Tuition Cycle groups students together when posting Tuition Fees. A simple way to think of it is "How often are families billed for this rate?"
Families can also be setup to pay you on different schedules using e-Payment Schedule. For example, all families could be billed once a month but some could pay you on the 1st while others pay on the 15th.
Once you have established Tuition Cycles, you can add your Tuition Rates.