# Best Financial Aid Software for Medium-Sized Businesses *By [Emma Stein](https://research.g2.com/insights/author/emma-stein)* Products classified in the overall Financial Aid Software category are similar in many regards and help companies of all sizes solve their business problems. However, medium-sized business features, pricing, setup, and installation differ from businesses of other sizes, which is why we match buyers to the right Medium-Sized Business Financial Aid Software to fit their needs. Compare product ratings based on reviews from enterprise users or connect with one of G2's buying advisors to find the right solutions within the Medium-Sized Business Financial Aid Software category. In addition to qualifying for inclusion in the Financial Aid Software category, to qualify for inclusion in the Medium-Sized Business Financial Aid Software category, a product must have at least 10 reviews left by a reviewer from a medium-sized business. ## How Many Financial Aid Software Products Does G2 Track? **Total Products under this Category:** 19 ### Category Stats (May 2026) - **Average Rating**: 3.9/5 (↑0.01 vs Apr 2026) - **New Reviews This Quarter**: 1 - **Buyer Segments**: Mid-Market 100% - **Top Trending Product**: Workday Student (+0.011) *Last updated: May 23, 2026* ## How Does G2 Rank Financial Aid Software Products? **Why You Can Trust G2's Software Rankings:** - 30 Analysts and Data Experts - 300+ Authentic Reviews - 19+ Products - Unbiased Rankings G2's software rankings are built on verified user reviews, rigorous moderation, and a consistent research methodology maintained by a team of analysts and data experts. Each product is measured using the same transparent criteria, with no paid placement or vendor influence. While reviews reflect real user experiences, which can be subjective, they offer valuable insight into how software performs in the hands of professionals. Together, these inputs power the G2 Score, a standardized way to compare tools within every category. ## What Are the Top-Rated Financial Aid Software Products in 2026? ### 1. [FACTS Financial Aid Management](https://www.g2.com/products/facts-financial-aid-management/reviews) FACTS Grant & Aid Assessment is a comprehensive solution designed to simplify and enhance the financial aid process for K-12 schools. This software solution provides school administrators with flexible tools to manage various aspects of financial aid, from application analysis to the awarding of aid. By ensuring a thorough understanding of each family's financial situation, FACTS Grant & Aid Assessment streamlines administrative tasks while also offering families an accessible and user-friendly application experience. The target audience for FACTS Grant & Aid Assessment includes K-12 school administrators and families seeking financial assistance for education. The platform is particularly beneficial for schools that aim to provide equitable financial aid to families in need. It caters to a diverse range of use cases, such as managing scholarship applications, conducting financial assessments, and integrating financial aid with tuition management systems. This versatility allows schools to tailor their approach to financial aid, ensuring that they can meet the specific needs of their communities. Key features of FACTS Grant & Aid Assessment include customized applications, which allow schools to tailor questions to gather relevant information specific to their requirements. The system conducts a comprehensive financial review, analyzing family finances through detailed tax form assessments and business income evaluations, and now, IRS Integration. This direct data connection ensures even greater accuracy and verification, helping schools make informed, confident awarding decisions. This thorough analysis ensures that financial aid is allocated accurately and fairly. Furthermore, the platform integrates seamlessly with FACTS Tuition Management, enabling automatic application of financial aid awards to tuition payment plans. This integration reduces administrative effort and ensures that tuition bills accurately reflect the approved aid. The family-friendly application process is another significant advantage of FACTS Grant & Aid Assessment. The platform offers a centralized, mobile-responsive application that families can complete from any device, making it easier for them to apply for financial aid. With IRS Integration, eligible families can choose to securely transfer their tax information directly from the IRS, eliminating the need to upload documents manually. Applicants receive ongoing updates on their application's progress and can apply to multiple schools with a single application fee per household per year. This streamlined process not only enhances user experience but also encourages more families to seek assistance. In addition to its robust features, FACTS Grant & Aid Assessment is backed by industry-leading security measures, which are continuously updated and optimized by a dedicated cybersecurity team. This commitment to data protection ensures that sensitive information remains secure. Coupled with dedicated customer service and over 35 years of experience in the K-12 education sector, FACTS Grant & Aid Assessment has earned the trust of over 12,000 schools, making it a reliable choice for enhancing the financial aid experience in education. **Average Rating:** 4.5/5.0 **Total Reviews:** 39 **How Do G2 Users Rate FACTS Financial Aid Management?** - **Automation:** 8.5/10 (Category avg: 8.4/10) **Who Is the Company Behind FACTS Financial Aid Management?