Student Financials Requirements

Requirement Number

Requirement

R586 Maintain and manage student financial accounts, including transactions with running balance, transactions by academic period, outstanding charges and unapplied payments, and past, current, future and total due as well as anticipated payments.
R587 Maintain and manage customer financial accounts (e.g. customers), including transactions with running balance, transactions by academic period, outstanding charges and unapplied payments, and past, current, future and total due as well as anticipated payments.
R588 Identify the various relationships customers may have with the university (e.g., worker, student, past worker, past student), and leverage these attributes for processes (e.g., billing).
R589 Identify the various relationships customers may have with the university (e.g., worker, student, past worker, past student), and leverage these attributes for processes (e.g., billing).
R590 Create student accounts for non-traditional students (e.g., continuing education participants).
R591 Convert accounts in legacy with a basic balance forward to populate account history.
R592 Enable the capability to add, change or delete student accounts as needed.
R593 Record students as enrolled and paid, when they are at another institution (students abroad and transient).
R594 Post "pending" transactions on accounts--charges and payments (including financial aid and 3rd party sponsor contracts),
R595 Accounts Receivable and resultant accounting are not realized until registration is completed.
R596 Produce fee bills and billing statements in accordance with university guidelines (including flexibility for different terms, modules, and other distinguishing factors).
R597 Allow for various methods of distribution (including mail, email, etc.). In general, need flexibility on presentation for fee bill.
R598 Provide a mechanism by which students with 'zero' balance can indicate they will be attending the institution, complete registration, and accounting recognized. This is needed since payment of the outstanding bill typically determines the student will be attending and completes registration.
R599 Remove (e.g., purge) cohorts of students and reverse accounting. Purge includes course reservation and fees for a specific academic period.
R600 Separate billing statements for various populations of students (current students, past students, workers)
R601 Print Student Statement via self service, on demand and batch.
R602 Ensure charges on student fee bill Include all fees/charges from the enterprise repository as well as from external systems: optional, course, housing, Athletic, Greek, auxiliary fees.
R603 Age outstanding receivables (age accounts and report on type of account, i.e. customer vs customer/student) and by type of charge.
R604 Place delinquent accounts with collection agency and write-off uncollectible debt in mass and individual.
R605 Handle write offs and subsequent reporting needs. Specifically the ability to determine the accounts currently in collection status that have been turned over to the Attorney General's Office as well as the appropriate operational accounting and operational transaction accounting for the write offs. (i.e. recording the operational journal for the write off but still retaining the transactional information holding the student accountable.)  Write offs must be approved by the President prior to the actual write off.  Need the ability to report accounts with potential write off amounts.
R606 Assign delinquent debt to the State Attorney General for collections. Need the ability to assess the delinquent accounts and identify which accounts are in collection and provide specific information via electronic file to the Attorney General's Office. (e.g. only students who are non-enrolled, only accounts 60 days with no activity (date-control framework), provide specific charge information (certain charges are not allowed by law to go to third-party collection).
R607 Write off uncollectible accounts based on specific criteria. (e.g. past-due account is 3-years old with no activity.)
R608 Capture and report 1098T data and assess non-resident alien tax on awards for international students for 1042 reporting.
R609 Assess federal tax withholding (1042-S)on non-exempt scholarships posted to non-resident alien international student.
R610 Manage and track students that have Perkins Loans - information sent to DOE.
R611 Manage and track students with past due loan amounts that have been sent to sent collection agency.
R612 Display how loan proceeds are used to pay off various student charges.
R613 Capture/control on a PLUS Loan whether the refund should go to the borrower or to the student.
R614 Create individual charge transactions with unique accounting based on posting rules.
R615 Track transcript fees.
R616 Assess fees at the course or course section level. Specifically, to include additional fees for specific courses/course sections including non-refundable fees.
R617 Create student fee groups, streamlining the process of assigning fees to courses and course sections
R618 Allow for select charge items such as course-related fees, $10 registration fee, to be non-refundable.
R619 Define, manage and assess tuition, fees and charges based on criteria for the student and program of study by academic time period.
R620 Calculate tuition and assign fees in real time
R621 Define due date rules, based on either an academic period begin date or the charge posting date, that can be used to calculate the payment due date on charges posted to a student's account.  Specifically requiring multiple levels of due dates as it relates to when a student's classes are purged (dropped) for late/non-payment.
R622 Assign multiple student charge items to one or more student accounts.  Consider posting charges for one or more students; determine which charges to post based on charge item assignments for the student's academic unit or program of study; calculating charge amounts and due dates according to each charge item definition; and, including an option to assign waivers.
