Financial Aid Programs

General Requirements:

  • Free Application for Federal Student Aid (FAFSA) for 2009-2010 (Summer 2009; Fall 2009; Winter 2010)
  • Declaration of Outside Tuition Assistance Form (if required) - If you are receiving tuition assistance,complete form and submit to Financial Aid office for 2009-2010
  • Have official copy (sealed) of high school transcript or proof of an associate's or bachelor's degree sent to Franklin University, Transfer Credit Office
  • You must be degree-seeking to receive assistance. Students with a previous bachelor's degree are ineligible for federal and state grants, but you may be eligible for student loans
  • In general, to receive aid from the student aid programs, students must:
    • have financial need, except for some loan programs;
    • be a U.S. citizen or eligible noncitizen;
    • make satisfactory academic progress;
    • be registered with the Selective Service, if required;
    • be enrolled at least half-time.

Priority Processing Deadlines for 2009-2010:

  • Summer 2009-March 15, 2009
  • Fall 2009 - June 15, 2009
  • Winter 2010 - October 15, 2009 

 

Financial Aid Program Descriptions

Federal Pell Grant - Undergraduate

Description

  • Federal government grant, based on need
  • Repayment not required
  • Available for full and part-time students

How to Apply

  • Complete general requirements

Amount

  • 2009-2010:  $976 - $5,350 per year

Deadline

  • Processed in dated order

Ohio Student Need-based Grant (OSNG) - Undergraduate

Description

  • State of Ohio grant, based on need
  • Available to part-time and full-time students
  • Seeking first associate's or bachelor's degree
  • Available for tuition only
  • U.Scitizen and eligible non-citizen
  • Ohio residency of 1 year required
How to Apply
  • Complete general requirements
Amount for 09-10 only
  • $39 - $1,248 per term up to three terms per award year
  • Maximum of $117 - $3,744 per year
  • Award based on availability of funds
Deadline
  • Processed in dated order

Pennsylvania Higher Education Assistance Agency (PHEAA) - Undergraduate

Description

  • This program allows eligible Pennsylvania residents to obtain financial assistance for undergraduate study at any PHEAA-approved institution of higher education
  • Meet criteria for financial need
  • Must be enrolled at least half-time in a PHEAA-approved undergraduate program of study and not already have a 4-year (or more) undergraduate degree
  • At least 50% of the total credits/clock hours required for completing the program of study must be earned through face to face classroom instruction
  • Be a Pennsylvania resident for at least 12 months before applying for this grant
How to Apply
  • apply at www.pheaa.org
  • For more information, call toll-free: 1.800.692.7392
Deadlines:
  • May 1 for: 1) all renewal applicants, 2) new applicants who plan to enroll in an undergraduate baccalaureate degree program, and 3) those in college transfer programs at two-year public or junior colleges
  • August 1 for first-time applicants who plan to enroll in: 1) a business, trade, or technical school, 2) a hospital school of nursing, or 3) a two-year terminal (i.e., non-transferable two-year degree) program at a community, junior, or four-year college

Federal Supplemental Educational Opportunity Grant (SEOG) - Undergraduate

Description

  • Federal grant, based on high need
  • Available for full and part-time students

How to Apply

  • Complete general requirements

Amount

  • Maximum of $400 per term; $1,200 per year; award based on availability of funds

Deadline

  • Meet priority deadline for the first trimester of enrollment of the award year

Federal Academic Competitiveness Grant (ACG) - Undergraduate

Description

  • Federal grant, based on need
  • Must have Pell eligibility
  • First and second year students
  • Requires completion of Rigorous High School Program of Study
  • Available to full-time and part-time students 2009-2010
  • U.S. Citizen (2009-2010 includes eligible non-citizens)
  • Repayment not required

How to Apply

  • Complete general requirements
  • Must self-identify on the FAFSA
  • Must have official high school transcript and all official college transcripts on file

Amount

  • 2009-2010:
    • First year - up to $750
    • Second year - up to $1,300

Deadline 08-09

  • Processed in dated order

Federal National Science and Mathematics Access to Retain Talent Grant (SMART) - Undergraduate

Description

  • Federal grant, based on need
  • Must have Pell eligibility
  • Junior and Senior class level
  • Available to full-time and part-time students 2009-2010
  • Limited to Programs of Study: Computer Science, Digital Communications, Information Technology, and Web Development
  • GPA of 3.0 or higher
  • Repayment not required
  • U.S. Citizen (2009-2010 includes eligible non-citizens)
  • Must be enrolled in at least one course each term that meets the specific requirements of the student's National SMART Grant-eligible major

How to Apply

  • Complete general requirements
  • Official transcripts from all previous colleges must be on file with Franklin

