Scholarships are often awarded to students for the purpose of providing financial aid toward their education; however, they can have other purposes as well and can be used for a variety of reasons. Scholarship recipients sometimes have to meet qualifying criteria, and in some cases, maintain specific standards throughout the scholarship award period.
Scholarships are tracked and processed using scholarship buckets, which provide clarity of scholarship status and improve workflow. The Scholarship buckets are listed below.
- SLM - Scholarship requests sent from SLM if the integration with SLM is used.
- New - Scholarships that have been added to the system but have not yet been posted.
- Award Letter - Scholarships award letters that can be processed.
- Open - Scholarships that have been posted and have installments open to be paid.
- Deferred - Scholarships that have been posted but cannot be used by the student for a certain period of time.
- Document - Scholarships that are ready to print a Scholarship letter.
- Paid - Scholarships that have been paid out to the student or university.
- Closed - Scholarships that have had all payments processed and have been closed.
Scholarships are created to award a student or school/grantee funding. Scholarships can be paid using auto approval or post & get approval in the system. Scholarship payments can be batch approved and paid at one time. Post by payment can be used for scholarships being awarded for the first time this year.
Special Types of Scholarships
Multifund scholarships can be created to link several scholarships together which can then be paid using one check. The post by payment option for scholarship awards allows full potential awards to be recorded with the ability to post individual payment lines to the general ledger rather than the full award at one time.
CommunitySuite and Scholarship Lifecycle Manager Integration
When utilizing the integrated school and student ID feature between CommunitySuite and Scholarship Lifecycle Manager (SLM), grantee profiles must be set as schools within CommunitySuite.
Changes to Schools or Students
If a student did not select a school and has an outstanding award, you can select a school for the student. When a primary student does not enroll in the school and the scholarship award has already been posted, there is an option to choose an alternate student to receive the scholarship award.
Scholarship reports can be run for custom or common date ranges. They can be exported as csv files and edited in Excel.
Changes to Scholarships
Scholarship awards can be refunded if a school returns funding. Scholarship awards can be entirely or partially canceled by canceling individual payments. Void and refund a scholarship check if you need to change the school, change the amount on the check, or cancel the payment or award.
Scholarship award letters are generated when scholarships are awarded and can be used as a pre-award communication tool for student notification. Scholarship letters are generated when grant checks are posted. They can be printed or emailed from the Document bucket.
Scholarship settings can enable or disable specific functionality. Site custom content allows users to add custom text and messages to specific fields in this area. Templates are available for scholarship letters and scholarship award letters.