R623 Calculate tuition and assign fees in batch processes (i.e., automated fee assessment and re-assessment).
R624 Assess and assign applicable late fee. (e.g. Late Registration Fee), with flexibility to assess the late registration fee based upon various criteria (e.g. when courses are scheduled, past-due, and/or late registration)
R625 Provide a diverse schedule of refunding dates and percentages for different campuses. Refund charge adjustments should be net by day and by course.
R626 Calculate charge items, waivers, and awards. (calculation engine) e.g. calculating meal plan charges for incoming Freshmen and book charges for athletes paid from scholarship funds.
R627 Assess fees such as resident/non-resident charges in "gross" fashion, based upon the specific calculation criteria (e.g., Exemptions are booked "gross" and then netted. )
R628 Assess fees such as resident/non-resident charges in "net" fashion, based upon the specific calculation criteria (e.g. Waivers are booked "net")
R629 Assess fees with a manual override when needed by academic period.
R630 Provide upfront allocation of fee assessment to the appropriate Program of Study or Cost Center.
R631 Calculate revenue allocation for students taking courses across academic units. (e.g. Vet school and Grad school can have students taking each other's courses and would need to allocate revenue accordingly.)
R632 Manage retainer charges (pre-paid deposits) (e.g. key deposits, labs, lockers, etc.), including complete/partial cash refunds and/or revenue recognition when applicable. (i.e. liability vs revenue until such time as any portion becomes recognizable as revenue)
R633 Apply a single charge item to an individual student's account.  Consider the charge item, the amount, and the due date; the revenue category as inherited from the charge item, and required approvals.
R634 Route external charges for approval  prior to posting to student accounts.
R635 Post external charges post to student accounts.
R636 Post debit and credit A/R transactions from external data sources (i.e., third party applications, spreadsheets)
R637 Post interactively (real-time) and in batch student fee-related charges from external data sources (i.e. third party applications, spreadsheets), with net impact denoted against student fee bill for a given academic period. (EIB, iloads, etc.)
R638 Post charges and associated due dates (e.g., summer camps) for incoming freshmen before fees for the upcoming academic period are posted.
R639 Provide integration for external charges for students who purchase Football/Athletic Events Tickets to show on student account.
R640 Configure a payment precedence framework to control how payments are applied to charges.  The precedence group associated with an award, payment, waiver, or student sponsor contract should identify which charge types the payment can cover; the time frame for selecting eligible charges, and the order for paying charges.
R641 Set payment precedence by groups of charges. Payments are applied to oldest debt first. Payments can include financial aid and/or 3rd party payments. However, need manual override to apply payment to a specific charge (e.g. payment needs to be applied specifically to housing charge).
R642 Allocate payments to charges equally across all charges.
R643 Utilize a rules-based structure and priority sequence to allocate credits/payments posted to student accounts.
R644 Utilize a rules-based structure and priority sequence to allocate credits/payments posted to customer accounts.
R645 Facilitate payment swapping (allow a new payment to automatically swap for one previously applied). Consider most restrictive (e.g., a nonrefundable payment before a refundable payment; tuition before tuition and fees).
R646 Specify which charges a payment can cover based on the associated academic period.   Consider award year; current academic period; current and prior academic periods; and, any academic period.
R647 Specify how to apply payments for charges that have the same priority.   Consider charge type; current academic period first; oldest academic period first; and, oldest charge.
R648 Restrict specified payments to charge items with a Title IV classification.
R649 Reassess charges automatically when a student adds or drops a class, changes their residency, or makes other changes. Compare new charges to those already posted to the student account and post any difference (positive or negative) as an adjustment to the current period. Retain the initial charge amount with its original due date in the account transactions and assign a different due date to the adjustment if appropriate.  Generate the accounting, associating relevant worktags, and posting  journals to the appropriate ledger accounts based on on account posting rules and posting rule dimensions.
R650 Create a student charge adjustment with justifications. Adjust the amount or due date for a charge item assigned to a student (manual overrides) Would prefer adjustments be included in a business process or at a minimum be able to identify via a report.
R651 Assign a separate fee based upon a percentage for collection efforts on delinquent accounts. (e.g. 25% fee to Attorney General's Office as a separate fee).
R652 Reassess charges manually as appropriate with automatic recalculation of account balances, reapplication of payment precedence rules and generation of the appropriate accounting entries.
R653 Charges are fixed on the Fee table, but can be manually modified.
R654 Manage and apply payments from students, financial aid, third-party payment plans, sponsors, and guests. Create, manage, and release financial holds.
