming the original terms of your agreement. This includes your payment amount, balance due, and date your authorized payments to begin. Payments will continue until the total balance is paid in full.
- What happens if I miss a payment?
If you do miss a payment, you will receive a notice from us with instructions on how the missed or returned payment will be handled. You may also be assessed a $30 returned-payment fee for each attempt that is returned, but only if the return is because of non-sufficient funds. This fee is assessed in part to offset the fees FACTS is assessed by our financial institution when your payment is missed or returned. In addition to our fee, your institution may assess a fee as well.
- How do I change my payment date or amount once my agreement is on the FACTS system?
Any changes to payment dates or amounts may need to be approved by the school and the school will then need to notify FACTS. All changes must be received by FACTS at least two (2) business days prior to the automatic payment date in order to affect the upcoming payment.
- What if I have a question about my agreement or want to print my payment history?
You may check balances, tuition and fees paid, print reports, and view scheduled payments by logging in to your account at online.factsmgt.com, or you may call us toll-free at 866.441.4637 for assistance.
- What should I do if I change financial institutions?
Financial institution changes can be made online at online.factsmgt.com. You may call us toll-free at 866.441.4637 or contact your school office. The person listed on the agreement must be an authorized signer on the new account. For your protection, only the responsible party and additional authorized party can change banking information.
- Where do I find information on a college/university payment plan?
If you are looking for more information or for instructions on how to access a college or university payment plan, please visit www.MyCollegePaymentPlan.com.
- I forgot my username/password. How do I login?
To retrieve your username or password, visit this link. If you’ve forgotten your username, it will be sent to the email address associated with your account. If you’ve forgotten your password, a link will be emailed to the email address associated with your account that allows you to reset your password.
- Can I make payments with a credit or debit card?
If credit cards or debit cards are an acceptable form of payment at your school, you will see an option to pay by card when enrolling in a payment plan, making a payment, or editing your banking information online. If a fee is charged for paying by credit or debit card, it will be disclosed on your screen at these times.
- What is the cost to set up a payment plan?
If an enrollment fee is due, the amount of the fee is indicated when setting up your agreement. If applicable, the nonrefundable FACTS enrollment fee will be automatically processed within 14 days of the agreement being posted to the FACTS system.
- How do I make changes to my demographics or financial account on the FACTS system?
Changes to your address, phone number, email address, or banking information can be made at online.factsmgt.com or by contacting your school or FACTS. All changes must be received by FACTS at least two (2) business days prior to the automatic payment date in order to affect the upcoming payment.
Financial Aid
- Who is FACTS Grant & Aid Assessment?
FACTS Grant & Aid Assessment is an independent, third party company that conducts financial analysis to determine your family’s financial need. Your educational institution receives a confidential report outlining your financial situation based on the information obtained in your application and supporting tax documents.
- 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.
- I probably don’t qualify for aid. Should I apply for aid anyway?
FACTS Grant & Aid Assessment does not set any income guidelines or have restrictions on who may apply for financial aid. If you feel your family should receive financial aid, it is to your benefit to apply.
- Is it too late to apply for financial aid?
Since all deadlines for submitting applications are set by the individual educational institutions, you will need to contact your educational institution to see if they are still accepting and reviewing financial aid applications.
- What documentation will I need to submit?
You will need to submit your federal income tax return, W-2 forms, and supporting documentation for non-taxable income.
- Why do I have to provide all of this personal and confidential information?
In order to provide your educational institution with an accurate assessment, FACTS Grant & Aid Assessment must verify your expenses and household income. By providing us with all of your information, we can assist your institution in making an informed decision about the amount of financial aid needed for each family.
- Does the FACTS Grant & Aid Assessment process require a credit check?
No. FACTS does not require a credit check and applying for aid will not affect your credit rating.
- Is the application process secure?
Yes. All documentation received is imaged upon receipt and then destroyed. Then, the application data becomes property of the applicable institution.
- How can I check the status of my application?
You may login to your FACTS user account at online.factsmgt.com/aid to review the status of your application. Please allow 2 weeks processing time from the date you provided the supporting documents before inquiring further about receipt and/or status of the uploaded or faxed documents.
- Will FACTS Grant & Aid Assessment send me a copy of my assessment?
No. The assessment of your application will be sent only to the educational institution or organization providing the award. Information sent to FACTS Grant & Aid Assessment to complete your assessment, such as your 1040 tax form or W-2, will not be returned to you.
- I forgot my username/password. How do I login?
To retrieve your username or password, visit this link. If you’ve forgotten your username, it will be sent to the email address associated with your account. If you’ve forgotten your password, a link will be emailed to the email address associated with your account that allows you to reset your password.
- How much does it cost to apply?
If an application fee is due, the amount of the fee is indicated when applying for aid. If applicable, the nonrefundable application fee may be required before your application will be submitted.
- How do I submit supporting documents?
After completing the online application, you will need to upload or fax all required supporting documentation. Documents can be uploaded online by logging in to your account at online.factsmgt.com/aid or faxed to 866.315.9264. If faxing, we suggest you include a cover sheet with your application number.
- How do I find out if I’ve been awarded financial aid?
Award decisions are made by the institution, not FACTS. Once an award decision is made, the institution will notify you.
SIS
- Who is FACTS SIS?
FACTS SIS is an independent, third party company that provides software to connect families to their school. You can check grades, pay for lunch and childcare, and communicate with your school all through FACTS SIS.
- I have a question about using FACTS. Who should I call?
If you have questions about using FACTS SIS, contact your school directly.
- Where do I log in?
To log in to FACTS SIS (formerly RenWeb), visit this link .