Researched, understood and ideated on element level.

So, 
1. currently we show 3 fields in a row and all fields together - this makes the form look too crowded and having a lot of data to be filled.
Here trying to keep minimal required things shown at a time - depended fields can be shown after the independent field is filled rather than showing it upfront and locked- where users can not do anything yet increasing the number of fields users see.

2. The form jumps from one screen to again rather than a smooth transition. That gives users an impression that a lot of screens are there to be filled. 
Tried to give a smooth transition by not making it look like the entire page is changing but rather only that particular space is changing in that screen.

3. Not over simplifying the fields by showing one field per page as that would increase the feel of form being long ever more - increasing dropouts

4. Currently, we do not use proper white space. White space helps the form look cleaner thus gets easy to read and understand and also looks breathable - giving users a sense of comfort as compared to the overcrowded screens. 
Often clean visuals help in smoother experience.

5. In my research it is found that often users either don't read the content properly or don't understand. 
For example - who can be the applicant. 
So using the right visuals in catch users attention would be beneficial to get the right data. 
Example student icon/ illustrations for student details and if applicant must be a parent then a parent like icon/illustrations besides the title.

6. Using microinteractions in the fields help engage the users a little. 

7. Our current screens look very static and thus adds in to the not so fun experience. We can use the microinteractions, animations and smooth transitions from one field to another and one screen to another, to make it dynamic

8. The illustrations and icons can have motion when moving from one screen to another. 

9. The loaders and the error screens have a very generic text and illustration - that can be more specific.
For example instead of just our logo moving don't help the users. The text can be changing as per the case letting users know what exactly is happening and how much more time to wait and say a gif showing what is happening.
Example : in case of penny drop verification - a penny can be shown dropping in a valet. 

10. We have a z placement, but I/F movement of the eye would help our users read and understand the form better in our case due to the eye movement plus the minimal contents and more white space. 

11. We do not even show the progression from one screen to another.
Detailed or just a rough sense of progression helps in:
-long forms to give a sense of progress and how much more to go
- where the details are not so common and the form is long - user would get a sense of relieve to know that their data they are filling is getting saved as they proceed.

The details progress bar was not possible in our case since depending on each step and the user, the further steps change.
However providing the possible documents needed before hand can have a pros and cons:
pro- user would know beforehand the data they need, to arrange it and not leave the system at each step.
con - the users may think the other methods to be simplier rather than filling so many details and gets scared in the starting only.I have work on this ideation, which you will find below.