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. For additional information on who is eligible for aid visit Federal Student Aid.

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  FAFSA and meet general FAFSA requirements

Amount:  Eligible amount varies based on EFC and enrollment status

  • 2015-16:  Not to exceed the maximum of $5,775 per year
  • 2016-17:  Not to exceed the maximum of $5,815 per year

Deadline:  Processed in dated order

Iraq and Afghanistan Service Grant (IASG)

You may be eligible to receive IASG if: 

  • you are not eligible for a Federal Pell Grant on the basis of your Expected Family Contribution (EFC), but meet the remaining Pell eligibility requirements; and
  • meet the remaining Pell eligibility requirements; and
  • your 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 the events of September 11, 2001; and
  • you were 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 is not required

How to Apply: Complete the  FAFSA and meet general FAFSA requirements; federal government will supply the University with a data match.

Amount:  

  • 2015-16 Awards first disbursed on or after 10/1/15 through 9/30/16 will be reduced by 6.8% from the original amount of $5,775;  
  • 2016-17 Awards first disbursed on or after 10/1/15 through 9/30/16 will be reduced by 6.8% from the original amount of $5,815

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  FAFSA and meet general FAFSA requirements

Amount:  Award is based on availability of funds:

  • 2015-16 - maximum of $300 per term; $900 per year.  
  • 2016-17 - maximum of $400 per term; $1,200 per year.

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 while you are in school
  • Must be enrolled at least half-time
  • Work with University faculty and staff
  • Receive paycheck twice a month

How to Apply:  Complete the  FAFSA and meet general FAFSA requirements; 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 on or after 7/1/15 is 4.29%
    • Origination fee for loans disbursed on or after 10/1/15 through 9/30/16 is 1.068%; 10/1/16 through 9/30/17 is not yet available
  • 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.
  • 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 the  FAFSA and meet general FAFSA requirements
  2. Complete a Master Promissory Note
  3. Complete a Student Loan Entrance Counseling if you are a first-time borrower; or, if you are a first-time borrower at Franklin and you have completed an Entrance Counseling at another school, please have the counseling sent to Franklin.  Visit our Loan Process page for instructions.

Amount:  Undergraduate only:

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

Deadline for 2015-16:  Processed in dated order through  May 1, 2016

Deadline for 2016-17:  Processed in dated order through May 1, 2017

    

Federal Direct Unsubsidized Loan - for Undergraduate/Graduate Students

  • Federal loan, not based on financial need
  • Interest Rate for Undergraduate loans disbursed between 7/1/15-6/30/16 is 4.29%
  • Interest Rate for Undergraduate loans disbursed between 7/1/16-6/30/17 is not yet available
  • Origination Fees:
    • between 10/1/15 - 9/30/16 1.068%
    • between 10/1/16 - 9/30/17 not yet available
  • 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 Loan above

Deadline:  Same as Federal Direct Subsidized Loan

Amount:  * less Federal 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 Rates for loans first disbursed 7/1/15 - 6/30/16 is 6.84%
    • Origination fee of 4.272% disbursed 10/1/15 - 9/30/16
  • 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 and meet general FAFSA requirements and apply electronically via  our Loan Process page.

Amount:  Cost of education minus other financial aid

Deadline:  Same as 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 7/1/15 - 6/30/16 is 6.84%; 7/1/16 -6/30/17 is not yet available
    • Origination fee for loans first disbursed 10/1/15 - 9/30/16 is 4.272%; 10/1/16 - 9/30/17 is not yet available
  • 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 and meet general FAFSA 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 as 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
  • Students entered into a consortium agreement or receiving a discounted tuition rate are subject to a recalculation based on regulations set by the Ohio Department of Higher Education. See  OCOG eligibility calculation for additional information.

How to Apply: Complete the general FAFSA requirement

Amount:  

  • 2015-16 is a minimum of $324 per term to a maximum of $1,296 per term.
  • 2016-17 is a minimum of $324 per term to a maximum of $1,296 per term.

Deadline:  2015-16:  October 1, 2015; 2 016-17 October 1, 2016

              

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.

 

Schell Loan Program - for Undergraduates

  • Must have appropriate year FAFSA on file with Franklin
  • Registered at least half time
  • Must have completed 30 hours at Franklin with a minimum 2.0 GPA
  • 25 years of age or younger
  • Not receiving any grants/scholarships
  • Must reside in Ohio, Kentucky or West Virginia
  • You and your parents must have been born in and citizens of the United States of America

 How to Apply: Contact Financial Aid for an appointment

Amount:  Up to $200 per credit hour

Deadline:  None

Scholarships

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


This feature is intended for Financial Aid questions.

Testimonials

Have a question?

Get Answers Now Ask Franklin's Virtual Advisor:

Ask real questions like
"How do I apply?"

Ready to start an application?

Franklin's student-centered philosophy is one of the many reasons so many students choose us!

START YOUR APPLICATION