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Overview
The Veracross Financial Aid module can assist schools in tracking all financial aid information related to their applicants and their current students. The module is designed to track a family’s request for Financial Aid from application to award. Each school’s timeline for the Financial Aid season is different and it is up to the school how much of the module will be used. Various components of the module are configurable by the school, allowing for each school to better define how the module can support their financial aid process.
Each family requesting financial aid receives a Financial Aid Application record. This record is used to manage the financial aid process from application to award. Because Financial Aid is a recurring process that happens year after year, families may have multiple applications and awards, indicating the history of the aid they received from the school over time. Most of the data entry for the Financial Aid module occurs manually, but there are options for importing data from third-party systems (the most common American third-party system Veracross is familiar with is called School & Student Services (SSS)).
Key Components
Financial Aid Application
The Financial Aid process begins with the Financial Aid Application. The application tracks families of applicants or current students who indicated their intention to apply for Financial Aid for the coming school year and their progress through the award process. As schools award financial aid to families, award amounts may be tracked on the application as award components. Award components that make up the total award amount are recorded for each year financial aid is awarded and tracked on the “Awards” tab. Learn more about the Financial Aid Application Record.
Financial Aid Checklist
Once a family has applied for Financial Aid, schools may make available a checklist of items that must be completed in order to be considered for Financial Aid. Checklists are linked with the Financial Aid Application record and can be configured individually to target the information needed from each type of applicant (i.e. international applicants, multiple household, etc.). Learn more about configuring Financial Aid Checklist items.
Financial Aid Award Components
The total award a family receives may be made up of several components. Components break the award package into different amounts based on the type and category of the award being received. Examples of amount types might be grant, loan, stipend, etc. Within each type the school can specify what the amount is for such as a technology stipend, tuition remission, etc. Learn more about Award Components.
Data Importing
The majority of the management that occurs for Financial Aid is done manually by the school. To facilitate the data entry process, there are options for importing data into Veracross from financial aid third-party services (currently SSS). When data is imported from these third-party services Financial Aid Application records are created for all who have not previously applied for aid. Learn more about data importing from a third-party service.
Copy Year to Year
Financial Aid Application records for current students may be copied from year to year to help with the data entry process at the start of each Financial Aid season. Current students’ financial aid records may be copied with or without the previous year’s financial aid amounts. Learn more about copying Financial Aid Application records from year to year.
Integration
Schools with the Financial Aid module may choose to integrate the awards process with Online (Re)Enrollment. This allows new and returning families to view the Financial Aid award letter directly from the Enrollment Portal. Award specific contract line items may also be included in the contract. Learn more about integrating Financial Aid with Online (Re)Enrollment.
Reporting
Summary reports by award type, award category, year, and more are available from the Financial Aid homepage. Schools may use these reports to track the financial aid award process overtime and also gain perspective on their current financial aid season.