Types of Financial Aid | Franklin University

Types of Financial Aid

What is financial aid?

Financial aid is money to help pay for college.  Aid can come from the U.S. Federal Government, the state where you live, the college you attend or other non-profit or private organizations. 

Who is eligible for aid?

Different types of aid (private scholarships, state grants, etc.) have different rules, called eligibility criteria, to determine who gets the aid.   

Below is a list of general eligibility requirements for federal student aid.

  • demonstrate financial need (for most programs);
  • be a U.S. citizen or an eligible noncitizen;
  • have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  • be registered with Selective Service, if you’re a male (you must register between the ages of 18 and 25);  You can call Selective Service toll-free at 1-888-655-1825 for general information about registering, or register online at www.sss.gov or via the FAFSA;
  • be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
  • be enrolled at least half-time to be eligible for Direct Loan Program funds;
  • maintain satisfactory academic progress in college or career school;
  • not in default on a federal student loan and do not owe money on a federal student grant
  • show you’re qualified to obtain a college or career school education by having a high school diploma or a recognized equivalent.

Pell Grant - for Undergraduate Students

  • 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 the general FAFSA requirements

Amount:  2014-15:  Eligible amount varies based on EFC and enrollment status, but not to exceed the maximum of $5,730 per year

Deadline:  Processed in dated order

Iraq and Afghanistan Service Grant (IASG)

  • 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 the general FAFSA requirements; federal government will supply the University with a data match.

Amount:  First disbursement on or after 10/1/13 through 9/30/14 will be reduced by 7.2% from the original amounts; first disbursement on or after 10/1/14 through 9/30/15 will be reduced by 7.3% from the original amounts.

Deadline:  Processed in dated order

Supplemental Educational Opportunity Grant (SEOG) - for Undergraduate Students

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

How to Apply: Complete the general FAFSA requirement

Amount:  2014-15 maximum of $300 per term; $900 per year.  Award is based on availability of funds

Deadline:  Meet priority processing deadline for the first trimester of enrollment of the award year.

Federal Work Study Program - for Undergraduate/Graduate Students

  • 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 the general FAFSA requirements and submit a FWS Employment Application to Human Resources

Amount:  $4,000 (estimated) per term

Deadline:  Preference to students who meet the priority processing deadline.

Federal Direct Subsidized Loan - for Undergraduate Students

  • Federal loan, based on financial need
  • Interest Rate for loans first disbursed between 7/1/13 and 6/30/14 is fixed at 3.86%; Interest Rate for loans first disbursed on or after 7/1/14 is 4.66%
    • Origination fee of 1.072% for loans disbursed on or after 12/1/13 through 9/30/14;
    • Origination fee of 1.073% for loans disbursed on or after 10/1/14 through 9/30/15
  • 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:

  1. Complete general FAFSA requirements
  2. Complete a Master Promissory Note
  3. Complete a Student Loan Entrance Interview (for first time borrowers at Franklin University

Amount:  Undergraduate only:

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

Deadline:  2014-15:  Processed in dated order through May 1, 2015

Federal Direct Unsubsidized Loan - for Undergraduate/Graduate Students

  • Federal loan, not based on financial need
  • Interest Rate for Undergraduate loans first disbursed between 7-1-13 and 6-30-14 is fixed at 3.86%; Interest Rate for loans first disbursed on or after 7/1/14 is 4.66%.
  • Interest Rate for Graduate loans first disbursed between 7-1-13 and 6-30-14 is fixed at 5.41%; Interest Rate for loans first disbursed on or after 7/1/14 is 6.21%.
  • Origination Fees:
    • 1.072% for loans disbursed on or after 12/1/13 through 9/30/14;
    •  1.073% for loans disbursed on or after 10/1/14 through 9/30/1.5
  • 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 above

Deadline:  Same as Federal Direct Subsidized Stafford Loan

Amount:  * less Federal Stafford Subsidized eligibility

 

Undergraduate: Graduate
  • 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)
  • Annual: $20,500
  • Aggregate: $138,500*

 

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

  • Federal Direct loan for parents of dependent students, not based on financial need
  • Interest Rate for loans disbursed 7/1/13 - 6/30/14 is fixed at 6.41%; Interest Rates for loans first disbursed on or after 7/1/14 is 7.21%
    • Origination fee of 4.288% for loans disbursed on or after 12/1/13 through 9/30/14;
    • Origination fee of 4.292% for loans disbursed on or after 10/1/14 through 9/30/15
  • 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 the FAFSA general requirements and apply electronically via  our Loan Process page.

Amount:  Cost of education minus other financial aid

Deadline:  Same a Federal Direct Subsidized Loan

Federal Direct Graduate Loan (PLUS) for Graduate Students

  • Federal Direct loan for graduate students, not based on financial need
  • Interest Rate for loans disbursed 7/1/13 - 6/30/14 is fixed at 6.41%; Interest Rate for loans disbursed on or after 7/1/14 is fixed at 7.21%
    • Origination fee of 4.288% for loans disbursed on or after 12/1/13 through 9/30/14;
    • Origination fee of 4.292% for loans disbursed on or after 10/1/14 through 9/30/15
  • 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:  Complete the FAFSA general requirements and apply electronically via  our Loan Process page.  Must complete Student Loan Entrance Counseling.

Amount:  Cost of education minus other financial aid

Deadline:  Same a Federal Direct Subsidized Loan

Ohio College Opportunity Grant (OCO) - for Undergraduate Students

  • 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 the general FAFSA requirement

Amount:  2014-15:  Eligible amount varies based on enrollment status.  Maximum of $1,284  per term; $3,852 per year.

Deadline:  2014-15:  October 1, 2014

Pennsylvania Higher Education Assistance Agency (PHEAA) - for Undergraduate Students

  • 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 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.

Schell Loan Program - for Undergraduates

  • 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

I Know I Can Grant (IKIC)

  • 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:  Apply at http://www.iknowican.org/ikicgrant.aspx     

Amount:  $1,200

Deadline:  April 25, 2014

Scholarships

Visit our Scholarship page for internal and external scholarship opportunities and searches.


This feature is intended for Financial Aid questions.

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