Frequently Asked Questions
What is the Trust?
The Pexa Education Trust was set up by Margaret and Eugene Pexa to benefit the families of their 17 nieces and nephews. It was funded after their deaths in 2011. It is administered by three Trustees: Kevin O'Rourke, Sheila O'Rourke and Joanna Plante. Their responsibilities are set by and their decisions limited by the written terms of the Trust.
What will the Trust pay for?
The Trust can only pay for educational expenses. Educational expenses include tuition, necessary supplies, books and fees for grade school, high school, college, vocational technical school, graduate school along with educational experiences for those with disabilities. Travel expenses, room and board and other personal expenses are not covered.
Who will it pay the expenses for?
The Trust is set up for the "issue" (children, grandchildren, great-grandchildren) of any of the Pexas' nieces and nephews, up until their 30th birthday or the Trust exhausts its funds.
How much will the Trust pay?
There are lifetime limits on how much the Trust will pay -- $20,000 for each beneficiary, or $25,000 if the beneficiary attends a Roman Catholic school (which will be adjusted for inflation since 2003). You could ask the Trust to pay that all in one school year or choose to use a little at a time.
How do I make a claim?
First, you must apply to be recognized as a beneficiary. You can find a copy of the Beneficiary Application at PexaEducationTrust.com. Complete the application, sign it, have your parents sign it, attach a copy of your birth certificate and mail it to us.
I'm a Beneficiary, how do I obtain the money?
You can find a copy of the Funding Request at PexaEducationTrust.com. Follow directions on the form carefully. Except in special circumstances the Trust will make payments directly to your school. You or your parent/guardian will be expected to give the Trust whatever information or authorization is required for the Trust to access your tuition statements and accounts.
Can't I just email it?
No and Yes. You must send your first request via snail mail. On it you can agree to submit and receive forms via email. Just fill out the email delivery section of the request form. The Trust can then accept requests made from you email address, but make sure you always use the same address. For security reasons, the Trust will not consider requests made from any other email addresses.
What happens after I send my request?
The Trustees will send you an email to confirm they have received your request. If you don't hear from them within the week, please re-send or consider sending via snail mail to our posted address. Once your request has been considered, you will receive a letter from the Trust. If your request has been approved, the letter will explain that payment is on the way. If any part of your request has been denied, or more information is needed, that will be included in the letter.
My request was approved! Am I done?
Not quite. Make sure you check your tuition account and confirm that your school has received the Trust payment. It may take several weeks for processing. If you don't see the payment within a month, contact the Trust.
Will this Trust affect my college financial aid?
Maybe. Before requesting funds from the Trust, you must apply for any scholarships or financial aid for which you are likely to qualify. The Trust recommends that college and vocational technical students and their families contact the financial aid officer at their school for advice on how the Trust will affect your status. Because of certain tax and financial aid advantages, the Trustees have chosen to invest some of its assets in a 529 College Savings Plan. If you believe this could affect your financial aid, contact the Trust for more information.
Why does the Trust need my social security number?
The Trust will need it to prepare tax forms when you receive distributions, and if you are named the beneficiary of a 529 College Savings Plan. For any year when payments are made on your behalf, the Trust is required to report distributions to the IRS. You may receive a K-1 from the Trust and/or a 1099Q from the Minnesota College Savings Plan to document the amounts you received.
When should I make a funding request?
As early as possible! The Trust will only pay current educational expenses. Requests for tuition must be made before the end of any school term. If for some reason claims for books or other non-tuition expenses can not be made during the term, please provide us with a full explanation.
You can choose to request all or just part of your qualified educational expenses, but for whatever amount you request, you must provide a tuition statement or other proof of the amount you are requesting. You may even choose to make more than one request for a school term, one for tuition paid to your school and one later for books and supplies.
When will my school get the money?
The Trustees meet once a month. Funding Requests received before the 15th will be considered before the end of the month. Funding Requests received after the 15th might not be considered until the following month. Once a request is approved, it can take several weeks for your school to receive the funds. Monies that have been invested with the Minnesota College Savings Plan (529) have to be approved and sent via snail mail. Know when your tuition is due! if you are facing a deadline, talk to your school and explain the Trust's payment procedure. Once your request has been approved, go back and check that funds have been applied correctly.
My tuition is due tomorrow? What to do?
The Trust can not pay late fees or payment plan fees. If you have a deadline looming, let your school know about the Trust. Make sure the Trustees have your complete and accurate Funding Request, and online access to your tuition account. Once your Funding Request has been approved, the Trustees will send notification to your school. College billing offices are aware of the procedural delays cause by Trust payments and 529s.