Types of Financial Aid

Types of Financial Aid

State Aid

Federal Aid

Institutional Aid

External Aid

updated 3.27.14

Federal Pell Grant - Undergraduate

Description

  • Federal government grant, based on need
  • Repayment not required
  • Available for full and part-time students
  • Limited to 12 full-time equivalent semesters
  • For additional information about the Federal Pell Grant visit Federal Student Aid

How to Apply

  • Complete general FAFSA requirements

Amount

  • 2013-14:  Varies based on EFC, not to exceed maximum of $5,645 per year
  • 2014-15:  Varies based on EFC, not to exceed maximum of $5,730 per year

Deadline

  • Processed in dated order

Ohio College Opportunity Grant (OCOG) - Undergraduate

Description

  • State of Ohio grant, based on need
  • Limited to 10 full-time equivalent semesters of need-based State of Ohio grant aid
  • Available for full and part-time students
  • Seeking first associate's or bachelor's degree
  • Available for tuition and fees only
  • U.S. citizen and eligible non-citizen
  • Ohio residency of 1 year required
How to Apply
  • Complete general FAFSA requirements
Amount
  • 2013-14:  Maximum of $1,040 per term; $3,120 per year. Award based on eligibility of funds.
  • 2014-15:  Maximum of $1,284 per term; $3,852 per year.  Award based on eligibility of funds.
Deadline
  • 2013-14:  October 1, 2013
  • 2014-15:  October 1, 2014

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

Iraq and Afghanistan Service Grant (IASG)

Description
  • A student who is not eligible for a Pell Grant but whose parent or guardian was a member of the U.S. Armed Forces and died as a result of service performed in Iraq or Afghanistan after September 11, 2001 may be eligible to receive the Iraq and Afghanistan Service Grant
  • The student must be under 24 years of age OR enrolled in college at least part-time at the time of the parent's or guardian's death.
  • Available for full and part-time students
  • Repayment not required
How to Apply
  • Complete general FAFSA requirements
  • Federal government will supply the University with a data match
Amount
  • March 1, 2013 through September 30, 2013, equal to the maximum Pell grant (less 10%) for the current award year, adjusted for the student's enrollment status and cost of attendance.
  • First disbursement on or after October 1, 2013 will be reduced by 7.2% from the original amounts.
Deadline
  • Processed in dated order

Federal Supplemental Educational Opportunity Grant (SEOG) - Undergraduate

Description

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

How to Apply

  • Complete general requirements

Amount

  • 2013-14 Maximum of $400 per term; $1,200 per year; award based on availability of funds
  • 2014-15 Maximum of $300 per term; $900 per year; award based on availability of funds

Deadline

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

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 processing 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 younger
  • Not receiving any grants/scholarships
  • Must reside in Ohio, Kentucky or West Virginia

How to Apply

  • Contact Financial Aid for an appointment

Amount

  • Up to $200 per credit hour

Deadline

  • None

Federal Direct Subsidized Loan Program - Undergraduate

Description

  • Federal loan, based on financial need
  • Interest rate for loans first disbursed between:
    • 7-1-12 and 6-30-13 is fixed at 3.4%; Origination fee of 1% on loans disbursed before 3.1.13 and 1.051% on loans disbursed on or after 3.1.13.
    • 7-1-13 and 6-30-14 is fixed at 3.86%; Origination fee of 1.051% (Note:  Origination fee for loans disbursed on or after 12-1-13  is 1.072%)
  • 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 is paid by federal government while in school and during deferment.  Note:  If loan is first disbursed between 7/1/12 and 7/1/14, you are responsible for paying interest that accrues during your grace period.  The interest will be added to your principal balance.
  • Effective 7/1/13, there is an Eligibility Period which will  limit the number of years a student can receive subsidized loan funds.  The limit will only be enforced for new borrowers on or after 7/1/13.  A student will only be able to receive up to 150% of subsidized loan funds for the published time of a program (ie, associate degree 3 years, bachelor degree 6 years).  Once the student reaches the maximum number of years of receiving subsidized loan funds, the student may only borrow unsubsidized loans and interest will begin to accrue on the student's outstanding subsidized loan.  FSA will track, calculate and inform students and institutions.  

How to Apply

  • Complete a Master Promissory Note
  • Complete general FAFSA requirements
  • Complete a Student Loan Entrance Interview (for first time borrowers at Franklin University)

Amount:

  • Undergraduate:
    • Freshman: $3,500
    • Sophomore: $4,500
    • Junior/Senior: $5,500
    • Aggregate: $23,000
  • Graduate:
    • $0 (eligible for unsubsidized loans only)
    • Aggregate: $65,500

Deadline

  • 2013-14:  Processed in dated order through May 2, 2014
  • 2014-15:  Processed in dated order through May 1, 2015

Federal Direct Unsubsidized Loan Program - Undergraduate/Graduate

Description

  • Federal loan, not based on financial need
  • Interest rate is for loans first disbursed between:
    • 7-1-12 and 6-30-13 is fixed at 6.80%; Origination fee of 1% on loans disbursed before 3.1.13 and 1.051% on loans disbursed on or after 3.1.13.
    • 7-1-13 and 6-30-14 is fixed at 3.86%; Origination fee of 1.051%. (Note:  Origination fee for loans disbursed on or after 12-1-13 is 1.072%)
  • 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
  • Borrower is responsible for accrued interest while in school, during deferment, and grace period

How to Apply

  • Same as Federal Direct Subsidized Stafford Loan

Amount:

 

  • Undergraduate:
    • Freshman: $9,500*
    • Sophomore: $10,500*
    • Junior/Senior: $12,500*
    • Aggregate Undergraduate Total Sub and Unsubsidized: $57,500 (no more than $23,000 may be sub)
  • Graduate:
    • Total Sub: $8,500; (as of 7/1/12, only unsubsidized loans eligibility - Aggregate $20,500)
    • Total Unsubsidized: $12,000
    • Aggregate Annual: $20,500 (total of sub and/or unsub)
    • Aggregate Total: $138,500*

* less Federal Stafford Subsidized eligibility

Deadline

  • Same as Federal Direct Subsidized Loan Program

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

Description

  • Federal Direct loan for parents of dependent students, not based on financial need
  • As of 7/1/13 interest rate is fixed at 6.41%; Origination fee of 4% before 3.1.13 and 4.204% on or after 3.1.13. (Note:  Origination fee for loans disbursed on or after 12-1-13 is 4.288%)
  • 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;
  • Electronically via our Loan Process page.

Amount

  • Cost of education, minus other financial aid

Deadline

  • Same as Federal Direct Subsidized Loan Program

Federal Direct Graduate PLUS Loan - Graduate Students

Description

  • Federal Direct loan for graduate students, not based on financial need
  • As of 7/1/13 the interest rate is fixed at 5.41%; Origination fee of 4% before 3.1.13 and 4.204% on or after 3.1.13.  (Note:  Origination fee for loans disbursed on or after 12-1-13 is 4.288%)
  • At least half-time enrollment required
  • Must have applied for the annual loan maximum in 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

Amount

  • Cost of education, minus other financial aid
Deadline
  • Same as Federal Direct Subsidized Loan Program

I Know I Can Grant

Description
  • Complete and submit the 2014-15 FAFSA by March 15, 2014
  • Current high school students must have a Grade Point Average (GPA) of 2.25 and current college students must have a GPA of 2.0
  • Must be Pell eligible
  • Students have 1 year from their high school graduation to apply for the grant
  • Must be enrolled full-time for each term
How to Apply
Amount
  • $1,200

Deadline

  • April 25, 2014

This feature is intended for Financial Aid questions.

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