Financial Aid Awarding Process | Franklin University

Financial Aid Awarding Process

Once all documentation has been received, the Financial Aid office will process your file in dated order as received. In general, your files will be processed in approximately 15 days after receiving all required documentation. However, processing times may vary depending on the time of year. If you were selected for verification, the process may take a little longer.

Your award letter will notify you of your aid eligibility. The aid awarded is based on the hours of enrollment listed on the Award Letter, your Financial Aid Satisfactory Academic Progress status, and award code explanations. If you are eligible for loans, it will also include a link to the Master Promissory Note. Please read your Award Letter thoroughly and view the Terms of Award below.

If your enrollment hours change, your eligibility for programs and/or aid amounts may also change.

You may view your Award Letter in one of the following ways:

Online through your myFranklin Account - If you have a myFranklin account, you will receive an email notification that your Award Letter has been processed and is available to view online.  

  1. Go to myFranklin and login 
  2. Click on the Shortcuts Tab and then on WebAdvisor
  3. Under the Financial Aid section, click on Financial Aid Award Letter
  4. Select the appropriate year and follow the instructions to access and submit your Award Letter 

Note:  if you have trouble viewing, try using Internet Explorer as your browser

 

Paper Notification - If you do not currently have a myFranklin account, you will receive your Award Letter by mail.  

Below are important facts about your Award Letter.

  • Grants are automatically accepted on your behalf. 
  • Loans will only be processed once you have accepted them on your Award Letter.  See the next section on Loan Acceptance.
  • Visit the Loan Process page if you are a first-time borrower of federal student loans, or a first time borrower at Franklin University. There are two federal requirements you must complete.  1) Student Loan Entrance Counseling;  and 2) Master Promissory Note (MPN) for Federal Direct Stafford Loans
  • See Types of Financial Aid for program eligibility requirements.

Loan Acceptance:

Follow the instructions provided on your Award Letter which you will receive by one of the following methods.

Online through myFranklin - You will receive an e-mail notification informing you your Award Letter is viewable online.  After viewing and reading the Important Comments Section on your Online Award Letter, scroll down to the Loan Acceptance section.  There will be  two options presented for submitting your online Award Letter.  Carefully follow the instructions for the option you select.  

Paper Award Letter Notification - if you received your notification by mail, review your Award Letter and follow the instructions on how to accept or reject your loan awards.  You MUST accept/reject your loan awards, sign, and return the Award letter by mail, fax, or email.

Your financial aid is based on information you provided on your FAFSA. It is your responsibility to ensure the accuracy and completeness of the information on every FAFSA transaction.

Financial Aid Satisfactory Academic Progress Status:
This is the current status of your academic progress for financial aid.

Enrollment Hours:
Aid is based on the hours of enrollment listed.

Changes in your enrollment may impact your aid.

Code Definitions

A:  Award is complete. 

C:  Award canceled.

E:  Funds that are not transmitted by the Financial Aid office but are included in the estimated financial assistance.

G:  Award is a tentative amount.  Amount of funds are pending State of Ohio or Federal government budget approval.

H:  Hold until eligibility is determined.

N:  Not eligible

P:  All Direct Subsidized and Unsubsidized Stafford Loan funds placed into this status until an Award Letter has been received/processed.

R:  Rejected by you.

S:  Award Accepted Online

T:  Indicates your last term of eligibility.

W: Withdrawn from Federal Title IV eligibility.

Z:  Federal restrictions have been placed on your account but state funds are still applicable.

Important Comments
See the important comments printed at the bottom of your Award Letter. Further action may be required.

Special Circumstances
If you have circumstances that were not reflected in the FAFSA process, you may have the right to appeal. Contact us at 1.877.341.6300 to review your situation and receive appeal information.

Revisions and Cancelations
The University reserves the right to review, revise, or cancel an award at any time.

Aid Notes

  • A Federal Work Study award is not a guarantee of employment or financial aid.
  • Federal student loans listed on the Award Letter are gross amounts. The actual funds received may be less due to fees assessed by the lender.
  • State aid will only cover up to the cost of tuition and fees and is not refundable to the student.
  • Aid cannot be used to retake courses that were already successfully completed or that do not apply toward your degree.

Student Responsibility
Franklin University is committed to assisting students in applying for financial aid resources. However, students enrolled in courses at Franklin are ultimately responsible for paying their tuition and fees.

 

In addition to the Award Letter, Franklin University students that are currently enrolled and prospective military students are provided documentation related to their financial aid package in the form of a “Shopping Sheet.”  The federal government is encouraging all colleges and universities to provide this document to utilize for a comparison of costs and financial aid offers at multiple institutions.  Click here to see an example of the standardized form.

This standardized form is not currently mandated, so not all schools will send this document to you.  Franklin University has voluntarily adopted the use of the Shopping Sheet in order to provide our prospective students with this informative consumer tool to assist in making a decision that best fits their needs.  

Accessing a Shopping Sheet is easy!

  • Current students can access their Shopping Sheet through their myFranklin account, right below the Award Letter option.
  • Prospective Military students will receive a Shopping Sheet mailed to the address in the Franklin University system.
  • All students (either prospective or current) that have applied for federal financial aid can always request a printed version of the Shopping Sheet by talking to a Franklin University representative.

Please note that this is NOT an Award Letter.  In order to accept or decline any loan offers from Franklin University, steps associated with the loan process will need to be completed, as detailed on our Loan Process page.

Here are some of the components that are highlighted in a Shopping Sheet that should assist with a comparison between institutions:

  • Costs for the year  - click here for more information and examples of the Cost of Attendance at Franklin University.  This figure is an estimate and is based on a number of variable factors, such as enrollment level, average living expenses and other educational costs.
  • Grants and Scholarships – These types of funds are referred to as “gift aid” because there is no repayment required.  This section of the Shopping Sheet will detail the amount of federal and state grants, as well as scholarships funds that the student will receive for the award year.  Click here for a comprehensive list of available grant programs at Franklin University and click here for details regarding our scholarships.
  • What you will pay for college  – The net cost is an estimate of how much it will cost in order to attend Franklin University for the award year.  In order to obtain this figure the total amount of “gift aid” is subtracted from the estimated cost of attendance.  This figure does not take into account loans that may be borrowed by the student or a parent.
    • Net costs may change based upon specific situations.
  • Options to Pay Net Costs – this section details the different options available to assist students in paying for their education.  The options available will require the student earn the funds through work (work-study, military benefits, etc.) or the student borrow the funds (federal loans).
    • Please note that the Federal Perkins loan is shown on the Shopping Sheet because it is a standardized form.  Franklin University does not currently participate in this program.

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