The mysterious code FACHEX just appeared on my most recent Direct Deposit Earnings Statement aka Pay Stub. It added $35 to my earnings so I felt compelled to investigate having no idea what the hell it stood for? Never look a gift horse in the mouth, but I had to know.
Rarely does one have to wait more than 30 seconds to get ANY question answered given the immensity of Google’s search engine. A Google search pulled up the Loyola University New Orleans HR web site which revealed that FACHEX is an acronym for the Faculty and Staff Children Exchange Program. It is an undergraduate tuition remission program for the children of full-time faculty, administration and staff of participating institutions.
FACHEX awards help to cover tuition costs for undergraduates. Individual learning institutions can choose to exclude certain programs from being paid for by FACHEX. That sounds a little scary and too arbitrary. Would like to know what the criterion is for exclusion or if they can just do it for whatever reason. Having said that, to have your employer share or cover the burden of your child’s education is HUGE!!
All of this is not to be confused with the FACHEX utilities mutual fund which appears to be a California based investment instrument trading at $9.63 per share.