20 Best Financial Aid Management Software in 2023

20 Best Financial Aid Management Software in 2023
Imed Bouchrika, Phd by Imed Bouchrika, Phd
Chief Data Scientist & Head of Content

While college is still an indispensable notion, it remains an expensive proposition. For many families, planning for its costs can be one of the most challenging financial endeavors they can take on. Besides tuition costs, SAT or ACT, textbooks, dorm or residence, and meal expenses add to the burden students must shoulder throughout college.

Even so, the gateway to college is not entirely closed to those with no means to meet its financial demands.  Myriad ways make attending college somehow manageable for students. In many cases, various institutions supported by useful tools like the best scholarship management software solutions give them the options they need, helping them devise a financial plan. Similarly, a financial aid management solution comes in handy. That said, help yourself to this list of today’s best financial aid management software.

Best Financial Aid Management Software Table of Contents

  1. Key Financial Aid Statistics
  2. Why a Financial Aid Management Software Is Important
  3. List of 20 Best Financial Aid Management Software

Key Financial Aid Statistics

The rising cost of higher education, plus the ongoing COVID-19 pandemic are contributing to the decrease in FAFSA applications. The immediate result is that more students are opting to pursue other opportunities or totally drop out of college (Bareham, 2022). Learn more about the situation through the noteworthy financial aid statistics below.

General Student Financial Aid Statistics

  1. Every student borrows an average of $11,836 yearly to pay for school. (EducationData.org, 2021).
  2. Every public university student borrows an average of $30,030 to get a bachelor’s degree. (EducationData.org, 2021).
  3. The amount every student borrows has grown at a yearly rate of 1.961%. (EducationData.org, 2021).
  4. Parents borrowing on behalf of their children receive an average of $12,535. (EducationData.org, 2021).

Source: Statista, 2021

FAFSA Statistics

  1. From 2018 to 2019, the average scholarship aid and grant for full-time students at four-year institutions were $13,690. (NCES, 2020).
  2. Only 68% of families submitted the FAFSA for 2020-21. (Sallie Mae, 2021).
  3. 29% of families that received a financial aid offer requested more aid, and 71% of these appeals were granted. (Sallie Mae, 2021).
  4. About 20 million FAFSAs are submitted yearly. However, this number is declining. (Federal Student Aid).

FAFSA Filing Statistics

Of those who filed a FAFSA for the 2019-20 school year:

  1. 38% are male students and 62% are female students. (Federal Student Aid).
  2. 47% are first-generation students. (Federal Student Aid).
  3. 11% are aged 18 or younger, and 41% are aged 26 and above. (Federal Student Aid).
  4. 13% are taking a graduate or professional course. (Federal Student Aid).
  5. 24% are first-time college students. (Federal Student Aid).
  6. 48% are deemed dependent students, while 52% are independent ones. (Federal Student Aid).

students using FAFSA to get financial aid - percentage

Why a Financial Aid Management Software Is Important

Helping students does not end in giving them financial aid. Aside from helping them afford college, a financial management software can also be beneficial to your organization’s processes in so many ways.

Make accurate and compliant financial aid offers

A financial aid management solution links an SIS and the government’s Federal Common Origination and Disbursement System, making it convenient to make compliant the financial aid offers. It also helps in easing audit issues.

how students from the lowest quintile of socioeconomic status pursue degrees - distribution

Boost enrollment rates

With leveraged recruitment data, financial aid tools can help academic institutions in making competitive packages. And the more competitive a financial aid offer is, the more seemingly a student is to sign up in that institution.

Source: College Ave Student Loans, 2019

Hassle-free and student-focused processes

Technology makes financial aid offers more transparent and straightforward. User-friendly interfaces help students to easily pay bills, upload files, and ask questions or raise concerns to school personnel. These platforms also reduce administrative tasks, increasing the amount of time staff members have to communicate with students.

Student retention

Financial aid platforms allow financial aid offices to build better communication channels with students. Hence, they can make automated reminders or engage directly to help students comply with certain application requirements. They can also determine which students have the most unmet needs. To prevent these students from dropping out, institutions can use financial aid software to implement intervention techniques such as incentives or aid counseling. With these preliminaries, let’s proceed with the best financial aid management software solutions you will find in the market today.

percentage of students receiving financial aid

List of 20 Best Financial Aid Management Software

1. Unifyed: Helping Colleges and Universities Attain Digital Transformation

Unifyed dashboard

Unifyed is built to help colleges and universities attain digital transformation. Designed with cloud-hosted and microservices architecture, Unifyed delivers better academic experiences to students through automated administrative processes and the establishment of engaged campus communities. Furthermore, it offers a CRM system that enables recruitment and admission staff to manage prospects and applicants easily.

