Federal & State Aid for College

Details:

• For undergraduate students
• Federal government grant, based on need. For 2022-23, the maximum Pell Grant eligible expected family contribution (EFC) is 6206. 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.

• 2022-23: Not to exceed a maximum of $6,895 per year.  Although $6,895 is the maximum Pell Grant scheduled award for the 2022-23 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.
• 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

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. 

Deadline:

Processed in dated order

Details:

• A student who is both Pell-Eligible and has a Pell-Eligible EFC - EFC Range of 0-6206 for 2022-23 or 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 $6,895 (2022-23) or $7,395 (2023-24)
• EFC of zero (0) used to award aid for all Federal Student Aid

Deadline:

Processed in dated order 

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.

• 2022-23: Maximum of $500 per term; $1,500 per year
• 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.

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

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.

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 not yet available. 

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 not yet available. 

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 

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 not yet available. 

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 not yet available. 

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 not yet available.

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 not yet available. 

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

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 not yet available. 

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 not yet available. 

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 

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 not yet available. 

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 not yet available. 

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. 

• 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.