Locations: 

  • Student "Name": Payment Plan
  • Group "Name": Payment Plan Templates
  • Admin → Financial Aid → IRS Standard Mileage Rates
  • Admin → Charges & Payments → Payments
  • Admin → Campuses

Users with the following permissions:
  • Financial: Edit
  • Group Details (Payment Plan & Enrollment Agreement): Edit PP Templates
  • Admin → Financial: Manage IRS Standard Mileage Rates
  • Admin → Financial: Manage Payments
  • Campuses: Edit
Case:

All components in the Non-Direct Educational Costs section in the payment plan are calculated manually. This takes much time and may lead to errors. 


Problem:

How to speed up (automate) the work with Non-Direct Educational Costs and prevent possible errors?


Solution:

The components in the Non-Direct Educational Costs section in the payment plan now can be calculated automatically: 


 

The Room and Board and the Personal Expenses components are calculated by the formula: (weekly amount) × (number of weeks for pay per). 


Note: The formula's elements have the following meanings:
  • weekly amount - the Weekly Room and Board/Weekly Personal Expenses field in the Non-Direct Expenses panel.
  • number of weeks for pay per - the Number of Weeks field for the Pay Per # in the Schedule of Estimated Costs and Payment Arrangements panel.

The Transportation component is calculated by the formula: (average miles student travels to school) × (times a student has to go back and forth to home) × (days a week a student comes to school) × (number of weeks for pay per) × (IRS standard mileage rate for the current period).


Note: The formula's elements have the following meanings:
  • average miles student travels to school - the Average Miles Student Travels to Campus field at the Edit Campus page or the Average Miles Student Travels to School field at the Admin → School Settings page in the single campus mode.
  • times a student has to go back and forth to home - 2 times.
  • days a week a student comes to school - 5 days.
  • number of weeks for pay per - the Number of Weeks field for the Pay Per # in the Schedule of Estimated Costs and Payment Arrangements panel.
  • IRS standard mileage rate for the current period - the value from the IRS Standard Mileage Rates reference at the Admin → Financial Aid menu.


If necessary, the automatically calculated value can be changed manually by clicking the edit icon that is shown when the mouse cursor hovers over a cell at the Edit Payment Plan page:



Uncheck the Use the Calculated Amount checkbox at the pop-up panel and enter the new value in the Amount text field:



The following changes are made for calculations:

  1. The IRS Standard Mileage Rates reference is added to the Admin → Financial Aid menu. It allows setting Rates per Mile for the defined Period:




  2. The Edit Payment page:
    • The Calculation Type field now has the additional Transportation option. The Depend on the Number of Month and the Additional Components option is renamed to Depend on the Number of Weeks and the Additional Components:




    • The Is Loan Feecheckbox is added. The payments of this type should be empty if there are no loans for that pay per in the payment plan:




  3. Added the Average Miles Student Travels to Campus field to the Edit Campus page.
    Note: In the single campus mode this setting is called Average Miles Student Travels to School and is located at the Admin → School Settings page in the Financial section:



  4. Student's Payment Plan and Group Payment Plan Template:
    • The Number of Months field is replaced by Number of Weeks and is filled manually.
    • At the Non-Direct Expenses panel, the Room and Board field is renamed to Weekly Room and Board, and the Personal Expenses field to Weekly Personal Expenses

Available since GEGI v4.8.0 (view release notes).