Setup Considerations: Initial Financial Aid Processing
You can use this topic to help make decisions when planning your configuration and use of initial financial aid processing. It explains:
- Why to set it up.
- How it fits into the rest of Workday.
- Downstream impacts and cross-product interactions.
- Security requirements and business process configurations.
- Questions and limitations to consider before implementation.
Refer to detailed task instructions for full configuration details.
What It Is
You can use initial financial aid processing to run student records through each of these financial aid jobs for the first time, for a given academic period:
- ISIR Action Item Evaluation
- Cost of Attendance (COA)
- Merit Packaging
- Need Packaging
- Packaging Communication
You can do initial financial aid processing:
- Automatically, by creating job schedules to indicate when and for whom a financial aid job should run during the Student Nightly Job Orchestration.
- Manually, by running each financial aid job individually.
When a financial aid job completes, Workday assigns students with an initial instance that corresponds to it. Example: You manually run the
Cost of Attendance
job for an individual student for the Fall 2023 academic period. Workday assigns them an initial COA for Fall 2023.Business Benefits
Initial financial aid processing:
- Helps you to process financial aid amounts for the correct students.
- Gives you the flexibility to process multiple groups at different times.
Use Cases
You can configure Workday to assign:
- ISIR action items to students who are entering the university for the first time, and wait to assign them to continuing students.
- COA to students who are entering the university for the first time in the upcoming spring semester.
- Need financial aid packages to eligible students who have also completed their financial aid applications.
- Merit financial aid packages to both undergraduate students and graduate students, who you want to process at different times.
- Email notifications to students whose packages have changed due to changes in their load statuses.
Questions to Consider
Question | Considerations |
|---|---|
How do you want to assign initial financial aid instances? | You can create job schedules when you:
You can run financial aid jobs manually when you:
|
How do you want financial aid processing to differ by student population? | You can create job schedules for different student populations. Example: You could have:
Each student population might require its own schedule. |
Will you have to update or redo initial financial aid processing multiple times? | Once you know the start date for an academic period, you can create job schedules for each financial aid job and begin initial financial aid processing. Workday runs the job until the specified end date and doesn't require any updating.
Optionally, you can run the financial aid jobs manually. |
Recommendations
Workday recommends creating a job schedule for each financial aid job with no filters. Job schedules with no filters enable you to process all students eventually, including students who register late or haven't been processed by any other schedules.
Requirements
Make sure that the academic period for which you're processing financial aid is active on students' financial aid attendance plans.
Limitations
Once Workday processes a student:
- And creates an initial instance for them for an academic period, they aren't processed again for that academic period by any job schedule.
- There's no way to remove the initial instance assigned to them.
Example: A student meets the criteria of your
Cost of Attendance
job schedule and Workday assigns them an initial COA when the job runs. Even though they continue to meet the criteria for the job schedule, they aren’t processed again because they already have an initial COA.Tenant
When you select a date to begin processing financial aid, Workday runs the process:
- At 01:00:00 each night in the time zone configured for your tenant.
- At 01:00:00 Pacific Time if you haven't configured a time zone for your tenant.
Security
In order to configure financial aid processes, you must have access to these domains in the Financial Aid functional area:
- Set Up: ISIR Action Item Evaluation Job Schedule
- Set Up: Cost of Attendance
- Set Up: Merit Packaging
- Set Up: Need Packaging
- Set Up: Packaging Communications
Business Processes
No impact.
Reporting
Reports | Considerations |
|---|---|
View ISIR Action Item Evaluation Job Schedule View Cost of Attendance Job Schedule View Merit Packaging Job Schedule View Need Packaging Job Schedule View Packaging Communication Job Schedule | You can use these reports to review the configurations of your financial aid job schedules. |
Integrations
No impact.
Connections and Touchpoints
Initial financial aid processing interacts with these other areas:
Features | Considerations |
|---|---|
Financial Aid Attendance Plans | Workday uses the information on a student's attendance plan to calculate the amounts they should receive when they're processed through the financial aid. |
Continued Financial Aid Processing | After initial processing, continued financial aid processing helps to ensure that students' financial aid is up to date.
After assigning initial amounts, Workday uses reactions and reaction policies to track changes that could affect students' financial aid, and update their financial aid amounts. |
Workday offers a Touchpoints Kit with resources to help you understand configuration relationships across your tenant. Learn more about the Workday Touchpoints Kit on Workday Community.