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Administrator Guide
Last Updated: 2023-06-23
Steps: Set Up BBAY 3 Loans

Steps: Set Up BBAY 3 Loans

Your institution has at least 1 BBAY 3 program of study.
Workday enables you to process Federal Direct Loans for Borrower-Based Academic Year 3 (BBAY 3) programs of study manually. BBAY 3 gives you the flexibility to support clock-hour programs of study that don't adhere to fixed start or end dates.
  1. Define a policy with the clock hours and other financial aid rules for BBAY 3 programs of study. Workday uses your policy to create financial aid attendance plans with the appropriate academic periods for students in BBAY 3 programs of study.
  2. Create a disbursement schedule that disburses only once at the beginning of each academic period.
  3. Define the conditions under which BBAY 3 loans disburse. You can use the rule set to link BBAY 3 loan award items to BBAY 3 disbursement schedules.
  4. Create award items for BBAY 3 loans and link them to the BBAY 3 disbursement schedule rule. You need to create multiple award items for the same loan type if you have students participating in BBAY 3 programs.
    Example: If a Stafford loan is available for both Scheduled Academic Year (SAY) and BBAY 3 programs, create 2 Stafford loan award items: 1 for SAY programs and 1 for BBAY 3 programs.
  5. Adjust the dates for a student's academic year.
Federal Direct Loans that you award to students in BBAY 3 programs of study disburse over dates that are specific to each student's academic year.