Best Financial Aid Management Software

Financial aid management software handles the administrative processes involved in the issuing and management of financial aid. These solutions are typically used by higher education institutions to maintain compliance, reduce costs, and improve the entire process of financial aid distribution.

Administrative professionals in higher education institutions use financial aid management software to automate financial aid document processing, communicate with students regarding their financial aid, distribute forms digitally, and analyze data associated with the entire process. Students can use a portal to submit documents, track progress, and maintain an overview of their own financial aid status.

Financial aid management software often integrates with school resource management software and student information systems (SIS) to provide comprehensive student profiles.

To qualify for inclusion in the financial aid management category, a product must:

Process student financial aid forms
Automate portions of the financial aid process
Provide a dashboard for administrative professionals to manage all student financial aid

Compare Financial Aid Management Software

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Deliver an intuitive and modern financial aid experience for students. Ellucian Banner(R) Financial Aid is designed to process the highly complex activities inherent to higher education.

Create an intuitive financial aid process that removes obstacles for your constituents. Process and track financial aid applications and awards with a system designed for higher education.

(4)4.0 out of 5

Designed to simplify the complex world of financial aid, Workday applications are built to serve both your school and your student.

(2)4.3 out of 5

CampusLogic delivers SaaS technology that helps colleges and universities remove barriers in the financial aid process. The company currently helps more than 750 schools increase enrollment, retention, and graduation rates with the most comprehensive platform of student financial success products. The CampusLogic student financial success platform includes a net price calculator, complete scholarship management, personalized digital communications, simplified financial aid verification, 24x7 per

(2)3.8 out of 5

Helping schools help families. For more than 50 years, SSS has helped connect hundreds of thousands of students with an exceptional education.

Confidently make financial aid award decisions and simplify the application process with Blackbaud's Smart Aid software for K-12 private schools and small colleges.

(1)5.0 out of 5

Campus Cafe is an integrated Student Information System (SIS ) built for Higher Education that manages the entire student life cycle including Admissions, Student Services, Business Office, Financial Aid, Alumni Development and Career Tracking functions. Find out why so many post-secondary schools are choosing Campus Cafe! Our focus is to provide learning institutions with real-time access to critical business and student data so they increase student satisfaction, reduce costs and make better

(2)4.3 out of 5

EMPOWER is your complete campus management solution. Synchronize, control and effectively use your school's data with the best software, service and value.

(1)5.0 out of 5

FAME has been in business for over 40 years. We offer a range of software and services in order to help schools with all their financial aid needs: Financial Aid Solutions: Enable users to view your institution’s financial aid records and interface with our Processing Center. We calculate and schedule disbursements for Federal grants, loans and campus-based awards using the student data. Student Information Systems (SIS): Simplify your student life-cycle, this includes recruiting, admissions

(1)1.5 out of 5

Regent Award is a comprehensive software-as-a-service solution that automates the entire financial aid lifecycle. Regent Award affords institutions the academic flexibility to meet the needs of all students by offering innovative enrollment and education models at scale.

0 ratings

Eduquette is a leader in providing web-based school management system that is comprehensive and capable of processing financial aid.

0 ratings

Administer, track, and report on student aid for the global education community with a solution designed for institutions outside the U.S.

0 ratings

With FACTS Grant & Aid Assessment, we work with you to create a custom application to securely collect families’ financial data. This allows you to make data-driven award decisions based on financial needs, while also streamlining your enrollment process by bringing your admissions process online, and eliminating a silo-based infrastructure.

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InfoReady Review is a self-service application review and funding competition management solution.

0 ratings

OPRS School Tuition allows staff to create payment plans for tuition and fees, apply financial aid, record payments and print many reports including payment coupons.

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While US and eligible non-citizens typically apply for state aid using the online FAFSA, undocumented students typically have to download, print, complete, and submit paper-based applications. This manual process creates a barrier to enrollment, results in an inefficient use of staff, and delivers sub-optimal responsiveness to applicants. Regent Access automates and simplifies this process, making it easier for undocumented students to apply for state aid, minimize the time and resources require

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Regent Review streamlines, simplifies and shortens the verification process which improves the institution’s Title IV regulatory compliance, reduces processing times, and abbreviates this often frustrating and time-consuming step for students and parents.

0 ratings

A fully integrated web-based system with automated student financial aid processing and a virtual office.

0 ratings

SimpleApply is a resource for Online Admission Applications, Net Price Calculators and custom Section 508 compliant forms, specialized in Higher Education, K-12, Health Care, Government, and Nonprofit markets.

0 ratings

Integrated web-based tuition management, admission, enrollment, financial aid, and school management for private and public schools.

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Tuition Management is an integrated web-based tuition management, admission, enrollment, financial aid, and school management for private and public schools.

0 ratings

Unit4 Student Management is a next-generation, cloud-based student information system designed to meet the digital expectations of today's campus community. Student Management covers the entire student lifecycle, from admissions to alumni management.

