In the modern higher education landscape, managing financial aid is not just about disbursing funds—it’s about ensuring access, equity, and student success.
Workday Financial Aid offers an intuitive interface and robust capabilities designed to revolutionize how colleges and universities administer and optimize financial aid processes, improve financial reporting, and streamline the entire financial aid lifecycle, from application to disbursement.
In this article, we discuss the key capabilities of the Workday Financial Aid platform, exploring how it enables institutions to support students in their pursuit of higher education while ensuring compliance and efficiency for critical financial aid items.
Understanding the Workday Financial Aid Platform
Workday Financial Aid offers a unified platform that enables customers to determine financial aid for applicants and existing students, access instructions to complete financial aid documentation, and manage the status of financial assistance updates over time.
As part of the larger Workday Student ecosystem, the Financial Aid solution provides the flexibility and control to streamline the financial aid process from start to finish, empowering students and financial aid administrators to automate manual processes and reduce the total cost of attendance.
Key Capabilities of Workday Financial Aid Management
- Improve visibility for each semester or yearly financial aid award
- Manage the total cost of attendance for each student
- Outline management procedures for account balances and due items
- Process and verify IRS requirements
- Assign financial aid action items to users with specific roles or responsibilities
- Identify and automate responses to changes in student data
- Provide a unified work-study experience across the complete student lifecycle
- Consolidate federal and institutional awards in a single platform
- Simplify the end-to-end financial aid process for students and administrators
Benefits for Workday Student Users
Here are a few critical advantages of Workday Financial Aid for users in higher education institutions:
Flexibility
The Workday Financial Aid platform provides the flexibility, scalability, and automation to process financial aid whenever needed, regardless of whether the organization operates under a traditional financial period or one tailored to its unique organizational and personnel needs.
With flexible options for financial aid processes, higher education organizations can:
- Track, manage, and account for courses that don’t fall within a standard semester period
- Identify changes in enrollment and automatically recalculate aid to align with new changes
- Leverage specific start and end dates to calculate actual weeks of instruction
Support
By leveraging Workday’s intuitive external site for financial aid management, students can complete requirements, upload forms and documents, and apply for financial aid quickly and easily.
Once financial aid elections have been confirmed and courses chosen, the integrated Workday ecosystem allows users to view awards and pay tuition from the same platform.
Unification
Workday Student comes with pre-built integrations for HCM, Payroll, and Financial Management, making it even easier for students to enter and manage hours worked, ensure accurate work-study limits, and gain compensation for their efforts.
Workday is the only student information system that allows students to search, apply for, and accept federal work-study awards directly on a single, unified platform.
Simplification
Workday provides a simplified system that empowers students to manage their own financial aid procedures and navigate a complex financial landscape, all within a single platform.
Eligibility
Streamline ISIR load processes and utilize a robust calculation engine to update student information, access eligibility results in real-time, and assign action items to specific users.
Compliance
Access critical compliance updates and other regulatory changes for Pell Tables, ISIR records, and other documentation to ensure compliance with evolving regulations.
Automation
Automate changes to financial aid elections, registration or residency statuses, or other student data to ensure accurate attendance costs and awards.
Awards
Determine the right reward amounts for each student based on the organization’s application attributes and other rules-based processes.
Partnering with the Best
Whether you need help managing a Workday implementation from start to finish, outlining action items for an upgrade project, or maintaining communication between project teams, Surety Systems can help.
Our senior-level Workday consultants have the knowledge, skills, and experience to understand your critical project needs, review implementation and integration plans, and ensure continued success.
Contact Us
Contact us today for more information about our Workday consulting services or to get started on a project with our team of expert consultants.