** - **Seller:** [FACTS](https://www.g2.com/sellers/facts-aa0775d3-5e09-48b0-a6f0-9c2b4690cd9d) - **Company Website:** https://factsmgt.com/ - **Year Founded:** 1986 - **HQ Location:** Lincoln, Nebraska - **LinkedIn® Page:** https://www.linkedin.com/company/2438480/ (438 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Education Management, Primary/Secondary Education - **Company Size:** 67% Small-Business, 33% Mid-Market ### 2. [Ellucian Student](https://www.g2.com/products/ellucian-student/reviews) Ellucian is the leading provider of higher education technology with a singular focus on the unique needs of colleges and universities. Their comprehensive, integrated ecosystem includes purpose-built solutions like Student Information Systems (SIS), Enterprise Resource Planning (ERP), and Customer Relationship Management (CRM) tools, all designed to put student success at the center. Ellucian’s AI-powered platform delivers predictive insights that help institutions proactively support students, optimize operations, and align programs with workforce needs. Built to scale and adapt, Ellucian’s solutions provide the flexibility that both small colleges and large universities need to navigate a rapidly changing higher education landscape, empowering them to drive outcomes that matter for students, faculty, and staff. **Average Rating:** 3.3/5.0 **Total Reviews:** 260 **How Do G2 Users Rate Ellucian Student?** - **Automation:** 8.3/10 (Category avg: 8.4/10) **Who Is the Company Behind Ellucian Student?** - **Seller:** [Ellucian](https://www.g2.com/sellers/ellucian) - **Company Website:** https://www.ellucian.com - **Year Founded:** 1968 - **HQ Location:** Reston, VA - **Twitter:** @EllucianInc (6,158 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/2536305/ (4,302 employees on LinkedIn®) **Who Uses This Product?** - **Top Industries:** Higher Education, Education Management - **Company Size:** 48% Mid-Market, 46% Enterprise #### What Are Ellucian Student's Pros and Cons? **Pros:** - Centralized Information (1 reviews) - Comprehensive Features (1 reviews) - Customer Support (1 reviews) - Ease of Access (1 reviews) - Ease of Use (1 reviews) **Cons:** - Technical Issues (2 reviews) - Access Limitations (1 reviews) - Learning Difficulty (1 reviews) - Poor Support (1 reviews) ### 3. [Workday Student](https://www.g2.com/products/workday-student/reviews) Workday Student is an end-to-end student and faculty lifecycle information system that is designed to work seamlessly with Workday Financial Management, Workday Human Capital Management, Workday Payroll, and Workday Grants Management. It unites an entire campus under a single configurable, easy-to-use application that is delivered in the cloud. **Average Rating:** 4.0/5.0 **Total Reviews:** 55 **Who Is the Company Behind Workday Student?** - **Seller:** [Workday](https://www.g2.com/sellers/workday) - **Year Founded:** 2005 - **HQ Location:** Pleasanton, CA - **Twitter:** @Workday (52,271 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/17719/ (23,943 employees on LinkedIn®) - **Ownership:** NYSE:WDAY **Who Uses This Product?** - **Top Industries:** Higher Education, Education Management - **Company Size:** 47% Enterprise, 43% Mid-Market ## What Is Financial Aid Software? [Education Software](https://www.g2.com/categories/education) --- ## How Do You Choose the Right Financial Aid Software? ### What You Should Know About Financial Aid Software ### What is Financial Aid Software? Financial aid 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 software 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 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 software systems make these services available across multiple devices, such as phones and tablets. ### Who Uses Financial Aid Software? Financial aid 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 software to manage private grants and scholarships. **Student aid recipients —** Students can use financial aid software solutions to upload eligibility documents for an application, check the status of their awards, and manage payments. ### Kinds of Financial Aid Software Financial aid 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 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 Software Features Financial aid 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 software tools allow administrators to incorporate educational resources for students, be more transparent about the financial aid process, and help students understand their aid packages. ### Trends Related to Financial Aid Software Financial aid software continues to evolve along with the changing needs of school administrators. **Adoption of mobile platforms —** With mobile phones and tablets replacing traditional computers as students’ preferred digital devices, growing numbers of financial aid software providers are integrating mobile access in their platforms. Students can get notifications on their mobile devices about payment due dates, changes to aid packages, and other important updates. **User-friendly interfaces —** Educational institutions choose software that clearly displays information about the financial aid process to ensure students are informed. Financial aid software companies are moving to digitally share digestible information in user-friendly formats to make the process as clear and understandable as possible for students. ### Potential Issues with Financial Aid Software Despite the potential of financial aid 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](https://www.g2.com/categories/student-information-systems-sis) 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 software 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. ### Software and Services Related to Financial Aid Software Financial aid software often integrates with other education software products, like [student information systems software](https://www.g2.com/categories/student-information-systems-sis) and school enterprise resource planning (ERP) software to provide comprehensive data on student demographics and school finances. It may also integrate with [admissions and enrollment management software](https://www.g2.com/categories/admissions-and-enrollment-management) to further streamline the admissions process.