This is the amount of financial aid originating in the Financial Aid Interface module that has not yet been officially awarded to the student. This type of aid has a source code of @F. Statements, the Register, and History Register can optionally include unapplied aid as can the process calculating finance charges.
The Unapplied Aid column on the Master tab of the Subsidiaries window is updated by the Financial Aid Interface Disbursements and Adjustments process.