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Administrator Guide
Last Updated: 2024-03-22
Create Student Payment Plan Policies

Create Student Payment Plan Policies

Security:
Set Up: Student Collections
 domain in the Student Financials functional area.
You can create payment plans enabling students to pay for their tuition and other charges in installments over time, instead of upfront. These payment plans can be specific to an academic unit and level or program of study.
Example: The School of Nursing has different installment due dates and fees than the College of Arts & Sciences, so they need different payment plans.
  1. Access the
    Maintain Student Payment Plan Policy
     task.
  2. As you specify the policy details, consider:
    Option Description
    Inherit from Superior Academic Unit
    Select this check box to cancel the base policy and inherit the policy from the Superior Academic Unit.
    Create New Policy or Edit Existing Policy
    Select this check box to create or edit the current policy for this academic unit.
    Existing
    As of Effective Date
    When you select an existing policy snapshot or enter a date for an existing snapshot, Workday:
    1. Cancels the current policy.
    2. Creates a new policy as of the specified date.
    Create multiple policy snapshots for student payment plans for each academic unit and academic level combination or Program of Study.
  3. As you complete the
    General
     section, consider:
    Option Description
    Assess a Fee
    Select to charge students a fee for the charge item in the payment plan.
    Minimum Balance Threshold
    Enter the minimum balance that students must have to be eligible for a payment plan.
    When financial balances fall below the threshold after signing up, Workday consolidates all remaining installments into the next due installment.
    Months to Start in Advance
    Specify how far in advance of the academic period (AP) start date to begin payment installments. To start the payment plan after the academic period begins, enter a negative number.
    Example: The fall AP begins in August and ends in December. When you enter
    2
    , Workday spreads out installments over 7 months instead of 5 and the first installment is due in June.
    Payment Plan Duration - Months to End in Advance
    Select to specify how far in advance of the academic period (AP) end date to end payment installments.
    Example: The fall AP begins in August and ends in December. When you enter
    1
    , Workday spreads out installments over 4 months instead of 5 and the final installment is due in November.
    Payment Plan Duration - Number of Installments
    Select to specify the number of monthly installment variations that you want to present to the student.
    When you configurate multiple installment options, students select the number of available payment installments.
    Example: Your institution offers 3, 4, and 5-month installment options. A student enrolling:
    • At the beginning of the academic period (AP), selects 1 of the 3 available installment options.
    • With only 3 months left in the AP, can only select the 3-month installment plan option.
    Create Past Due Installments
    Select this check box, when you enroll a student late and need them to pay as if they signed up normally. This functionality could have an impact on your revenue or reporting.
    Students mass enrolled into a payment plan with a policy that includes creating past due installments, can result in holds assigned.
    Postpone First Installment If Within (Days)
    Enter the number of days that Workday postpones the first installment when a student signs up near the due date of the first installment.
    Example: You enter
    10
    , and the first installment is normally due on September 1. When a student enrolls on August 28, Workday postpones the first installment.
    Days to Postpone First Installment
    Specify how long to postpone the due date of the first installment.
    Example: You enter
    15
    . When a student enrolls on August 28, Workday postpones the first installment to September 12, which is 15 days after August 28.
  4. (Optional) As you complete the
    Installment Adjustment Settings
     section, consider:
    Option Description
    Notification Email
    Select an email to notify students when their payment installments change.
    Do Not Increase If Within
    Enter a number of days. Workday doesn't increase installments within the specified number of days of a charge or charge adjustment.
    Example: You enter
    15
    . Installments for Emily are 1000 and are due on the first of every month. On January 25, you apply a new charge to Emily's account. The February 1 installment, which is within 15 days, remains 1000. All installments due after February 9 increase to account for the new charge.
  5. (Optional) In the
    Override Settings
     section, you can configure different settings for an academic period type.
    As you complete this section, consider the options and descriptions in Step 2.
    Example: At many schools, summer periods are shorter than other academic period types and require different payment plan settings.