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
Repayment not required
Available for full and part-time students
Limited to 12 full-time equivalent semesters
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.

2018-19: Not to exceed a maximum of $6,095 per year

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 for 2018-19:

Awards first disbursed on or after Oct. 1, 2017 through Sept. 30, 2018 will be reduced by 6.60% from the original amount of $6,095.
Awards first disbursed on or after Oct. 1, 2018 through Sept. 30, 2019 will be reduced by 6.20% from the original amount of $6,095.

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.

2018-19: Maximum of $400 per term; $1,200 per year

Deadline:

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

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:

$4,000 (estimated) 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.
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

Interest Rates:

The interest rate for loans disbursed July 1, 2017 - June 30, 2018 is 4.45%.
The interest rate for loans disbursed July 1, 2018 - June 30, 2019 is 5.05%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2017 - Sept. 30, 2018 is 1.066%.
The origination fee for loans disbursed between Oct. 1, 2018 - Sept. 30, 2019 is 1.062%.

How to Apply:

File a Free Application for Federal Student Aid (FAFSA) and meet general FAFSA requirements.
Complete a Master Promissory Note.
Login at studentloans.gov to complete the Entrance Counseling.

Amount:

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

Deadline:

For 2018-19 processed in dated order through April 19, 2019

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 July 1, 2017 - June 30, 2018 is 4.45%.
The interest rate for loans disbursed July 1, 2018 - June 30, 2019 is 5.05%.

Undergraduate Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2017 - Sept. 30, 2018 is 1.066%.
The origination fee for loans disbursed between Oct. 1, 2018 - Sept. 30, 2019 is 1.062%.

Graduate/Professional Student Interest Rates:

The interest rate for loans disbursed July 1, 2017 - June 30, 2018 is 6.00%.
The interest rate for loans disbursed July 1, 2018 - June 30, 2019 is 6.60%.

Graduate/Professional Student Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2017 - Sept. 30, 2018 is 1.066%.
The origination fee for loans disbursed between Oct. 1, 2018 - Sept. 30, 2019 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 studentloans.gov to complete the Entrance Counseling.

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:

For 2018-19 processed in dated order through April 19, 2019

*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 July 1, 2017 - June 30, 2018 is 7.00%.
The interest rate for loans disbursed July 1, 2018 - June 30, 2019 is 7.60%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2017 - Sept. 30, 2018 is 4.264%.
The origination fee for loans disbursed between Oct. 1, 2018 - Sept. 30, 2019 is 4.248%.

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 Parent PLUS Loan Application located on the Documents & Forms page.

Amount:

Cost of tuition minus financial aid

Deadline:

For 2018-19 processed in dated order though April 19, 2019

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 July 1, 2017 - June 30, 2018 is 7.00%.
The interest rate for loans disbursed July 1, 2018 - June 30, 2019 is 7.60%.

Origination Fees:

The origination fee for loans disbursed between Oct. 1, 2017 - Sept. 30, 2018 is 4.264%.
The origination fee for loans disbursed between Oct. 1, 2018 - Sept. 30, 2019 is 4.248%.

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

Deadline:

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. Visit our Loan Process page for instructions.

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
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.

Amount:

For the 2018-19 academic year, $375 - $1,500 per term

Deadline:

2018-19: October 1, 2018

Pennsylvania Higher Education Assistance Agency (PHEAA)

Details:

Available 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 1.800.692.7392

Deadline:

May 1 for:

All renewal applicants
New applicants who plan to enroll in an undergraduate baccalaureate degree program
Those in college transfer programs at two-year public or junior colleges

Aug. 1 for first-time applicants who plan to enroll in:

Business, trade, or technical school
Hospital school of nursing

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 you receive your previous year's W-2s or file your federal tax return. 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 2018-19, the priority deadlines are:
Summer Trimester March 15, 2018
Fall Trimester June 15, 2018
Spring Trimester October 1, 2018

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 financial aid counselor at Franklin. Please bring your FSA ID and application documentation, such as a federal tax return, as well as the FAFSA on the Web Worksheet, if available.

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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Toll Free: 1.877.341.6300
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This institution is authorized by the Indiana Board for Proprietary Education, 101 W. Ohio St., Suite 670, Indianapolis, IN 46204-1984.

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Federal & State Aid for College

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