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Administrator Guide
Last Updated: 2024-09-20
Steps: Set Up Student Payment Plans

Steps: Set Up Student Payment Plans

You can define payment plans enabling students to spread their payments over an academic period (AP) rather than paying all of their charges at once.
  1. Access the
    Maintain Academic Period Date Controls
     task.
    Define when students can sign up for payment plans with these date controls:
    • Payment Plan Sign-Up Window Start
    • Payment Plan Sign-Up Window End
    These controls also enable administrators to enroll students in payment plans at any time during the AP, even outside of the sign-up window.
  2. Edit Business Processes.
    Configure the
    Student Payment Plan Enrollment Event
     business process and security policy. You can add a Review Documents step to require students to approve and acknowledge the payment plan as a legally binding agreement for student collections.
  3. (Optional) Create a charge item for your payment plan fees.
  4. (Optional) Exclude charge items from payment plans.
    1. Access the
      Find Student Charge Items
       report.
    2. Select
      Student Charge Item
      Edit
       from the related actions menu of the charge item to exclude.
    3. Select
      Exclude from Student Payment Plans
      .
    When students sign up for payment plans, Workday excludes the charges associated with the charge item in the payment plans. Students must pay excluded charges in full by their due date.
  5. You can create email messages to notify students when their installments adjust. The email must include these settings:
    • Category:
      Student Financials
    • Use For:
      Student Payment Plans
  6. Students enroll themselves in payment plans based on these policy settings.
  7. (Optional) Access the
    Create Student Payment Plan Template
     task.
    Administrators can enroll 1 or more students into payment plans using templates.
    Security:
    Set Up: Student Collections
     domain in the Student Financials functional area.
  8. Workday only recalculates internal payment plans.
During the signup window for an AP, students can use the
Sign Up for a Payment Plan
 task to enroll in a payment plan. When a student signs up, Workday:
  1. Adds all of their eligible, unpaid student charges.
  2. Subtracts their anticipated payments to calculate the payment plan balance.
  3. Divides the balance by the number of installments selected to calculate the installment amounts.