According to the Study on Collegiate Financial Wellness, conducted by The Ohio State University, nearly three out of every four students either agreed or strongly agreed that their finances were a constant point of stress. Students are often just developing their financial knowledge when they are in college, and dealing with loans, scholarships, grants, etc., can be stressful. Having to deal with a cumbersome or confusing payment solution only exasperates the situation.
While Workday Student Financials can be a powerful tool for higher education institutions, it can also be a boon to students, who crave a streamlined, automated, and mobile-friendly way to pay their tuition bills. Let’s take a look at how Workday Student Financials not only helps higher education institutions manage financials more effectively but also improves the student experience.
A Look at Workday Student Financials
Workday Student Financials is a student financial system that serves as a cloud-based general ledger. It’s a flexible system, enabling higher education institutions to set their own rules for charge types and payment rules. Workday Student Financials also automates different financial processes. For example, the system can create accounting entries automatically. In addition, the system provides robust reporting, while streamlining reporting by providing a single ledger.
Ultimately, Workday Student Financials allows institutions to operate more efficiently, keep data accurate, and make it easier to stay compliant.
How Workday Student Financials Improves the Student Experience
While Workday Student Financials provides a lot of value to higher education institutions, it can benefit students as well. As mentioned earlier, anything having to do with school finances can be a pain point for students. By providing additional clarity into charges and making it easier to make payments, Workday Student Financials creates a better experience for students and improves their relationship with your institution.
Here are some of the ways in which Workday Student Financials helps to improve the student experience:
Students don’t want to go through a complicated, cryptically written system to make payments or see what charges are coming up. By creating a tool that is written with the student in mind and that works on desktops, tablets, or mobile devices, Workday has created a more transparent, accessible way for students to manage their school payments.
Factor in Financial Aid
Workday Student Financials can anticipate the amount a student will receive from federal aid and factor that into unpaid charges. This means that students don’t have to calculate this themselves and potentially make payment mistakes.
Workday Student Financials takes much of the stress out of making payments by providing an easy way for students and third parties, such as parents, to see charges and make payments in real-time.
Students can receive notifications for a number of important events, such as upcoming and past-due charges or a financial aid disbursement. This allows them to better stay on top of their financial obligations.
Delivering a fantastic student experience is more important than it has ever been. According to the National Student Clearinghouse Research Center (NSCRC), college enrollment dropped 3.5% for the spring semester this year, the biggest decline in a decade. Many institutions are struggling to attract new students while simultaneously trying to improve their student retention rates. Being able to offer a better student experience can go a long way to attracting and retaining students. Providing clear, streamlined billing helps to address a common pain point for students and helps to improve their overall experience.
You can learn how Collaborative Solutions can help your institution successfully deploy Workday Student and help you make the most of this powerful student information system by visiting our Workday Student page or contacting us.
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