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Administrator Guide
Last Updated: 2024-06-14
Steps: Set Up Student Financial Aid

Steps: Set Up Student Financial Aid

Set up your academic structure, programs of study, and academic calendars. See Steps: Set Up Academic Foundation.
Financial Aid in Workday Student enables you to manage:
  • Financial aid requirements.
  • ISIR processing.
  • Need assessment.
  • Award packaging.
  • Award disbursement.
  • Satisfactory academic progress.
  1. Configure Financial Aid business processes and their security policies.
    Access the
    Business Process Security Policies for Functional Area
     report to view the relevant business processes to set up in the Financial Aid functional area.
  2. (Optional) Configure holds to automatically prevent Workday from processing financial aid for students who meet your configured conditions.
  3. Set up financial aid load status policies for programs of study.
  4. Create federal student aid (FSA) program policies and assign them to academic units or programs of study.
  5. Designate academic period types that are considered Summer for federal financial aid:
    1. Access the
      Find Academic Calendars
       report.
    2. Select
      Academic Calendar
      Maintain Summer Academic Period Types
       as a related action from the calendar.
      Security:
      Set Up: Financial Aid Foundation
       domain in the Financial Aid functional area.
  6. Set up action items for financial aid requirements.
    See Steps: Set Up Financial Aid Action Items.
  7. Set up the federal entity IDs that enable you to exchange information with federal higher education organizations and databases through integrations.
  8. Set up integrations to transmit financial aid data to the Department of Education (ED) and other relevant federal entities.
  9. Set up ISIR processing.
  10. (Optional) Set up integrations that enable you to exchange information with private loan servicers and process alternative loans.
  11. Create standards for measuring satisfactory academic progress (SAP) and assign them to academic units or programs of study.
  12. (Optional) Set up award letters and college financing plans.
  13. Set up the student self-service tasks and reports available in the Financial Aid functional area.
  14. (Optional) Set up access for third parties, such as parents, to view financial aid packages.
  15. Set up student cost items.
  16. Set up student award items.
  17. Set up financial aid packaging.
  18. Set up disbursements.