Key Features

  • SIS
  • Degree audit
  • Risk-based analysis
  • Attendance tracking app
  • Financial aid
  • Financial management
  • Integration-as-a-service
  • Recruitment and admissions CRM
  • Messaging and nudging
  • Course management
  • AI chatbot
  • Student safety app
  • HR and payroll
  • Alumni management

Price

  • Free trial
  • Quote-based plans
  • Starts at $45 per student per year

2. Populi: A Secure and Intuitive Web-Hosted College Management System

Populi dashboard

Populi is a secure and intuitive web-hosted college management system that covers admissions, online learning, student billing, financial aid, and more. Its straightforward and easy-to-understand pricing packages scale with enrollments at no upfront costs or extra fees. It also boasts a responsive customer support.

  • Built-in course authoring
  • Tests/assessments
  • Video conferencing
  • Admissions management
  • Registration management
  • Student information/records
  • Electronics/online payment
  • Financial aid management
  • Housing management
  • Fundraising management
  • Enrollment/onboarding
  • Class registration
  • Class scheduling
  • Calendar management
  • Attendance management
  • Assignment management
  • Classroom management
  • Gradebook
  • Progress reports
  • Facility management
  • Faculty/staff management
  • Course management
  • Curriculum management
  • Learning management
  • Bookstore management
  • Library management
  • Content management
  • Document management
  • Records management
  • Alumni management
  • Client portal
  • Data import/export
  • Reporting and statistics
  • API

Price

  • Free trial
  • Starts at $199 per month

3. OpenWater Grant Management Software: Processes University, Government, and Nonprofit Grants

OpenWater Grant Management Software dashboard

OpenWater Grant Management Software is a cloud-based solution created to help process university, government, and nonprofit grants. It aids staff in paying more attention to core competencies, augmenting non-dues revenue, and improving membership value. It also offers services for conference, awards program, and abstract submission management.

Key Features

  • Registration management
  • Applicant management
  • Deadline management
  • Entrant management
  • Entry management
  • Event management
  • Financial reporting
  • Forms management
  • Document management
  • Electronic submission
  • Electronic payment
  • Payment tracking
  • Contact management
  • Administrative reporting
  • Attendance management
  • Reviewer management
  • Communication management
  • Badge management
  • Contract management
  • Grant management
  • Interview management
  • Judging management
  • Labeling
  • Compliance management
  • Budget control
  • Blind judging
  • Scoring
  • Engagement tracking
  • Promotions management
  • Categorization/grouping
  • Workflow management
  • Data import/export
  • Reporting and statistics
  • Website management
  • API
  • SSL security

Price

  • Quote-based plan
  • Contact OpenWater for more pricing details.

4. Evalato: Runs Successful Awards Programs and Grows Communities

Evalato dashboard

Evalato runs successful awards programs and grows communities. It is commonly used by grant makers, award managers, and any professional who organizes grants, awards, competitions, and other programs. Well-known organizations who use it include Red Cross, Reuters, WWF, and UN.

Features

  • Applicant management
  • Application management
  • Registration management
  • Electronic submission
  • Electronic payments
  • Multi-currency
  • Entrant management
  • Entry fee processing
  • Entry management
  • Fee management
  • Approval process control
  • Assessment management
  • Awards management
  • Grant management
  • Candidate management
  • Event management
  • Categorization/grouping
  • Compliance management
  • Promotions management
  • Document review
  • Fraud detection
  • Billing and invoicing
  • Preview functionality
  • Progress tracking
  • Ratings/reviews
  • Scoring
  • Reviewer management
  • Workflow management
  • Real-time data and analytics
  • SSL security

Price

  • Free trial
  • Starts at $2,225 per year

5. CampusLogic: An Award-Winning SaaS Technology That Eliminates Barriers in Providing and Processing Financial Aid

CampusLogic dashboard

CampusLogic has bagged numerous awards, like the Deloitte Technology Fast 500, Inc. 5000 and Education Technology Insights Top 10 Artificial Intelligence Solution Provider. It brings SaaS technology that helps academic institutions eliminate barriers to providing and processing financial aid. To date, it has been used by over 750 schools to boost their enrollment, retention, and graduation rates.

