Requirements

Requirements allow schools to easily track what actions students still need to take in order to be packaged (including receiving awards from specific funds), and to have that aid disbursed. Since there are many requirements that take place at various points in the financial aid life cycle, tracking these requirements within PowerFAIDS automates the financial aid process by ensuring certain steps are met by students prior to packaging or disbursement of aid.

The Requirements feature in PowerFAIDS makes many aspects of the financial aid packaging process easier. Some advantages to using Requirements include:

• Convenience and automation: By creating requirements in PowerFAIDS, you can ensure requirements are met prior to packaging and disbursement. You can also build communication templates that populate using information from Requirements. After requirements are created in System Administration, you can add them to the student record manually, via selection sets, or via the student information import.

• Ability to create lifetime requirements: You have the option to choose whether a requirement is award year specific or not. Lifetime requirement options allow your office to include items that do not change throughout your students' tenure at the institution, such as a birth certificate, without re-creating them multiple times to associate with each award year.

• Options for requirements that should not hold up aid processes: In addition to requirements needed for packaging or disbursement, you can also create other types of requirements that should not hold up either of these processes. This allows for more flexibility when requesting information from a student that is optional or not time sensitive, such as setting a reminder to notify a student or creating an additional internal step your office typically completes.