Financial aid management software: How Financial Aid teams are using AI to do more with less
Every day, financial aid teams are juggling a shifting maze of regulations, a tidal wave of applications racing toward impossible deadlines, and manual, error-prone workflows that drain their energy. They are stretched thin by tight budgets that force difficult trade-offs, all while striving to engage students from varied backgrounds. Add to that the challenge of fragmented data scattered across systems and the relentless pressure to boost enrollment and retention, and it’s clear these offices are ripe for AI assistance.
Enter financial aid management software powered by AI.
Modern tools like those from Gravyty help streamline every part of the financial aid process—from automating document collection to delivering 24/7 student support. These platforms unify data, simplify compliance, and empower teams to act faster, more accurately, and at scale.
What is financial aid management software?
Financial aid software is designed to help colleges and universities manage, track, and optimize the entire financial aid lifecycle—from FAFSA submission and document verification to award disbursement and communication.
When powered by AI, it goes even further, enabling:
- Predictive insights to flag risks and maximize fund utilization
- Smart automation for application triage and award modeling
- Personalized, always-on support through chatbots and texting
- Cross-system data integration for a true 360° view of student need
How AI is transforming financial aid offices
Let’s break down the biggest ways financial aid teams are using AI to solve their most pressing challenges:
1. Smart automation of applications and budget optimization
AI systems can automatically evaluate, prioritize, and route financial aid applications based on predefined criteria. Over 70% of admissions officials reported utilizing AI to review transcripts and recommendation letters, freeing up staff for high-value advising.
2. Personalizing student support at scale
AI-powered virtual assistants and SMS can engage students 24/7, answering FAQs in a way that is specific to individuals, making sure all are set up to succeed. These solutions answer questions, send deadline nudges, and ensure students complete key steps on time.
3. Unify disparate data streams for smarter decisions
AI enables financial aid offices to create unified dashboards that pull from SIS, CRM, and financial systems for a single source of truth that can help inform decision-making.
Top financial aid management software solutions to consider
Ivy & Ocelot from Gravyty
By automating the grind, Gravyty’s AI engagement platform let teams focus on what matters most: empowering every student’s success. Its predictive award modeling and two-way texting automate personalized 24/7 student outreach.
Real-time fund forecasting, built-in compliance checks, and turnkey SIS, CRM, and ERP integrations make it easy to implement in weeks, not months. It’s also fully compliant with SOC 2, HIPAA, HECVAT, FERPA, GDPR, TX-RAMP, and. State-RAMP.
Best for: Mid-to-large institutions seeking 24/7 student support across the educational lifecycle
Key features: AI chatbot, SMS, no-code AI agent builder, social media and email integration, predictive modeling, knowledge base
Bakersfield College saved over $2m in resources with Ivy & Ocelot
With 75% of the student population receiving financial aid, Bakersfield College wanted to connect with students at scale while providing them with the personalized experience they needed to resolve their questions. By partnering with Gravyty (formerly Ocelot), the team achieved:
- $2,216,638 in resource savings
- 30% reduction in inbound emails and phone calls
- 3,000 students re-enrolled, recovering millions of dollars in tuition
Campus Logic
CampusLogic’s FAFSA-coaching bots and guided workflows simplify student applications with proactive SMS and email nudges. Its basic award simulations and compliance alerts plug directly into CRM, SIS, and document systems to drive quick implementation.
Best for: Application simplification
Key features: FAFSA coaching bots, guided workflows, SMS/email nudges
Oracle Student Financial Planning
Oracle’s predictive budgeting and multi-year award simulations help students make informed long-term financial plans. Deep ERP/SIS integrations and built-in federal/state rules enable enterprise-scale rollouts with consulting support.
Best for: Financial aid modeling
Key features: Multi-year simulations, budget planning
Ellucian Elevate + Ethos
Ellucian’s machine-learning analytics and automated workflows remove manual steps and surface timely, actionable insights. Triggered alerts and pre-configured award logic connect seamlessly with Banner/Colleague SIS and Ethos CRM for smooth operations.
Best for: SIS-native financial aid workflows, current Banner/Colleague users
Key features: SIS, CRM integrations, auto award logic
Workday Student
Workday’s attrition-prediction models and responsive chatbots anticipate student needs through in-app messaging and automated notifications. Its real-time “what-if” budget dashboards integrate HR, finance, and student data to streamline decisions.
Best for: Real-time financial modeling
Key features: Attrition prediction, HR/finance data
OpenWater
OpenWater’s grant management software helps financial aid teams streamline the administration of scholarships, fellowships, and institutional aid by centralizing application intake, review, and award processes. For schools managing especially complex or competitive financial aid programs across multiple departments, OpenWater can be a useful tool.
Best for: Managing scholarships and grants
Key features: Centralized portal, application tracking, reviewer workflows, audit-ready reporting
How to evaluate financial aid software
If you’re in the market for a solution, make sure it checks these boxes:
- AI-powered automation to handle high-volume tasks (like deadline reminders, form verification, or award alerts)
- Multichannel communication so students get help through chat, email, or SMS
- Real-time analytics so you can tie outreach to enrollment, retention, or funding outcomes
- Prebuilt integrations with your SIS, ERP, CRM, and document tools
- Speed to launch with onboarding and support that doesn’t drain your team
Holly B.
Financial Aid & Veterans Affairs Specialist, Sampson Community College
Support more students at scale with AI-driven financial aid management software
Financial aid teams are being asked to do the impossible. But with the right technology partner, it doesn’t have to feel that way.
Whether your goal is to increase FAFSA completion, reduce melt, or drive strategic use of aid to boost enrollment and retention, AI-powered tools like Ivy & Ocelot from Gravyty are built to help.Book a personalized demo to see how your team can reduce workload, improve student experience, and hit enrollment goals faster.
Not ready for a 1:1 call but curious to see how Ivy & Ocelot from Gravyty works? Check it out for yourself below:
