The following is an example of the typical financial aid lifecycle in Admissions Office:
 
  1. An individual inquires about your school and you create an applicant record in your database.
    • You assign a specific status to the record, such as Inquiry, so you can easily group all applicants at the same point in the application process.
    • Depending on your settings in Configuration, the program can automatically add a track to the record when you assign the status. Review How to define checklist items and tracks (BB128549).
  2. You send the individual your organization's information packet and application form. Review How to create labels (BB210950).
  3. When you receive the completed application form, you note if the applicant is seeking financial aid. If so, you create a financial aid record (BB184610) for the applicant for the application year. You also update the record's status from Inquiry to Applicant.
  4. When the applicant is accepted, you update his status, for example, to Accepted - Not Enrolled.

    You also update the financial aid information with the amounts awarded by the Financial Aid Committee.
  5. The business office prepares and mails each accepted applicant a contract that includes tuition amounts and financial aid awards
  6. Signed contracts are returned and applicants are enrolled as students.
  7. The business office validates financial aid award amounts. Amounts are updated to reflect actual amount granted.

One of the advantages in having an integrated Education Edge/Student Billing database is the ability to streamline the financial aid award process between the admissions and business offices. For the business office procedures, refer to How to set up and generate Financial Aid in Student Billing 7 (BB212157)