Blog Layout

Feature Spotlight: Budget Calculator

Daniel Orofino • Oct 21, 2019

Have you ever found that an “official” financial aid calculation doesn’t accurately capture a student’s financial circumstances? If your institution factors financial need into awarding decisions, then it’s critical that you find a way to properly assess each applicant’s finances. AwardSpring’s newest feature, the Budget Calculator, is designed to help you do just that.

The Budget Calculator is a simple, customizable calculator that documents a student’s incoming and outgoing funds to establish cash flow - and financial need. When the Budget Calculator is activated, students will see it within the application flow. There are two sections to the calculator, initially named “Resources” and “Expenses” (administrators can rename these sections if desired). The “Resources” section is designed to include fields like income, scholarships, grants, and parental or spousal contributions. The “Expenses” section is designed to include fields like housing, groceries, utilities, and child care. Administrators can create, label, and customize as many fields as they like under each section. In addition, administrators can provide introductory and field instructions as needed.

We expect the Budget Calculator to be particularly useful in areas with high costs of living, where government estimates aren’t always accurate. You may also want to use the Budget Calculator if you suspect that your students’ EFC numbers aren’t telling the full story. You can always add the Budget Calculator for a cycle or two to see if it helps you make better awarding decisions. If you already use a different method of assessing student financial need, you don’t have to replace that method with this calculator - just use both, and see if you get any new insights!

If you’d like to try the Budget Calculator, we recommend adding it between award cycles. Contact us at support@awardspring.com and we’ll be happy to walk you through the configuration.

Want to learn more?

Join our Budget Calculator Webinar:

  • October 29th: 1 - 2 pm CST
  • October 31st: 11 am - 12 pm CST

Screen Share Link: Click Here

Audio by Phone: 1-773-231-9226

Use Code: 911 234 9065#

AwardSpring Blog

By Jill Murphy 08 Feb, 2024
The FAFSA Simplification Act has brought about significant changes to the financial aid landscape, ushering in a new era in the FAFSA application process. While you’re likely familiar with the details, let's take a moment to recap the key highlights of this transformative legislation. Key Changes: Transition to SAI: The cornerstone of the FAFSA Simplification Act is the replacement of the Expected Family Contribution (EFC) with the Student Aid Index (SAI). This shift aims to provide a more nuanced assessment of financial need, offering flexibility with SAI values, including the possibility of negative figures down to -1500. SAR to FSS: Another notable change is the rebranding of the Student Aid Report (SAR) as the FAFSA Submission Summary (FSS), reflecting the evolving nature of the application process. Negative SAI and PELL Grant Eligibility: One of the significant departures from the previous system is the allowance for negative SAIs. This change necessitates adjustments in how institutions package students for need-based aid. Additionally, PELL grant eligibility will now be determined using criteria separate from the FAFSA and resultant SAI, with the incorporation of IRS tax return data where feasible. As you embark to adapt these new protocols, it's essential to remain informed and proactive in navigating the evolving landscape of higher education finance. As an AwardSpring partner, we’ve made suggestions on how to leverage these changes to better support students on their educational journeys and ensure access to the opportunities they deserve. AwardSpring offers the following recommendations to guide institutions through this process: Recommendation #1: Expected Family Contribution (EFC) to Student Aid Index (SAI) The most consequential change to teams that are putting together Financial Aid packages or making scholarship awarding decisions are the EFC to SAI transition. We recommend you consider one of two options: Option 1: Re-label existing EFC fields as SAI to maintain continuity in data collection If you choose to re-label existing EFC fields, be mindful that doing so may impact historical data analysis, requiring a clear understanding by the consumers of any reports of the transition from EFC to SAI effective the date you make this conversion Option 2: Keep your existing EFC fields for historical purposes and create a new SAI field In this instance, you’ll need a thorough review of all of your qualifications and/or awarding decision-making processes to ensure SAI is being used and EFC is properly retired Notables: In the case where you’re using our SIS Integration feature, we’ll want to coordinate which path you’ve chosen so we can update the import process accordingly AwardSpring currently doesn’t allow our numeric fields to go negative creating a gap between the new SAI protocol and our existing numeric fields. We’ll be addressing this in a March, 2024 release so you can capture negative SAI values, if desired In either case, you’ll want to review scholarship qualifications tied to EFC and/or SAI, and ensure compatibility with the possibility of negative SAI values Recommendation #2: Student Aid Report (SAR) to FAFSA Submission Summary (FSS) Much like repurposing EFC for SAI in our first recommendation, you have another consideration with SAR vs. FSS: Option 1: Evaluate the option of re-labeling existing SAR upload fields as FSS to streamline data collection recognize that this adjustment repurposes the field, necessitating careful consideration of historical data interpretation Option 2: Alternatively, create separate fields to accommodate the transition, albeit with potential rework depending on your unique configuration and whether you utilize SIS Integration Recommendation #3: Other FAFSA Fields There’s more variability here since you may have a wide degree of fields to consider. You should tailor any changes based on the specific field type, whether it’s being used as a qualification, and whether you’d need to make corresponding changes in your SIS. Summary Proactive assessment and strategic adaptation of FAFSA-related questions are crucial to seamlessly transition to the new framework outlined by the FAFSA Simplification Act. By carefully considering these recommendations, you can ensure alignment with regulatory changes while maintaining efficiency and accuracy in financial aid processes. As always, if you’d like to talk with our expert staff, don’t hesitate to reach out to us at support@awardspring.com.
AwardSpring: The #1 Scholarship Management Software
By The AwardSpring Team 22 Sep, 2023
We're absolutely thrilled to announce that AwardSpring has clinched the prestigious #1 spot in the G2 report for Scholarship Management Software, but we didn't stop there!
Show More
Share by: