Pass through funding ans student financial aid

Hi:

I was studying SAP AG publication for Grantee Management , in one of its area it was indicated that financial aid given to student in the form of loans or any other can be catered through pass through funding scenario. Now how will this work in case where we do not have SAP Student life cycle management SLCM and students have been opened as customers in SAP. Experts please shed some light on this scenario , if it is workable then what will be the process flow.

Regards