Key Features

  • Admissions management
  • Applicant management
  • Enrollment management
  • Class scheduling
  • Financial aid management
  • Fee management
  • Fundraising management
  • Accounting
  • Interview management
  • Examination management
  • Online calendar
  • Classroom management
  • Library management
  • Reviewer management
  • Student info management
  • School management
  • Staff management
  • Scoring

Price

  • Free trial
  • Contact CampusLogic for pricing information.

6. Collegix: Enables Users to Oversee the Overall Student Life Cycle

Collegix dashboard

Collegix is a higher education administration and management tool available in the cloud or on-premise. Its powerful student information system enables users to oversee the overall student lifecycle. It fits academic institutions, seminaries, and other bodies with 50,000 to 10,000 students.

Key Features

  • Admissions management
  • Application management
  • Online payments
  • Parents/student portal
  • Financial aid management
  • Fundraising management
  • Housing management
  • Assessment management
  • Attendance tracking
  • Curriculum management
  • Faculty/staff management
  • Billing and invoicing
  • Class scheduling
  • Records management
  • Student information/records
  • Communication management
  • Alumni management
  • Reporting/analytics

Price

Contact Collegix to discover its subscription prices.

7. Blackbaud Award Management Software: Assists Academic Institutions in Applicant Communication and Tracking

Blackbaud dashboard

Blackbaud Award Management Software is a scholarship management and donor reporting platform that assists academic institutions in applicant communication and tracking. It offers a module that allows school administrators to advertise their scholarships on their websites. To improve scholarship processes, it gives access to scholarship data for multifunctional stakeholders and the conclusion of campus-wide audits.

Features

  • Alerts/notifications
  • Commenting/notes
  • Self-service portal
  • Student portal
  • Applicant portal
  • Applicant tracking
  • Applicant management
  • Application management
  • Financial aid management
  • Fundraising management
  • Audit management
  • Forms management
  • Alumni management
  • Ad hoc reporting
  • Reviewer management
  • Scoring
  • Student information/records
  • Workflow management
  • Customizable branding
  • Scheduling
  • Recommendations
  • White label
  • Access controls/permissions
  • Reporting and statistics

Price

Contact Blackbaud to learn more about its prices.

8. Workday Student: Gives Fast and Trouble-Free Access to Grades, Enrollment, and Attendance Information

Workday Student dashboard

Workday Student enables fast and trouble-free grades, enrollment, and attendance information access for students, parents, and schools. To help schools attain their efficiency goals, it merges all school information, from student records to facilities to finances, and more.

Key Features

  • Admissions management
  • Online payments
  • Student information/records
  • Student portal
  • Financial aid management
  • Curriculum management
  • Gradebook

Price

Contact Workday Student for pricing information.

9. Campus Cafe: Integrates Student Services, Admissions, Business Office, and Alumni Development Operations

Campus Cafe dashboard

Campus Cafe integrates student services, admissions, business office, and alumni development operations. It can be used to make one record for the whole student lifecycle. It is particularly developed to meet the needs of small and medium-sized academic institutions with up to 10,000 students.

Key Features

  • Admissions management
  • Application management
  • Online payments
  • Fee management
  • Financial aid management
  • Fundraising management
  • Housing management
  • Attendance management
  • Candidate management
  • Calendar management
  • Class registration
  • Student management
  • Scheduling
  • Forms management
  • Communication management
  • Curriculum management
  • Assessment management
  • Performance metrics
  • Progress reports
  • Faculty/staff management
  • Accounting
  • Billing and invoicing
  • Alumni management
  • Document management
  • Records management
  • Employee portal
  • Ad hoc reporting
  • Data import/export
  • Reporting and statistics
  • API

Price

Starts at $1,200 per month

10. Zengine: An All-Inclusive Grant Management System That Streamlines Application Processes

Zengine dashboard

Wizehive’s Zengine is an all-inclusive grant management system that streamlines application processes. It earns its place in the list of the best financial aid management software solutions by how it consolidates online applications management, grant management, and CRM into one centralized and highly customizable platform. It can also work well with a broad selection of cloud-hosted systems, such as email and accounting programs, without having to work on codes and other technicalities.

Key Features

  • Branded online application forms
  • Branded online review portal
  • Branded online submission portal
  • Customer management
  • Unlimited file uploads
  • Integrated database for tracking
  • Reviewer assignments
  • Grants management
  • Awards management
  • Fellowship management
  • Automated assignments
  • Implementation lead
  • Project management
  • Recommendation letters
  • Accreditation management
  • Automated emails
  • Confirmation emails
  • Bulk emails
  • Automated workflows
  • Workplace setup
  • Integrated CRM
  • 1,000+ integrations
  • Online, on-demand help center
  • Project plan
  • Data migration services
  • Secure hosting via AWS

Price

Contact Zengine for pricing inquiries.

