Financial Aid - Term Budgets

Module Description

This module enables you to create the global controls for the Term Budget amounts used as reference when the system computes the Total Cost of Attendance of term students.

If Term Budgets change, do not modify the existing entry. Add a new term budget by clicking the ADD button and entering the new effective date. Modifying existing Term budgets will affect past data and students.

This module applies to Term schools only.

The values entered for each field are for a SINGLE TERM. Term amounts are added up for a complete budget.

·“Charge Estimate” values are used if a term is still in the future and “Budget Charges” values are used if a term has started. This allows expected price changes to be handled in budgets. Schools that want budgets to reflect exact school charges leave “Budget Charges” at zero and post the exact charges for the term.

Field	Description
Key	Refers to the number sequentially assigned for each entry under the logged in school or campus
Award Year	Award Year during which the Term Budget will apply
Effective Date	Date when Term Budget will take effect. If you want to ADD a new Term Budget, don’t modify the existing budget. Add a new one
National/State Budget	Refers to the National or State budget to which the term budget will affect. The budgets listed are set up in TRX 1003- FA Set Up
Description	Refers to the name or description of the Term Budget. Ex: Living Off Campus: 1 dependent
For	Distinguishes between the budget applying to Living Off Campus, On Campus or with Parents.
No. of Dependents	Refers to the number of dependents of the student
Applies to Campus	Specifies whether term budget shall be applied to all School campuses or to a specific campus only
Months in One Term	Refers to the number of months in one term
Charge Estimate in one term	“Charge Estimate” values are used if a term is still in the future
Budget Charges in one term	“Budget Charges” values are used if a term has started. This allows expected price changes to be handled in budgets. Schools that want budgets to reflect exact school charges leave “Budget Charges” at zero and post the exact charges for the term in the Room, Transportation and Misc. fields
Room/Board in one term	The budget amount for Room/Board expenses during one term
Transportation in one term	The budget amount for Transportation expenses during one term
Miscellaneous/Personal in one term	The budget amount for Miscellaneous/Personal expenses during one term
Others	The budget expenses for “Other” items for one term
Tuition, Fees, Supplies and Other Due From	Specifies where the source fees are due from. Typically these items are Due From Aid