1. Implementing Student Financial Planning
  2. Overview of Student Financial Planning

Overview of Student Financial Planning

Student Financial Planning automates student financial aid processing.

Oracle Student Financial Planning Cloud Service (SFP) automates the processes of applying for and receiving Student Financial Aid funds in accordance with United States Department of Education (ED) guidelines and private sources. You can configure automated communications, tasks, and data exchange with ED, third-party systems, and students for minimal staff hands-on processing. A Baseline Configuration is delivered and updated with every release to cover the processing needs for most schools.

Here are some of the things you can do with SFP:

  • Configure real-time dynamic checklists and alerts in Student Self-Service to guide students through applying for, meeting requirements for, and receiving student financial aid through enrollment, withdrawal, separation, or graduation.
  • Configure and automate Institutional Student Information Record (ISIR) processing. Document requests, electronic document submission with e-signatures, application verification, and ISIR corrections can be automated.
  • Configure and automatically create detailed Costs of Attendance (COAs) for individual students.
  • Configure and automate the creation of Financial Aid Award Packages and offers using the student’s COA and SAI/EFC for Scheduled Academic Years (SAY), Borrower Based Academic Years (BBAY), and other complex ED eligibility scenarios. You can also award non-ED financial aid programs like CommonLine loans.
  • Configure disbursement criteria for automatic disbursement of funds to cover direct costs and authorize credit balance disbursements instantly as students meet criteria. Handle downstream processing including electronic and paper student notifications, Common Origination and Disbursement (COD) communications, G5 drawdowns, and CommonLine disbursement rosters. Automate Post-Withdrawal Disbursements, Late Disbursements and Grant Overpayments including electronic student notification and disbursement acceptance.
  • Automate the Return to Title IV funds process for program or term withdrawals. Unearned aid is automatically returned to ED and reinstated if a student returns. Automatic downstream processing for Post-Withdrawal Disbursements and Grant Overpayments is done by engaging students electronically with Student Self Service.
Note: SFP is one of two Student Financial Aid (SFA) products from Oracle Higher Education. The other product, Student Aid Eligibility (SAE), is a subset of SFP features used specifically for U.S. Department of Education (ED) Institutional Student Information Record (ISIR), document, and professional judgment processing to determine student eligibility.SFP includes both administrative (Financial Aid System; also known as FAS) and Student Self Service features.When you see “SFA” referenced in Oracle Help topics, it means the topic is applicable to both SFP and SAE. In some shared topics, you may see "SFP only" or similar language if part of a topic is only applicable to SFP.