R655 Create and maintain precedence groups to specify what charge items disbursements will cover and in what order.
R656 Create process rules for refunding credit.
R657 Identify/report what charges and how much were paid by financial aid disbursements for students in multiple programs (multiple tuition charges)
R658 Prepare for student payments by defining payment types, precedence groups, forms of payment and security.
R659 Verify student payments that have been accepted or are in process. (i.e. ACH processing payments that have not balanced)
R660 Verify student payments that have been accepted or are in process. (i.e. Credit card payments that have not balanced)
R661 Automate the process for returned payments by payment type and placing holds in accordance with university guidelines. This includes preventing certain payment methods, flexibility for exceptions, and monitoring quantity of returned payments. e.g. If the student has 3 returned checks, then checks will no longer be accepted by the institution. If returned via ACH for non-sufficient funds, an additional fee is assessed. Else, no additional fee for other payment types.
R662 Adjust a payment amount received from a student as appropriate (e.g., if the wrong payment amount is entered wrong amount  or if the payment is posted to the wrong account) and capture the reason for the adjustment.  Retain the initial payment amount  and post the an adjustment that represents the difference between the original amount and the correct amount.  Generate accounting entries that reverse the original amount and post the new amount.
R663 Provide for a real-time "integration" with Financial Aid. Specifically a single repository for all things "Aid"--Title IV, 3rd party contracts, scholarships, etc. to show as pending payments on the student account.
R664 Automate the posting of all things "Aid"--Title IV financial aid, 3rd party contracts, scholarships, etc. to post as payments on the student account.
R665 Process Departmental Cash Awards including identifying students with awards from multiple departments and capability to batch load.
R666 Identify students whose tuition is paid from sponsored research to automate payment of fees via the appropriate grant to include disbursement and federal expense drawdown information.
R667 Identify/report charges and how much was paid by Financial Aid disbursements for students in multiple programs (multiple tuition charges)
R668 Support automated posting and return of financial aid exemptions and scholarships.
R669 Provide student self-service selected deferred payment plans wherein a partial payment is accepted upfront and then installment payments are accepted over the term of the academic period on a monthly basis. Should also include the ability to override the upfront payment requirement to waive the 50% due and defer the total amount. (Upfront payment can also be in the form of a scholarship.)
R670 Apply a percentage service fee for student deferred payment plans due but not yet paid.
R671 Track and manage payroll deductions for non-student workers with Student Financial triggering the deduction. Specifically, Graduate Assistants and 3rd party payroll deductions for employees providing payment via payroll deductions to pay their student bills. Need to identify new hires via Workday HCM and provide a forced registration.
R672 Manage emergency and short-term loan programs offered by the institution to include a business process between the Bursar's Office and Financial Aid Office.
R673 Identify and place holds on student accounts both manually and automatically based on student attributes. Need the flexibility as to hold reasons and hold action items. (e.g. Hold reasons include but not limited to: Freshmen providing immunization records, students with past-due balances, students with delinquent deferred payments, etc. e.g. Action Items include but not limited to inability to register, withholding transcript, withhold actual diploma for graduating seniors, etc.). For diploma holds, provide ability to produce a letter to use in lieu of a diploma when students have outstanding billing statement balances. Provide a report listing of the graduating students with outstanding balances by college (the colleges attempt to follow up with their students) and a comprehensive list in alpha order as well.
R674 Identify and place holds on cohorts of student accounts both manually and automatically based on student attributes. Need the flexibility as to hold reasons and hold action items. (e.g. Hold reasons include but not limited to: Freshmen providing immunization records, students with past-due balances, students with delinquent deferred payments, etc. e.g. Action Items include but not limited to inability to register, withholding transcript, withhold actual diploma for graduating seniors, etc.). For diploma holds, provide ability to produce a letter to use in lieu of a diploma when students have outstanding billing statement balances. Provide a report listing of the graduating students with outstanding balances by college (the colleges attempt to follow up with their students) and a comprehensive list in alpha order as well. 
R675 Automatic Student Holds - automatically place students with past-due charges on hold, preventing them from moving forward on processes such as registering for classes and/or processing a feebill..
R676 Allow tolerances for dollar and due dates for holds. (e.g. $100 past-due tolerance to prevent hold on registration).
R677 Process a variety of methods of payments such as cash, checks, credit and debit cards.
R678 Provide the ability to gather student payments for centralized deposits.
R679 Create/manage student sponsor contracts that allow trusts, government agencies, organizations or other third parties to pay expenses for one or more students.
