The software solution to financial aid paperwork
Financial aid offices must track, organize, and process a great deal of data. What is the best way to automate tasks in this process? What software can empower your staff to make better, faster, smarter decisions?
PowerFAIDS is a powerful, flexible, and easy-to-use program, developed by experts at the College Board, that can help you manage your financial aid office. It is designed to automate the entire financial aid process, from performing need-analysis calculations to packaging to communications to reporting. More than 600 postsecondary institutions use PowerFAIDS.
PowerFAIDS can be customized to fit the needs of your office. It can be integrated not only with other College Board software and services but with other commonly used systems, including the Central Processing System (CPS) used by the U.S. Department of Education's Office of Federal Student Aid and the Common Origination and Disbursement (COD) System.
What can you do with PowerFAIDS?
This powerful software automates your entire aid process and eliminates hours of tedious paperwork. It manages student eligibility, verification, Pell Grant management, award packaging, loan origination, R2T4 calculations, and reporting and research.
Create and update student records: PowerFAIDS gives you multiple ways to create and update student records, and can import student data from other campus information systems.
Track applications, generate letters, and communicate electronically: PowerFAIDS can check student records for any missing required documents (you define what documents are required in each case), update the application status online, generate customized missing-information letters, and much more. You can also send and track email directly from PowerFAIDS.
Calculate student budgets online: You can use PowerFAIDS to build student expense budgets based on parameters you define, and make adjustments to individual students' budgets without changing the base setting.
Generate and receive federal CPS data: PowerFAIDS lets you load, process, and adjust data in Institutional Student Information Records (ISIRs) from the CPS. You can also view National Student Loan Data System (NSLDS) data using PowerFAIDS.
Perform need analysis: PowerFAIDS incorporates INAS need-analysis software to help you perform need-analysis calculations using both Federal Methodology (FM) and the College Board's Institutional Methodology (IM), on demand and accurately.
Manage funds: PowerFAIDS lets you create and track an unlimited number of financial aid funds, whose specifications are defined by you.
Package student aid awards: PowerFAIDS lets you package student aid awards according to your institutional financial aid policies. You can simulate outcomes and then adjust parameters as needed. You can package students individually or quickly batch package some or all of your students.
Process federal Pell Grants: PowerFAIDS will automate your Pell Grant calculating, reporting, and reconciliation. PowerFAIDS supports communication with the U.S. Department of Education's Common Origination and Disbursement (COD) system.
Disburse funds: PowerFAIDS can automatically schedule your awards for disbursement according to rules you set. It will even run federal eligibility checks before authorizing payments.
Transmit loan applications: PowerFAIDS creates Direct Loan Origination and Disbursement files in the XML format to transmit to COD for all Direct Loan types. You can also use PowerFAIDS to create and submit alternative loan applications in the CommonLine format.
Create reports: PowerFAIDS comes prepackaged with dozens of useful standard reports that can be run on demand or scheduled for generation whenever you like. PowerFAIDS users can also create, run, and schedule an unlimited number of custom reports on demand, without any assistance from their IT department. PowerFAIDS also provides support for major industry reports such as the FISAP (Fiscal Operations Report and Application to Participate) and the Common Data Set survey.
Access CSS/PROFILE and Institutional Documentation Service (IDOC) images
Interact with your students with Net Partner
Add the PowerFAIDS Net Partner module (licensed separately) to your system to create an Internet portal through which students can access their financial aid information. Net Partner allows students to log on from anywhere to accept or decline awards, fill out an online application, see their financial aid information, download documents they need, and more.
Give your staff colleagues access with the Web Client Module
With the Web Client Module (licensed separately) you can give an unlimited number of staff view-only access to PowerFAIDS. This way your colleagues can get information via the web, from anywhere, eliminating lots of phone calls and drop ins to your office.
Lots of Training and Support Is Available
PowerFAIDS offers a full range of training options, from hands on classes at our headquarters to free topic specific classes held online. And our annual User Conference held each July can be attended by any customer with no registration fee. PowerFAIDS also offers toll-free phone and email Support with expanded service hours.