Many institutions choose to use a “National” Budget when constructing their Student Program Budgets which can adversely affect the Cost of Attendance and loan eligibility significantly. FAS follows the Department of Education’s recommendations to use a “localized” budget when figuring Room and Board, living expenses, etc. This practice gives students attending the school the most realistic estimate of expenses and loan eligibility.
FAS will create a localized budget for the institution by averaging all collected student data and combining the components on an easy-to-read report. FAS will also load the budget data for the school into all applications so the budget automatically prints on award letters and certifications. FAS updates each institution al budget annually with an index for inflation. FAS also will reflect for the institution any tuition increases within the budget.