Federal & State Aid for College

Details:

• For undergraduate students
• Federal government grant, based on need. For 2019-20, the maximum Pell Grant eligible expected family contribution (EFC) is 5576. For 2020-21, the maximum Pell Grant eligible expected family contribution (EFC) is 5711
• 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.

• 2019-20: Not to exceed a maximum of $6,195 per year. Although $6,195 is the maximum Pell Grant scheduled award for the 2019-20 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. 
• 2020-21: Not to exceed a maximum of $6,345 per year.  Although $6,345 is the maximum Pell Grant scheduled award for the 2020-21 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 for 2019-20:

• Awards first disbursed on or after Oct. 1, 2018 through Sept. 30, 2019 will be reduced by 6.20% from the original amount of $6,195. 
• Awards first disbursed on or after Oct. 1, 2019 through Sept. 30, 2020 will be reduced by 5.90% from the original amount of $6,195. 

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.

• 2019-20: Maximum of $500 per term; $1,500 per year 
• 2020-21: 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.

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.
• 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, 2019 - June 30, 2020 is 4.53%.

Origination Fees:

• The origination fee for loans disbursed between Oct. 1, 2019 - Sept. 30, 2020 is 1.059%. 

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.

Amount:

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

Deadline:

For 2019-20 processed in dated order through May 8, 2020

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, 2019 - June 30, 2020 is 4.53%. 

Undergraduate Origination Fees: 

• The origination fee for loans disbursed between Oct. 1, 2019 - Sept. 30, 2020 is 1.059%. 

Graduate/Professional Student Interest Rates:

• The interest rate for loans disbursed between July 1, 2019 - June 30, 2020 is 6.08%. 

Graduate/Professional Student Origination Fees:

• The origination fee for loans disbursed between Oct. 1, 2019 - Sept. 30, 2020 is 1.059%. 

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.

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 2019-20 processed in dated order through May 8, 2020

*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, 2019 - June 30, 2020 is 7.08%. 

Origination Fees:

• The origination fee for loans disbursed between Oct. 1, 2019 - Sept. 30, 2020 is 4.236%. 

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. Any additional requirements needed for your loan will show to you after the submission of the application.
• For more information about the Direct Parent PLUS loan, go here: https://studentaid.ed.gov/sa/types/loans/plus/parent#eligibility

Amount:

Cost of tuition minus financial aid

Deadline:

For 2019-20 processed in dated order through May 8, 2020

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, 2019 - June 30, 2020 is 7.08%. 

Origination Fees:

• The origination fee for loans disbursed between Oct. 1, 2019 - Sept. 30, 2020 is 4.236%. 

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. 

• 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.