Amount

  • 2009-2010
    • Up to $4,000 each year

Deadline

  • Processed in dated order

Apply for Federal Work Study Program - Undergraduate/Graduate

Description

  • On campus employment
  • Must be enrolled at least half-time
  • Work with university faculty and staff
  • Receive paycheck twice a month

How to Apply

  • Complete general requirements; and submit FWS employment application to Human Resources

Amount

  •  $3,500 (estimated) per term

Deadline

  • Preference to students who meet priority deadline

Schell Loan Program - Undergraduate

Description

  • Registered at least half time
  • Must have completed 30 hours at Franklin with a minimum 3.0 GPA
  • U.S. citizen
  • 25 years of age or less
  • Not receiving any grants/scholarships

How to Apply

  • Contact Financial Aid for an appointment

Amount

  • Up to $200 per credit hour

Deadline

  • None

Federal Subsidized Loan Program - Undergraduate/ Graduate

Description

  • Federal loan, based on financial need
  • Interest rate is fixed at 6.00% UG and 6.80% Grad for loans first disbursed between 7-1-08 and 6-30-09.  Origination fee of 2% with a 1.5% rebate.
  • Interest rated is fixed at 5.60% UG and 6.80% Grad for loans first disbursed between 7-1-09 and 6-30-10.  Origination fee of 1.5% with a 1% rebate.
  • Origination and/or federal default fee may be charged by guarantor
  • Must be enrolled at least half-time
  • Repayment begins when you graduate or cease to be enrolled at least half-time for a period of at least six months
  • 10 year repayment
  • Interest paid by federal government while in school, during deferment, or during grace period

How to Apply

  • Complete a Master Promissory Note;
  • Complete general requirements;
  • Complete a Student Loan Entrance Interview (for first time borrowers);

Amount July 1, 2008 through July 1, 2009

  • Undergraduate:
    • Freshman: $3,500
    • Sophomore: $4,500
    • Junior/Senior: $5,500
    • Aggregate: $23,000

  • Graduate:
    • Yearly: $8,500
    • Aggregate: $65,500

Deadline

  • 2009-2010
    • Processed in dated order through March 1, 2010

Federal Unsubsidized Loan Program - Undergraduate/Graduate

Description

  • Federal loan, not based on financial need
  • Same as Federal Subsidized Stafford loan except borrower is responsible for accrued interest while in school, during deferment, or grace period

How to Apply

  • Same as Federal Subsidized Stafford Loan

Amount:

July 1, 2008 through June 30, 2009

  • Undergraduate:
    • Freshman: $9,500*
    • Sophomore: $10,500*
    • Junior/Senior: $12,500*
    • Aggregate Undergraduate Total Sub and Unsubsidized: $57,500*
  • Graduate:
    • Total Sub: $8,500
    • Total Unsubsidized: $12,000
    • Aggregate Annual: $20,500
    • Aggregate Total: $138,500*

* less Federal Stafford Subsidized eligibility

Deadline

  • 2009-2010
    • Processed in dated order through March 1, 2010

Federal Parent Loan for Undergraduate Students (PLUS) - Dependent/Undergraduate

Description

  • Federal loan for parents of dependent students, not based on financial need
  • Interest rate is fixed at 8.5%
  • Direct Loans may charge an origination and/or federal default fee
  • At least half-time enrollment required
  • Repayment begins within 60 days after the final disbursement for the academic year; Repayment may be deferred if certain conditions are met

How to Apply

  • Complete general requirements;
  • Applications options:
    • 1) Electronically via our Loan Process page
    • 2) Paper Application - through a lender. Application must be submitted to Financial Aid

Amount

  • Cost of education, minus other financial aid

Deadline

  • 2009-2010
    • Processed in dated order through March 1, 2010

Graduate PLUS Loan - Graduate Students

Description

  • Federal loan for graduate students, not based on financial need
  • Interest rate is fixed at 8.5%
  • Direct Loans may charge an origination and/or federal default fee
  • At least half-time enrollment required
  • Must have applied for the annual loan maximum in subsidized and unsubsidized loans before applying for GRAD PLUS loan
  • Repayment begins within 60 days after the final disbursement for the academic year; Repayment may be deferred if certain conditions are met

How to Apply

  • Complete general requirements ;
  • Applications options on our Loan Process page:
    1. Electronically via our Loan Process page
    2. Paper Application - through a lender. Application must be submitted to Financial Aid
    3. Must complete Student Loan Entrance Counseling

Amount

  • Cost of education, minus other financial aid

Deadline

  • 2009-2010
    • Processed in dated order through March 1, 2010
updated 06.04.09

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