Scholarship Management Software
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Learn More About Scholarship Management Software
What is Scholarship Management Software?
Scholarship management software is a type of submission management software that helps foundations and educational institutions collect and process large numbers of applications for financial aid and distribute scholarships. This type of management software reduces paperwork, eliminates bottlenecks and inefficiencies, and improves communication throughout the entire approval and disbursement process.
When used in educational settings, scholarship management software often extracts student data from student management systems. This helps authenticate applicants, streamline the approval process, track distributions, and audit the accuracy of various programs. Some systems can even directly disburse scholarship and financial aid payments to students' bank accounts.
Scholarship management software may interface with other management systems such as higher education software, HR software, accounting, CRM, financial aid, and academic advising.
Scholarship Management Software Features
Scholarship management software solutions often include the following features:
- Administrative Dashboard
- Application Tracking
- Attachments
- Auditing
- Automated Responses
- Automated Review Assignments
- Custom Application Forms
- Dashboards
- Data Analytics
- Disbursements
- Eligibility Screening
- Email Notifications
- Form Building
- Fund Accounting
- Funder lists
- Grant Allocations
- Grantee Portal
- Integrations
- Messaging
- Reporting
- Reports
- Review Comments
- Review Portal
- Review Tools
- Scholarship matching
- Scoring Tools
- Task management
Scholarship Management Software Comparison
Features. Consider the customizability and flexibility of the application. Is it equipped with features such as tests, drop-down lists, drag-and-drop, multiple response boxes, application staging, and word limits? Is the software capable of managing the entire campaign cycle?
Scoring and collaboration. Carefully consider what features and support are offered for collaboration with your team. How easy is it for users to communicate with each other on each application? Can you tailor the review process to meet the needs of your organization? Are there fields for numerical scoring and qualitative feedback? How quick and simple is it to generate forms and campaigns? Does the software allow you to design custom forms and checklists to help your reviewers with their feedback?
Financial services. Does the scholarship management system support the secure direct deposit of funds from scholarship programs to the bank accounts of students who’ve been awarded? Does the system handle audits and reporting and if so, how detailed are they? Will the platform support integrations across departments and with other business applications, such as student services, HR, accounting, and other financial applications? Can you analyze and merge data from multiple forms?
Flexible Pricing. Consider scalable pricing that offers affordable solutions for small organizations, as well as more robust features for larger and growing institutions.
Start a scholarship management software comparison here.
Pricing Information
Pricing for scholarship management software ranges widely. Solutions may be billed monthly, annually, per applicant, or per scholarship. The number of administrators can also influence pricing.
A few free options exist for smaller operations. Some simple survey tools have free options. Many solutions can be purchased as part of a larger nonprofit fundraising software bundle for little or no additional cost.
Entry-level options begin at $40/user/month. More comprehensive solutions range from $4500 to $12,000 per year. Many vendors do not provide public pricing information but will offer free trials and custom quotes.