This enhancement was released in Community Suite on 4/6/22. The school and student id will integrate for SLM clients that award non-UA scholarships.
Here is the release note: Integrated Scholarships: For clients that integrate with Foundants SLM product and use Stand Alone Processes, added the ability to create a School in CSuite. The new Profile Type can be set in bulk in the Grantee menu. When a profile has a School designation, it will be included in a list of available schools for a student to select in a Follow Up form. The School (Payee in SLM) and Student ID will sync between the two systems. This integration is not available for UA Scholarships. This functionality will be enabled for all clients in CommunitySuite. Please contact your SLM Client Success Manager to enable this functionality in SLM.