11. Ellucian Banner Financial Aid: Specifically Created to Provide Key Capabilities to Academic Workflows

Ellucian Banner Financial Aid dashboard

Ellucian Banner Financial Aid is a management ERP platform specifically created to provide academic workflows with key capabilities, ranging from registration to financial process automation and human resources. It is compatible with other Ellucian Company L.P. software solutions. It also keeps up with integrations through API.

Key Features

  • Accounts payable
  • Billing and invoicing
  • Budgeting
  • Financial aid
  • Financial reporting
  • Student portal
  • Employee portal
  • Purchasing and receiving
  • Human resources

Price

  • Free trial
  • Contact Ellician Banner Financial Aid for pricing information.

12. TADS Financial Aid Assessment: Processes Admission, Enrollment, Tuition, Financial Aid, and School Management

TADS Financial Aid Assessment dashboard

TADS Financial Aid Assessment is an integrated, web-based system for admission, enrollment, tuition, financial aid, and school management processes of both public and private schools. It ensures accurate application auditing, fast waiting times, and sophisticated formula customization.

Key Features

  • Applicant management
  • Applicant portal
  • Customizable forms
  • Financial aid assessment
  • Tuition and billing management
  • Fee management and collection
  • Online document management
  • SIS
  • Health screening mobile app
  • Real-time tracking
  • Detailed reporting

Price

Contact TADS Financial Aid Assessment to know its packages.

13. Scholarship Manager: Automates, Simplifies, and Transforms Scholarship Processes

Scholarship Manager dashboard

Scholarship Manager aids in automating, simplifying, and transforming scholarship processes. At the same time, it carries out a genuine multi-year scholarship program management system that allows users to access a program’s history and track and see trends. This feature equips users to identify how modifications affect certain programs and recruitment and retention objectives.

Key Features

  • Applicant management
  • Applicant portal
  • Commenting/notes
  • Customizable forms
  • Recommendations
  • Reviewer Management
  • Scoring
  • White label

Price

  • Free trial
  • Contact Scholarship Manager to request pricing information.

14. Eduquette Q.net: Offers Colleges a Comprehensive Solution

Eduquette Q.net dashboard

With its new technologies, Eduquette Q.net offers colleges a comprehensive solution, from admissions to financial aid to job placement. For employees, it establishes an efficient working atmosphere by integrating all work processes in a single database. It is used by connecting to Q.net through the internet using a web browser, which means no expensive setup.

Key Features

  • Online calendar
  • Online payments
  • Financial aid
  • FAFSA management
  • Disbursement management
  • Entrance counseling and MPN
  • Student ledger
  • Financial Aid Office-integrated
  • Financial performance report
  • Instructional resource management
  • Academic records management
  • Licensure and job placement
  • Employee training
  • Data conversion
  • Reporting/analytics
  • Daily operational support

Price

Contact Eduquette Q.net to request a demo.

15. FAME Financial Aid: Delivering Financial Aid Processing and Solutions for 40 years

FAME Financial Aid dashboard

For over 40 years, FAME Financial Aid has been delivering financial aid processing and solutions to higher education institutions. It also calculates and books disbursements for loans, Federal grants, and campus-based awards. Other services it offers include SIS, consulting, and lead management.

Key Features

  • Admissions
  • Attendance tracking
  • Placement tracking
  • Student retention
  • Enrollment
  • Student accounts
  • Reporting
  • Lead-gen integration
  • Student records
  • Financial aid processing
  • Financial aid tracking
  • On-site financial aid process evaluations
  • On-site due diligence reviews
  • Audit and program review assistance
  • Regulatory compliance
  • SIS
  • Role-based security

Price

Contact FAME Financial Aid to know their pricing details.

16. SSS – School & Student Services: Guarantees Speedy and Accurate Services

SSS - School & Student Services dashboard

SSS – School & Student Services guarantees speedy and accurate document verification services. It serves K-12 private and independent educational institutions.

Key Features

  • Applicant review
  • Application monitoring
  • Award tracking
  • Assistance with family appeals
  • School policy customizations for family contribution recalculations
  • Messaging and mass email
  • Proactive communication with parents
  • Tax form verification
  • School portal
  • Professional advancement
  • Data and analytics

Price

  • Free subscription level
  • Next level starts at $500 per year

17. ScholarshipApp: Offers a Significant Pool of Applicants, Lead Generation Services, and New Branding and PR Opportunities

ScholarshipApp dashboard

ScholarshipApp offers a significant pool of applicants, lead generation services, and new branding and PR opportunities to businesses and concurrently, helps students grow. At no extra cost, it enables users to handle and make scholarship opportunities. Plus, it provides users with e-storage spaces.

