Los Angeles, December 13, 2019 – QY Research recently published a research report titled, “Global Financial Aid Management Software Market Research Report 2019-2026.” According to the report the global financial aid management software market was valued around US$638.77 mn in 2018 and is expected to reach more than US$1019.18 mn by the end of 2026, rising at a CAGR of more than 6% between 2019 and 2026.
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Efficiency in Financial Aid Distribution to Propel Market
Higher education institutions are looking for time efficient software to bring ease in managing their financial aid packages provided to students. Financial aid management software enables them to maintain compliance, reduce costs, and efficiently manage all kinds of programs fund from federal, state, institutional, and private sources to improve the entire process of financial aid distribution. These software systems are responsible for handling documentation, communication with students regarding their financial aid, distribution of forms digitally, and analysis of data associated with the entire process. Institutes are increasingly adopting these software systems to automate financial aid processes such as cost of attendance, packaging and verification, verify ISIR-related data and change a student’s verification status, and identify unfired work-study recipients.
Additionally, financial aid management software systems also help students to determine eligibility for financial support, help calculate merit aid to support them using admissions profile and financial aid data, and send automated notifications, alerts, and reminders. These factors are expected to boost the usage of financial aid management software systems.
Cloud-based Segment to Grow As it Reduces Paperwork
Cloud-based segment is expected to grow in the forecast period as it provides flexibility, security, efficiency, reduces paperwork, and provide real-time updates to the student as well as institution.
Higher Adoption of Modern Technologies to Boost Asia Pacific
Asia Pacific is expected to observe a significant growth in the market due to the large number of institutions opting for financial aid management software systems to manage their financial aid programmes. Significant student population in Asia Pacific is also expected to support market growth.
Manufacturers to Focus on improving Management in Higher Education Institutions
Blackbaud recently introduced its talent management capabilities to help higher education institutions effectively manage and retain fundraising talent. They are providing this technology to institutions like University at Buffalo and University of Maryland College Park Foundation. This is the first online performance tracking tool for fundraising leaders and managers, which enables transparency, proactive management, and peer officer benchmarking.
The other major players covered in the report includes Workday, FAME, Ellucian, CampusLogic, Regent Education, Eduquette, Our Parish Record Systems, Community Brands, Campus Management, TADS, FACTS Management, Unit4, ComSpec International, and others.
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