Federal Aid & State Aid

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Federal & State Aid for College

When it comes to paying for college, you have lots of options -- including federal and state financial aid. And, if you’re an eligible undergraduate student, you may be able to get a grant that does not need to be paid back (unlike student loans).

The U.S. Department of Education, your home state, your college, organizations, private industry and nonprofits all offer a variety of financial aid and tuition assistance programs. Franklin annually awards about $13 million in student aid each year, and more than half of our students receive federal financial aid. For more information on your eligibility, please visit Federal Student Aid.

Federal Student Aid

Pell Grant

Details:

For undergraduate students
Federal government grant, based on need. For 2023-24, the maximum Pell Grant eligible expected family contribution (EFC) is 6656.
Amount awarded based upon enrolled hours. Changes in enrollment can affect eligibility.
Repayment not required
Available for full and part-time students
Limited to 12 full-time equivalent semesters*.
*Please note that you can receive the Federal Pell Grant for no more than 12 terms or the equivalent (roughly six years). You’ll receive a notice on your Student Aid Report (SAR) if you’re getting close to your limit.
Must be meeting Satisfactory Academic Progress (SAP)

For more information, visit Federal Student Aid.

How To Apply:

Submit a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.

Amount:

The eligible amount varies based on Expected Family Contribution (EFC) and enrollment status.

2023-24: Not to exceed a maximum of $7,395 per year. Although $7,395 is the maximum Pell Grant scheduled award for the 2023-24 award year, a student may be eligible to receive Pell Grant funds for up to 150 percent of the student's Pell Grant scheduled award for an award year. To be eligible for the additional Pell Grant funds, the student must be otherwise eligible to receive Pell Grant funds for the payment period and must be enrolled at least as a half-time student.

Deadline:

Processed in date-received order

Iraq and Afghanistan Service Grant (IASG)

Details:

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
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
Must be meeting Satisfactory Academic Progress (SAP)
Repayment is not required

How to Apply:

Complete the Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements; federal government will supply the University with a data match.

Amount:

Awards first disbursed on or after Oct. 1, 2022 through Sept. 30, 2023 will be reduced by 5.70% from the original amount of $6,895.
Awards first disbursed on or after Oct. 1, 2023 through Sept. 30, 2024 will be reduced by 5.70% from the original amount of $7,395.

Deadline:

Processed in dated order

Children of Fallen Heroes Scholarship (CFH)

Details:

A student who is both Pell-Eligible and has a Pell-Eligible EFC - EFC Range of 0-6656 for 2023-24
Parent or Guardian died in the line of duty while performing as a public safety officer
Student was less than 24 years old or enrolled at an institution of higher education at the time of parent or guardian's death

How to Apply:

Complete the general FAFSA requirements
Contact Student Financial Services to discuss your situation and to receive the CFH Application to determine what documentation you will need to provide

Amount:

Maximum Pell Grant of $7,395 (2023-24)
EFC of zero (0) used to award aid for all Federal Student Aid

Deadline:

Processed in dated order

Supplemental Educational Opportunity Grant (SEOG)

Details:

Federal Grant based on need
Available for full and part-time students
Must be meeting Satisfactory Academic Progress (SAP)

How to Apply:

Complete the Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.

Amount:

This award is based on the availability of funds.

2023-24: Maximum of $500 per term; $1,500 per year

Deadline:

You must meet the priority processing deadline for the first trimester of enrollment of the award year.

Federal TEACH Grant

A Teacher Education Assistance for College and Higher Education (TEACH) Grant is different from other federal student grants because it requires you to take certain kinds of classes in order to get the grant, and then do a certain kind of job to keep the grant from turning into a loan. The program provides grants of up to $4,000 a year to students who are completing or plan to complete course work needed to begin a career in teaching. TEACH Grants are available to Undergraduate and Graduate students. Find the Teach Grant application here.

Details:

For undergraduate and graduate students
Complete TEACH Grant Agreement to Serve
Complete TEACH Grant counseling

TEACH Grant Information

Federal Work-Study Program

Details:

On-campus employment while you are in school
Must be enrolled at least half-time
Must be meeting Satisfactory Academic Progress (SAP)
Work with University faculty and staff
Receive paycheck twice a month

How to Apply:

File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements. You also must submit a FWS Employment Application to Franklin University’s Human Resources Office.

Amount:

Individual amounts may vary, but up to $5,000 per term

Deadline:

Preference is given to students who meet the priority processing deadline.

Federal Direct Subsidized Loan

Details:

Available for undergraduate students enrolled at least half-time, this program:

Must be enrolled at least half-time
Must be meeting Satisfactory Academic Progress (SAP)
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 the federal government while in school and during deferment.

