Scholars CribStudents’ options are becoming increasingly limited as school costs rise. Fortunately, scholarships from both the public and commercial sectors exist to provide opportunities to many deserving students.
The US Department of Education alone gives around $46 billion in scholarships each year (Hanson, 2022).
This means that educational institutions are managing existing scholars while also processing thousands of applicants.
As a result, the scholarship management system has become a critical instrument for ensuring that each scholar receives appropriate advantages.
The finest scholarship administration services help education and scholarship organizations speed up and automate the application process for scholarships.
It significantly reduces paperwork, allowing evaluators to focus more on screening. This leads to a more positive experience for everyone involved.
This guide will look at the top scholarship application administration software available, as well as its key functionality and pricing, to help you decide which one is ideal for your organization.
The Rising Cost of Tuition
Education is one of the most crucial investments you can make to ensure a good future. It can help you create a professional network, obtain better career possibilities, and achieve financial stability.
However, decent education is not inexpensive.
For example, over the last decade, college tuition and fees have increased by at least 20% at public two-year in-district, public four-year in-state, and private nonprofit four-year universities (Akers, 2020).
The expense of attending college has risen steadily since the 1980s. So it is no surprise that a student working part-time at a minimum wage could only cover 68.2% of his or her college education in 2016, but a student with a similar job in 1987 could cover 106.5% of the cost (Berman and Zehngebot, n.d.).
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To cover the deficit, students frequently request loans (Hanson, 2022). Student loan figures show that, as of 2022, 43.4 million students owe federal loans.
However, given the present expense of tuition and fees, particularly in higher education, student borrowers find it difficult to repay them while saving and earning ends meet.
List of the Best Scholarship Management Software
1. SmarterSelect
SmarterSelect is a scholarship application management system that automates the gathering and evaluation of scholarship applications at universities and other institutions.
It makes it simple for users to collect applications, coordinate assessors, and select award recipients.
Furthermore, using the quick program builder and templates in the Program Library, you can create a frictionless application experience in less than 24 hours.
Using sophisticated automation, the platform saves applicants time while making the application process simple and controllable.
Additionally, because it speeds up the review process for all participants, assessors can collaborate more effectively and efficiently.
It includes all of the necessary capabilities for tracking, organizing, and building better relationships with scholarship candidates and reviewers.
Institutions can simply create scholarships, grants, prizes, and other special awards utilizing a single platform.
The Program Library offers a plethora of templates on top of the application program builder, making it simple to create even the most complex scholarships.
The built-in automation and collaboration tools enable small teams to complete more tasks in less time.
The solution supplier provides free scholarship management software for ten users, ten programs, and all essential features.
SmartSelect provides high-tier plans for larger institutions, with annual fees ranging from $1,000 to $5,000, depending on the services requested.
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2. Submit.com
Submit.com is one of the Best Scholarship Management Software platforms, aiming to simplify application management, data analytics, and compliance.
From government agencies to television and film production companies, the platform is suitable for any institution that collects feedback from a large number of people.
Educational institutions can use their capabilities to manage education programs spanning from kindergarten to postgraduate.
It is adaptable to any scholarship program on a single platform, simplifying scholarship administration and monitoring.
3. SmartSimple Cloud
SmartSimple Cloud for Scholarship Management is a comprehensive scholarship monitoring program that facilitates collaboration and streamlines the entire award and scholarship process.
From applications and award matching to approvals and reporting, this platform can meet your needs regardless of the complexity or magnitude of the programs managed by the business.
It is built with a set of highly adaptable modules that can be swiftly implemented to meet all of the specialized needs and processes related to the award and financial aid programs.
Users can include, update, or change as much or as little of the SmartSimple Cloud for Scholarship Management as they see fit to ensure that it fully supports their processes and workflows.
4. Submittable
Submittable is an online scholarship administration system that supports talent development, assists reviewers, and streamlines administrative operations for programs of all sizes.
Educational institutions can attract busy potential candidates by providing a simple, modern scholarship application process and great communication tools.
A flexible scholarship application screening approach saves time, assists reviewers, and aids in identifying outstanding candidates.
Administrators can save time on manual activities by centralizing the scholarship administration platform and automating the award and reporting processes.
5. OpenWater
Openwater’s all-in-one scholarship software seamlessly manages the entire multi-step, multi-review process, converting applicants into scholarship awardees.
With OpenWater Scholarships, all responsibilities—by applicants, judges, chairmen, and administrators—are fulfilled in a single, fully integrated system.
The service provider supports the creation of a custom-branded gateway that matches the existing website and visual style.
Its sophisticated analytics capabilities help eliminate ambiguity and streamline communication both internally and externally.
Every action item has a status that can be easily checked, and reminders are automatically sent.
Conclusion
Scholarships and similar programs are essential for any academic institution or organization.
However, these process-intensive undertakings frequently rely on paper-based operations.
As schools, colleges, and institutions focus on digital transformation by installing technology solutions ranging from learning management systems to classroom software, financial aid, and relevant initiatives are sometimes overlooked.
This burdens departments that are already understaffed with more work than they can handle.
Fortunately, the best scholarship platforms and other related technologies, such as the best education ERP software, are widely available on the market.
They offer chances to expedite complex processes, such as student submissions and candidate evaluations.
This improves not only production but also the applicants’ experiences. And, with many of these solutions available as cloud services, starting scholarship programs is no longer restricted to specific geographic areas.
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