Within Privacy Centre, you can create Consent Packs. Using this capability in reference with GDPR, you can create a Consent that you can apply to all existing Applicants. Within this Consent, you can apply Topics (which are topics that the student can consent to hearing information about e.g if you consent to the topic 'Student Accommodation', then you will receive information about 'Student Accommodation'.)
If you wish to apply a Consent to all existing applicants, then there are steps that you can follow in this article, along with the details as to why this would be useful for you in respect to being GDPR compliant.