Steps: Set Up Student Award Items
When a student is eligible for financial aid, they can accept a financial aid package with various awards. Award items represent the different types of financial aid at your institution, such as an athletic scholarship or a federal loan. To package financial aid, you must first create the different award items a student can receive.
- (Optional) Create Fiscal Year Limits for Student Awards.You can limit the total amount to award for 1 or more award items during a financial aid award year.
- (Optional) Create Amount Interim Calculations.You can create amount interim calculations that define how much a student should receive from an award item based on other award items that Workday packages in the same packaging run. You can also create these calculations when creating student award items.
- (Optional) Create Eligibility Interim Calculations.You can create eligibility interim calculations that define whether a student should receive an award based on the presence or absence of other award items that Workday packages in the same packaging run. You can also create these calculations when creating student award items.
- (Optional) Create custom objects and fields to use in award item calculations.See Concept: Custom Fields in Custom Reports and Calculated Fields and Concept: Custom Objects.
- (Optional) Maintain Student Award Amount Preservation Rules.You can configure award amount preservation rules for student award items to prevent automated packaging jobs from reducing or adjusting award amounts after a specified date.
- Each award item represents a type of financial aid that you can award, such as a specific scholarship, loan, or a Federal Pell Grant.