how much does having a parent who works at the University of Chicago help?

[GroovyGeek]

<p>

GG, what you say may be true at less selective universities, but I can assure you it is NOT true at places like Chicago or Harvard, both of which I have personal knowledge.

It may not be an automatic at Chicago or Harvard, but there IS a very strong preference, probably the equivalent of 200 points or so on an SAT. An otherwise unremarkable candidate that is in the middle of the applicant pool academically speaking will almost surely get in as the dependent of a faculty or staff member. Just like you, I have first-hand information about that from a couple of universities, one very selective (Columbia). There is a reason they ask this question on the applications.</p>

<p>

I can also assure you that the tuition benefit you refer to is almost always treated as a tax-free benefit.

There does not appear to be an IRS ruling on the subject, and different universities interpret it differently. I did some Googling, some universities claim that undergraduate tuition is tax free (e.g., Columbia), while others treat it as a taxable benefit (UNM). </p>

<p>[UNM</a> Business Policy 3785](<a href=“http://www.unm.edu/~ubppm/ubppmanual/3785.htm]UNM”>http://www.unm.edu/~ubppm/ubppmanual/3785.htm)

Under current Internal Revenue Service (IRS) regulations, the value of tuition benefits received by domestic partners and certain dependents is considered taxable income to the employee. The value of the tuition benefit will be included as compensation on the employee’s W-2 form filed with the IRS

</p>

<p><a href=“Human Resources”>Human Resources;

<p>

If the tuition benefit is for an undergraduate course, it is not considered taxable income unless the student covered by a staff member’s Tuition Exemption Benefit is taking the course as part of a graduate degree program.</p>

<p>If the IRS challenges the University’s interpretation of the Internal Revenue Code with regard to tuition benefits, you may be liable for income tax on the cash value of the benefits, plus any penalty and interest assessed.

</p>

<p>In other words, there are not absolutes, and the “almost always” statement made above is incorrect.</p>

<p>

Other than that, good post.

There really is no need for sarcasm, I stated an opinion that turned out to be partially wrong. Point out my mistakes and let’s move on.</p>