Key Features

  • Iframe integration
  • Intelligent review process
  • Automatic scholarship winner selection
  • Award Management Automation Solution
  • Reports
  • Online application scoring
  • Automatic payment data collection
  • Application management
  • Scholarship management

Price

  • Free
  • Enterprise pricing is not offered.

18. EMPOWER SIS: An Integrated Tool for Teachers, Parents, and Students

EMPOWER SIS dashboard

EMPOWER SIS enables schools to maintain and handle student data. It is an integrated tool for all principal members of a school, which includes teachers, parents, and students. It can be used on the cloud or clients’ premises and can be accessed via a web-hosted portal.

Key Features

  • Admissions management
  • Application management
  • Fee management
  • Financial aid management
  • Fundraising management
  • Online payments
  • Assessment management
  • Candidate management
  • Housing management
  • Class registration
  • Class scheduling
  • Classroom management
  • Attendance tracking
  • Curriculum management
  • Gradebook
  • Progress reports
  • Faculty management
  • Billing and invoicing
  • Forms management
  • Records management
  • Student information/records
  • Student portal
  • Alumni management
  • Scoring
  • Reporting/analytics
  • API

Price

Contact EMPOWER SIS for pricing details.

19. Regent Education: Automates the Overall Financial Aid Life Cycle

Regent Education dashboard

Whether it is a traditional or nontraditional enrollment model, Regent Education can automate the overall financial aid life cycle for academic institutions. Its fully automated processing allows school personnel to pay more attention to students. It also results in less manual processing, reducing the risk of compliance errors and promoting sound decision-making.

Key Features

  • Supports all enrollment models
  • Electronic applications
  • Automated verification
  • E-signature
  • Assignment delegation
  • Activity tracking
  • Student communications
  • Academic plan views
  • Student portal
  • Financial aid planning
  • Online state financial aid application for undocumented students
  • Tax transcript automation
  • Automatic expected family contribution calculation
  • Project management
  • Regulatory compliance
  • Counseling and contact support
  • Integrates with institutional, federal, and select state systems

Price

Contact Regent Education to request a demo.

20. AwardSpring: Equipping Institutions to Grant Scholarships in a Timely, Stress-Free Manner

awardspring dashboard

AwardSpring is prominent for its easy-to-use platform and excellent customer support. This smart scholarship management system has equipped many institutions to grant their scholarships in a timely, stress-free manner. Its roster of clients includes community, junior, and technical colleges; colleges and universities; community, education, and other nonprofit bodies; and corporations and professional leagues.

Key Features

  • Applicant management
  • Application management
  • Collaboration tools
  • Commenting/notes
  • Customizable questions
  • Interview management
  • Student management
  • Ratings/review
  • Reviewer management
  • Status tracking
  • Progress tracking
  • Scoring
  • Document review
  • Email reminders
  • Workflow management
  • Recommendations
  • Data import/export
  • Reporting and statistics

Price

Starts at $99 per year

Break the Cycle With Financial Aid Management Software

For college students, finishing college also means consistently thinking and getting worried about how to pay for it. In fact, a previous Ohio State University study reported that 70% of students feel anxious about their finances. Financial stress can be another predicament for many families. It can also lead to increased dropout rates. (Scholarship America, 2019).

The most apparent way to lessen their financial burden and help them finally break out of the cycle is to grant them financial aid—and ensuring that the most trustworthy financial aid management software is by their side.

Even then, let’s not forget the other sections of the student population with special needs. For them, a fitting solution comes in the form of special education software, of which many are already available in the market.

 

References:

  1. Bareham, H. (2022, February 18). FAFSA statistics: What is the average financial aid for college? Bankrate.
  2. Hanson, M. (2021, February 15). Financial Aid Statistics. EducationDara.org.
  3. Federal Student Aid. (n.d.). FAFSA Volume Reports. Federal Student Aid.
  4. NCES. (2020). Average amount of grant and scholarship aid and average net price for first-time, full-time degree/certificate-seeking students awarded Title IV aid, by control and level of institution and income level: Selected years, 2009-10 through 2018-19. NCES.
  5. Sallie Mae. (2021). How America Pays for College. Sallie Mae.
  6. Scholarship America. (2019, October). Financial Stress Prevents College Students from Graduating. What Can We Do? Scholarship America.

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