Interest Rates:

The interest rate for loans disbursed July 1, 2022 - June 30, 2023 is 4.99%.
The interest rate for loans disbursed July 1, 2023 - June 30, 2024 is 5.50%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2022 - Sept. 30, 2023 is 1.057%.
The origination fee for loans disbursed between Oct. 1, 2023 - Sept. 30, 2024 is 1.057%.

How to Apply:

File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.
Complete a Master Promissory Note.
Login at studentaid.gov to complete the Entrance Counseling.
Suggested each year prior to a disbursement of a new federal student loan Annual Student Loan Acknowledgement.

Amount:

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

Deadline to Apply:

June 30th

Federal Direct Unsubsidized Loan

Details:

Must be enrolled at least half-time
Must be meeting Satisfactory Academic Progress (SAP)
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
Federal loan, not based on financial need

Undergraduate Interest Rates:

The interest rate for loans disbursed between July 1, 2022 - June 30, 2023 is 4.99%.
The interest rate for loans disbursed between July 1, 2023 - June 30, 2024 is 5.50%.

Undergraduate Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2022 - Sept. 30, 2023 is 1.057%.
The origination fee for loans disbursed between Oct. 1, 2023 - Sept. 30, 2024 is 1.057%.

Graduate/Professional Student Interest Rates:

The interest rate for loans disbursed between July 1, 2022 - June 30, 2023 is 6.54%.
The interest rate for loans disbursed between July 1, 2023 - June 30, 2024 is 7.05%.

Graduate/Professional Student Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2022 - Sept. 30, 2023 is 1.057%.
The origination fee for loans disbursed between Oct. 1, 2023 - Sept. 30, 2024 is 1.057%.

How to Apply:

File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.
Complete a Master Promissory Note.
Login at studentaid.gov to complete the Entrance Counseling.
Suggested each year prior to a disbursement of a new federal student loan Annual Student Loan Acknowledgement.

Amount:

Undergraduate Dependent:

Freshman: $5,500*
Sophomore: $6,500*
Junior/Senior: $7,500*
Aggregate Undergraduate Total Sub and Unsubsidized: $31,000 (no more than $23,000 may be sub)

Undergraduate Independent:

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/Professional:

Annual: $20,500
Aggregate: $138,500*

Deadline to Apply:

June 30th

*Less Federal Subsidized eligibility

Federal Direct Parent Loan (PLUS)

Details:

Federal Direct loan for parents of dependent students, not based on financial need
At least half-time enrollment required
Must be meeting Satisfactory Academic Progress (SAP)
Repayment begins within 60 days after the final disbursement for the academic year; Repayment may be deferred if certain conditions are met

Interest Rates:

The interest rate for loans disbursed between July 1, 2022 - June 30, 2023 is 7.54%.
The interest rate for loans disbursed between July 1, 2023 - June 30, 2024 is 8.05%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2022 - Sept. 30, 2023 is 4.228%.
The origination fee for loans disbursed between Oct. 1, 2023 - Sept. 30, 2024 is 4.228%.

How to Apply:

Go to studentaid.gov and log in with your FSA ID and information (not student FSA ID information) to apply for the Federal Direct Parent PLUS Loan. Select 'Apply for a Direct PLUS Loan', and click on the 'Start' button for the Parent loan, and follow through to completion.
For more information about the Direct Parent PLUS loan, go here: https://studentaid.ed.gov/sa/types/loans/plus/parent#eligibility
Complete a Master Promissory Note.
Suggested each year prior to a disbursement of a new federal student loan Annual Student Loan Acknowledgement.

Amount:

Cost of tuition minus financial aid

Deadline to Apply:

June 30th

Federal Direct Graduate Loan (PLUS)

Details:

Federal Direct loan for graduate/professional students, not based on financial need
At least half-time enrollment required
Must be meeting Satisfactory Academic Progress (SAP)
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

Interest Rates:

The interest rate for loans disbursed between July 1, 2022 - June 30, 2023 is 7.54%.
The interest rate for loans disbursed between July 1, 2023 - June 30, 2024 is 8.05%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2022 - Sept. 30, 2023 is 4.228%.
The origination fee for loans disbursed between Oct. 1, 2023 - Sept. 30, 2024 is 4.228%.

How to Apply:

Complete the Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements. You are required to complete Student Loan Entrance Counseling and Franklin’s Direct Graduate PLUS Loan Application located on the Documents & Forms page.

Amount:

Cost of tuition minus financial aid

Additional Requirements:

File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.
Complete a Master Promissory Note.
Complete Student Loan Entrance Counseling if you are a first-time borrower. If you have completed Student Loan Entrance Counseling at another school, please have verification of the counseling sent to Franklin.
Suggested each year prior to a disbursement of a new federal student loan Annual Student Loan Acknowledgement.

