Stages of Processing

Here are the steps to processing your financial aid at Franklin University once the Free Application or Renewal Application for Federal Student Aid (FAFSA) has been submitted to the Department of Education. We encourage you to familiarize yourself with the following stages of processing your file.

Results of Your FAFSA

If you supplied a valid e-mail address on your FAFSA, and your application was processed successfully, the Department of Education (DOE) will send you an e-mail notification with instructions on how to access your electronic SAR (Student Aid Report), which is the results of your FAFSA. If the DOE does not have an e-mail for you, you will receive a paper copy of your SAR.

View or print a copy of your SAR.   Please note: you will need your PIN to access this request form. The DOE will mail or e-mail you a notification of your Student Aid Report (SAR), which is the result of your FAFSA, within two to four weeks. Upon receipt of your SAR:

Complete the Declaration of Outside Tuition Assistance Form (if applicable and you have not already completed) 

2008-2009: Summer 2008; Fall 2008; Winter 2009

If you expect to receive assistance from any of the following outside resources, you are required to complete this form. Failure to disclose this information may affect your financial aid awards.

• Employer Tuition Assistance
• Bureau of Vocational Rehabilitation/PIC/JTPA
• Veterans Benefits
• National Guard
• Ohio Tuition Trust Authority (prepaid tuition plan)
• Scholarships - expected or received, other than through Franklin
• Other Aid resources that do not include grants or loans

Stage 1 – Verification of Information

• Student Aid Report - Files are processed in dated order according to the receipt date of your Student Aid Report.
• Verification – Do not submit tax returns and verification worksheets unless notified by Franklin that these documents are required. You may be selected for Verification. If selected, you will be notified by mail requesting federal tax returns and other documents. Approximately 50% of our financial aid applicants are selected for Verification. Your prompt response will assist in the timely processing of your financial aid.

Stage 2 – Awarding

• Eligibility Determination - Once all documents have been verified, your file will be reviewed for eligibility for all federal, state, and institutional financial aid programs. For more information regarding these programs, visit the Financial Aid Programs Chart.
• Notification of Awards - Once your eligibility has been determined, an award letter will be sent to you indicating the financial aid programs available to you. Reminder, the eligibility on your award notice is based on the information you submitted on your FAFSA (I.e. planned hours of enrollment, housing plans, etc.). You are required to complete, sign, and return your Award Letter to the Financial Aid office for your Stafford Loan(s) to be processed. (Note: see Master Promissory Note below.)  Please review the Terms of Your Award.   Grants (which you do not have to pay back) will automatically be accepted on your behalf if you are eligible.
• Award Holds - On your Award Letter, in the Award Comment Codes section, you may receive notification indicating follow-up items that need to be completed before your financial aid funds can be disbursed. Responding promptly will ensure timely release of your funds.
• Master Promissory Note (MPN) – If you have been awarded and wish to use Federal Stafford Loans, complete a Master Promissory Note only if:
  • This is your first time borrowing a Federal Stafford Loan for college; or
  • This is your first time borrowing a Federal Stafford Loan at Franklin Please note that the service standard for awarding financial aid is four to six weeks after the SAR has been received and/or verification materials reviewed.  Processing time could vary depending on time of the year.

updated 06.24.08