R680 Define sponsors, create contracts, set up billing schedules, create invoices, disburse award payments
R681 Indicate for all awards/sponsors who will receive any excess funds, the student or the provider.
R682 Allow for charges covered by sponsor contracts to remain on student accounts, as they are ultimately responsible.
R683 Identify customers and track payments by their contributing agencies. This process also allows for billing and other communications with contributing third party agencies. (Not in Product)
R684 Allow for 3rd party Sponsor Agreement (VA 33, Exxon, Embassy) to have rolling multi-year awards over several academic periods. Specifically, LSU needs the ability to add multiple students to a single contract that allows the contract to span multiple years and academic periods for the length of the contract term the payment applies to a particular student.
R685 Provide for third party sponsor agreement (VA 33, Exxon, Embassy) capabilities, including sponsor billing. such that all students can be included on a single invoice to the sponsor (consolidated invoicing).
R686 Invoice sponsor with grade information (particularly for state agencies).
R687 Update, maintain, and assess waivers and discounts. Defer or waive charges based on pre-defined circumstances (waiver of non-resident fee for graduate assistants, deferment of fees for financial aid, etc.).
R688 Enable the management and posting of departmental Waivers - foundation or grants. Enable decentralized management of departmental awards with business process that flows through financial aid
R689 Utilize HCM criteria to identify and manage tuition fee waivers for employees
R690 Differentiate department waivers from financial aid waivers.
R691 Develop processes by which Workday HCM data relative to Graduate Assistants can be utilized in determining waiver status for tuition and payroll deductions. (i.e. Graduate Assistants are charged in-state tuition regardless of residency.)
R692 Provide refunds (e.g. financial aid, scholarship, etc.) generating check or ACH transaction and associated accounting
R693 Execute refunds to parents or students for overcredits on PLUS loans, based upon parent's selection.
R694 Enable the type of payment made on a student type to determine the method of refund, when applicable. If the payment was by credit card, then refund excess to the same credit card. Otherwise, if banking preferences in place, deposit the refund. If not, then send a check.
R695 Execute refunds to students for overcredits on PLUS loans
R696 Create the appropriate operational journals when posting settled refunds to student accounts.   Consider debt (unapplied on-account payments) and credit (cash).
R697 Issue refunds to a specific student or to multiple students in compliance with requirements/regulations and  based on criteria related to the student, course, and third-party agreements.
R698 Post refunds for student awards, payments, and sponsor contracts that are configured as refundable.
R699 Set up parameters to allow for refunds whether they are caused from withdrawals, payments received in excess of total charges, or allowing time for checks to clear, etc. Additionally, if refund is from "aid"--anything in the financial aid repository (Title IV financial aid, 3rd party contract, etc.) issue refund immediately.
R700 Identify and automate the processing of refund eligible customers. This process also allows for refunds to be received via paper check, ACH (direct deposit, re-loadable debit card).
R701 Create a manual student refund for a specific student as necessary and appropriate.
R702 Provide student self-service within a business process for requesting refunds. To include any parameters for refund management (i.e. check has cleared).
R703 Post a payment advance for student under select circumstances. Refund student financial aid with no charges on student account prior to receiving/disbursing aid.
R704 Enable student to utilize self-service functionality to handle all transactions electronically.
R705 Enable student to utilize self-service functionality to handle transactions such as paying via the web, receiving refunds ACH, submission of any needed/required document electronically.
R706 Enable banking information to be added via self-service for student credit balance refunds. Add auto update (expire) for returned ACH deposits.  Include notification to student.
R707 Provide a "shopping cart" experience for students to show charges as they register and add additional items to their fee bill (e.g. meal plans, etc.)
R708 Provide an up-to-date Student dashboard, which consolidates key information and actionable items in one location
R709 Provide functionality to drill down from the ledger reporting to the actual student transaction including calculated transactions.
R710 Enable worktag and optional worktag balancing. Use worktags, enable worktag balancing, and use additional balancing worktag types for student financial transactions, providing more control and accountability for journals
R711 Provide a flexible and scalable security infrastructure for web-based payments and visibility into accounts.
R712 Enable proxy access for parents or others as deemed appropriate by student to include what specific access the student deems applicable. (e.g. ability to pay fees) Proxy access should be allowed to be initiated by student or parent (3rd party). Allow for proxy management (adding/removal proxy parties,roles) to be managed in batch.
R713 Implement granular security to allow posting of A/R at the charge/charge item level.  Financial revenue category and segmented by group
R714 Deliniate student fees eligible/not eligble for coverage by TOPS (state award program) within the process to render student feebills.This reporting feature is mandated by state legislation.