Important Facts About Federal Direct Loans

Repayment begins 6 months after graduation, stops attending at least half time, or leaves school.
Standard repayment is 10 years, but there are other options available.
Interest rates are subject to change every July 1. View current rates and a loan calculator.
At least half-time attendance is required (undergraduate-6 semester hours; graduate-3 semester hours)
Franklin University requires student loan funds be applied directly to outstanding balances within the same financial aid year. If this creates a credit balance, a refund will be issued within 10-14 days.
Borrowing is a personal choice and should be made after careful consideration of the terms of the loan.

State Financial Aid for College

Ohio College Opportunity Grant (OCOG)

Details:

State of Ohio grant, based on need
Must be meeting Satisfactory Academic Progress (SAP)
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, in most instances
Be registered with the Selective Service if you are a male aged 18-25 year. Visit www.sss.gov for more information.
Ohio residency for 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 Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.

Deadline:

2023-24: October 1, 2023

Pennsylvania Higher Education Assistance Agency (PHEAA)

Details:

Are a high school graduate as stipulated in the Pennsylvania State Grant law
Attend a postsecondary school approved by PHEAA for Pennsylvania State Grant purposes
Are enrolled at least half-time (defined as at least six semester credits but less than 12 semester credits per semester, or the equivalent)
Be unconditionally admitted and enrolled in an approved program of study of at least 2 academic years in length
If enrolled at an institution that is not headquartered and domiciled in Pennsylvania, you must be enrolled in a program of study where at least 50% of the total credit or clock hours needed for completion of the program are earned through classroom instruction:
- The program itself must be structured to allow you to complete at least 50% of your credits or clock hours in the classroom.
- Your enrollment pattern by term must also consist of at least 50% classroom instruction (unless you have a medical disability).

Have made satisfactory academic progress (as defined by PHEAA)
Not have already earned a bachelor's degree or its equivalent
Are a Pennsylvania resident, as stipulated in the Pennsylvania State Grant law
Are of satisfactory character (for example, not be incarcerated)
Not have received the maximum number of Pennsylvania State Grants permitted
Not be in default or pending default on an educational loan. This also applies to any program where the award has been converted to a loan and the loan is in a default status
File and complete the application process by the appropriate deadlines

For more detail, read the Rights and Responsibilities Certification Document (PDF).

Online Classes/Distance Education:

In order to be eligible to receive a PA State Grant if you're taking more than half of your classes online, you must be attending a school that is headquartered and domiciled in Pennsylvania.

How to Apply:

Apply at pheaa.org. For more information, call 1.800.692.7392

Deadline:

Pennsylvania State Grant Deadlines

FAQs

When do I need to complete my Free Application for Federal Student Aid (FAFSA)?

To maximize your award, we recommend that you complete the FAFSA each year as soon as it becomes available on October 1st. You will use your tax information from the year before the prior tax year to complete your FAFSA (2021 taxes for the 2023-24 FAFSA). If you completed the FAFSA the previous year, you may to be able to complete a FAFSA renewal application instead. Although you can complete the FAFSA any time during the term, to be considered for maximum eligibility you must complete it before the posted deadlines.

For 2023-24, the priority deadlines are:

Summer Trimester March 15, 2023
Fall Trimester June 15, 2023
Spring Trimester October 1, 2023

Preparing to file your FAFSA? Download this free report and get insider tips to help you avoid common FAFSA mistakes and receive the maximum benefit possible.

For more information, please visit Applying for Aid.

What is a Federal Student Aid (FSA) ID?

An FSA ID is a registered username and password for signing into certain Federal Student Aid websites, including Free Application for Federal Student Aid (FAFSA®), StudentLoans.gov and My Federal Student Aid. Your FSA ID is used to electronically sign Federal Student Aid documents, access your personal records and make legally binding obligations. Please keep your information secure. Parents who are required to sign a child's FAFSA need their own FSA ID, however, the parent's ID can be used to sign more than one child's application.

Where do I get my FSA ID?

Visit the FSA ID log in page to create your FSA ID. Questions? Please call 1.800.4.FED.AID.

How do I complete the FAFSA?

The fastest way is to complete the FAFSA online here. You may also search and download a printable form and mail it in, or complete an application by phone at 1.800.4.FED.AID.

Preparing to file your FAFSA? Download this free report and get insider tips to help you avoid common FAFSA mistakes and receive the maximum benefit possible.

Where can I get assistance to complete the FAFSA?

You have three options for FAFSA assistance:

1. Real-time help from the Federal Student Aid Information Center (FSAIC) when completing the application online. Just click on the Contact Us tab.
2. Phone assistance by calling FSAIC at 1-800-4-FED-AID (TTY 1-800-730-8913).
3. In-person help from a Student Financial Services Counselor at Franklin. Please bring your FSA ID and application documentation, such as your federal tax returns.

Preparing to file your FAFSA? Download this free report and get insider tips to help you avoid common FAFSA mistakes and receive the maximum benefit possible.

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Columbus, OH 43215

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Toll Free: (877) 341-6300
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Federal & State Aid for College

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