Learn More About Financial Aid Management Software

What You Should Know About Financial Aid Management Software

Financial aid management software simplifies and organizes the complex processes of administering financial aid programs. Financial aid includes loans, work-study programs, grants, and scholarships.

Some financial aid management tools handle all the steps in the process, from gathering eligibility information for a student’s application to arranging repayment plans for student loans. Higher education institutions typically use financial aid software to maintain compliance, reduce costs, and streamline the process of financial aid distribution. Additionally, some software cater to private K-12 schools to help manage private scholarships and grants.

Why Use Financial Aid Management Software?

Financial aid software has many use cases at educational institutions. Some of these include automating complex processes, maintaining compliance with regulatory requirements, and streamlining communication with financial aid recipients.

Automates complex aid processes — Financial aid software helps education administrators manage the financial aid process for thousands of students from start to finish. With this software, officials can easily manage eligibility documents, award aid packages, and set up disbursement schedules.

Maintains compliance — Colleges and universities with students eligible for federal student aid must stay compliant with evolving laws and regulatory requirements for those programs. If institutions make mistakes in this process, they may face thousands in fines or have to repay federal student aid funds. Financial aid software helps administrators ensure they comply with the most recent regulations.

Improves communication — The complexity of the financial aid process often overwhelms students and their families. Financial aid software streamlines communication with recipients of financial aid, allowing students to access self-service systems where they can upload documents, view the status of their award offers, and receive notifications about disbursements. Modern financial aid systems make these services available across multiple devices, such as phones and tablets.

Who Uses Financial Aid Management Software?

Financial aid management software is typically used by school administrators and students at higher-education institutions, although a smaller number of private K-12 schools use these tools as well.

School administrators — Administrators at colleges and universities use these tools to process federal financial aid eligibility documents, educate students about the financial aid process, communicate with students about key deadlines and events, and automate the disbursement and management of awards. Private K-12 school administrators also use financial aid management software to manage private grants and scholarships.

Student aid recipients — Students can use financial aid management software to upload eligibility documents for an application, check the status of their awards, and manage payments.

Kinds of Financial Aid Management Software

Financial aid management software focuses on two main markets: colleges and universities and K-12 private schools. Larger higher-education institutions need software with the capacity to manage and process a wide range of aid for higher education, including federal loans, private loans, grants, scholarships and work-study programs. Software that targets the private K-12 school market focuses on private grant and scholarship management.

Financial aid management software also differs in its integration with other products. Some products are part of a larger software suite that includes features related to other aspects of school administration like recruiting, admissions, student records or advising. Others are designed to focus more specifically on the financial aid process.

Financial Aid Management Software Features

Financial aid management software may include some of the following features:

Administrators

Automated calculations — Administrators can automatically calculate total cost of attendance (COA), disbursement schedules, and which students are eligible for tuition discounts or scholarships. This type of software helps automate calculations, preventing errors that might result in compliance violations.

Tracking and analysis — Administrators can track how they distribute aid dollars to help meet budgetary requirements or institutional goals.

Notifications — The days of waiting for a postal carrier to deliver the financial aid bill are over. Administrators can set up automatic notifications to students’ phones or email accounts to deliver immediate updates on topics such as financial aid offers, payment due dates, and important deadlines.

Students

Self-service portal — Students can sign on and see a screen with personalized details about their award package and financial aid disbursement schedules. Within these portals, students can view information about award packages, accept or decline awards, and print records. The ability to access this information allows students to stay informed about the financial aid process and accept or decline aid based on the most recent information.

Secure document uploads — Instead of carrying a folder full of forms and sensitive documents to the financial aid office, students can securely upload important paperwork from computers or mobile devices. Sending these forms electronically allows administrators to easily manage documents and expedite the verification of a student’s eligibility. Students can also check on the status of the eligibility verification process online.

Educational resources — The financial aid process can be difficult to navigate, especially for first-timers. Financial aid management tools allow administrators to incorporate educational resources for students, be more transparent about the financial aid process, and help students understand their aid packages.

Potential Issues with Financial Aid Management Software

Despite the potential of financial aid management software to make information available to students and compliance easier for administrators, the process is still complex and confusing. Financial aid staff must be trained on how to effectively use the software and ensure it integrates with other systems, like the school’s student information systems software or state and federal government systems. Schools need administrators with technical skills to manage the software effectively. Additionally, this software must continuously innovate ways for students to interact with experts and eliminate the guesswork out of the financial aid process.

Even with the help of software, maintaining compliance with changing government regulations is a constant challenge. Financial aid management systems are only as accurate as the data entered into them. Administrators must input student data accurately and conduct regular audits to avoid regulatory compliance violations and penalties. Schools must be aware of new financial aid regulations so they can adjust their systems to stay compliant.