RIO Challenge v4 - C06.15 - Student Funding Setup

By completing this challenge, you will learn how to configure and apply Student Funding in RIO Education.
This includes setting up the Study Funding, allocating funds to students, and disbursing financial aid to offset student fees.

Learning outcomes

1. Understand how to create and maintain a Study Funding.
2. Understand how to create Individual Funding Allocations for individual students.
3. Understand how to mass disburse Study Funding to all eligible students. 
4. Understand how to apply the Study Funds to a student bill.

What does success look like?

1. Update the Study Funding configuration so it applies only to tuition fees.
2. Create Individual Funding Allocations for each student with different amounts.
3. Disburse the study funding through the Study Term.
4. Apply the resulting Financial Aid Disbursement payments to each student’s Transaction Orders.

Related challenges

1. C06.11 - Order Payment By Sequence
2. C06.12 - Prepayment Transaction

Estimated time to complete

20 minutes.

Steps to complete the challenge

RIO University is offering a scholarship program to reward outstanding students.

As the administrator, your task is to update the Study Funding configuration, allocate funding to students, and process the disbursement so that the scholarships are reflected in their accounts.

1. Click on the 'RIO Challenge V4' tab at the bottom left of the page. Click on 'Initiate Challenge' to generate the data required for this challenge.
   
   
   
   
    
2. From the App Launcher at the top left of the page, search for ‘Study Funding’.
   
   
   
   Then select the list view ‘C06.15 - Student Funding Setup’ and click to open the record created for this challenge.
   
   
   
   
    
3. Study Fundings are records that represent potential financial aids for students that can either be monetary benefits like Scholarships, Sponsoring, Loans, or in discounts to their fees.
   
   By default, a Study Funding can be applied to all types of Transaction Line Items (for example, tuition, insurance, or materials).
   However, when a funding is meant to cover only certain charges (such as Tuition fee), you can restrict its usage by specifying Applicable Item Types.
   
   
   For this challenge, we would like the Study Funding to only be Applicable to a student's tuition fee.
   
   Update the ‘Applicable to Specific Types’ field to ‘Yes’. 
   Then, include ‘Tuition’ to the ‘Applicable Item Type’.
   
   
   
   
    
4. RIO University has agreed to award 2 students, John Doe and Fred Smith with financial aid.
   In order to reflect this on the student's Transaction Orders, we must first create an Individual Funding Allocation.
   
   Individual Funding Allocations are records that track the Study Fundings that have been awarded to students.
   
   Let's create one for John Doe first.
   Within the Study Funding record, click ‘New’ to create an Individual Funding Allocation.
   
   Fill in the following details:

Create another Individual Funding Allocation for Fred Smith:

5. Now that we have created the Individual Funding Allocations, the next step will be to disburse the study funding to the students.
   Otherwise, the students will not be able to use the financial aids to pay or subsidize their students fees.
   
   Open a new tab, and go to the 'Study Terms' tab, and select the list view ‘C06.15 - Student Funding Setup’.
   
   
   
   Then, select ‘C06.15 - Current Term’.
   
   
    
6. Click ‘Disburse Study Funding’.
   
   
   
   
   When prompted, select the Study Funding ‘C06.15 - RIO University Tuition Scholarship’, and click ‘Next’.
   
   Select the Eligible Students - John Doe and Fred Smith, then click ‘Next’.
   
   Select the option ‘Max Per Term or Remaining Amount’, and click ‘Next’.
   
   
   After reviewing the details of the disbursement, click "Confirm' to trigger the automation for disbursing Study Funding amount to the selected students.
   
   
   
    
7. Return to the Individual Funding Allocations created in Step 4.
   Observe the Disbursed Amount and Remaining Amount fields of each record.
   
   Notice that each Individual Funding Allocation still show a remaining amount. This is because we have configured the funding to only disburse a specific maximum amount per term.
   Any remaining balance can be disbursed in future terms, as long as those terms fall within the Start Date and End Date of the allocation period.
   
   
    
8. Go to the 'Contacts' tab, and select the list view ‘C06.15 - Student Funding Setup’.
   
   
   
   Select John Doe's record.
   
   
    
9. Navigate to the ‘Transactions’ tab. 
   
   After the Study Funding is disbursed, a Transaction Payment with the Transaction Type ‘Non-Repayable Financial Aid Disbursement’ is automatically created for each eligible student.
   
   This Transaction Payment represents the actual disbursed amount of financial aid and can be applied to a student’s Transaction Order to reduce their total payable fee.
   
   Take note that the Transaction Payment created is only applicable to Tuition fees, as defined in the Study Funding configuration in Step 3.
   
   
   Now, repeat the same for Fred Smith.
   Notice that both students received different financial aid amounts, matching the values set in their respective Individual Funding Allocations.
   
   
    
10. Navigate to John Doe's Transaction Order.
    
    Observe the ‘Total Amount’, ‘Payment Status’, and ‘Total Paid Amount’ fields.
    These fields will rollup the details from all Transaction Line Items in the same Transaction Order.
    
    
     
11. Update the Apply Non Repayable FA checkbox to checked.
    
    Notice that a new Transaction Line Item was created for the Tuition Fee.
    
    Since the financial aid was utilized for this Transaction Order, the ‘Total Amount’ and ‘Total Paid Amount’ will be updated, and the ‘Payment Status’ will be changed to ‘Partially Paid’.
    
    Now, John will only need to pay $100.
    
    
    
    
     
12. Repeat Step 9 and 10 for Fred Smith.
    
    Notice that Fred Smith will need to pay more than John Doe since he received lower Study Funding amount.
    
    
     
13. Congratulations, you have completed the challenge! Click on the 'RIO Challenge v4' tab at the bottom left of the page, and click on 'Complete Challenge'.