Federal & State Aid for College

Details:

• For undergraduate students receiving their first bachelor's degree
• 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 FAFSA Submission Summary (FSS) if you’re getting close to your limit.
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• You may also receive the maximum Pell Grant if you meet the following criteria:
  • you are not eligible for a Federal Pell Grant on the basis of your Student Aid Index (SAI), 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; or
    • your parent or guardian died in the line of duty while performing as a public safety officer 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
  • you have indicated on your FAFSA one of the above qualifications and have submitted the required documentation as requested in your Self Service

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 Student Aid Index (SAI) 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.

Deadline:

Processed in date-received order

Details:

• Federal Grant based on extreme need
• Eligibility based on availability of limited funding
• Available for full and part-time students
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• Met priority deadline by completing your FAFSA by the following date, based on your first term attended for the award year:
  • Summer 2024 term: March 15, 2024
  • Fall 2024: June 15, 2024
  • Spring 2025: October 1, 2024

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.

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
• Only eligible to those students who have financial need based on information provided in FAFSAx
• Amount limited as to not exceed total Cost of Attendance for award year
• Must be enrolled at least half-time
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• 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 have financial need
• Must be degree seeking in an undergraduate academic program and enrolled at least half-time (6 credit hours per term)
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• 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, 2023 - June 30, 2024 is 5.50%. 

Origination Fees:

• 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: not to exceed total of $3,500 annually; amount based on financial need
• Sophomore: not to exceed total of $4,500 annually; amount based on financial need
• Junior/Senior: not to exceed total of $5,500 annually; amount based on financial need
• Total Lifetime Aggregate: $23,000

Details:

• Must be degree-seeking and enrolled at least half-time (3 credit hours Graduate/Doctoral; and 6 credit hours Undergraduate and Post-Baccalaureate)
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• 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, 2023 - June 30, 2024 is 5.50%. 

Undergraduate Origination Fees:   

• 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, 2023 - June 30, 2024 is 7.05%.

Graduate/Professional Student Origination Fees: 

• 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: not to exceed $5,500* annually
• Sophomore: not to exceed $6,500* annually
• Junior/Senior: not to exceed $7,500* annually
• Aggregate Undergraduate Total Sub and Unsubsidized: $31,000 (no more than $23,000 may be sub)

Undergraduate Independent:

• Freshman: not to exceed $9,500* annually
• Sophomore: not to exceed $10,500* annually
• Junior/Senior: not to exceed $12,500* annually
• Lifetime total Aggregate Undergraduate Total Sub and Unsubsidized: $57,500 (no more than $23,000 may be sub), amount based on disbursements made as a dependent and independent student

Graduate/Professional:

• Annual: not to exceed $20,500 annually
• Lifetime total Aggregate Total Sub and Unsubsidized: $138,500* (no more than $23,000 may be sub), amount based on disbursements made as an undergraduate and graduate/professional student

*Less Federal Subsidized eligibility

Details:

• Federal Direct loan for parents of dependent students, not based on financial need; but may need to meet certain credit approvals based on determination of the Department of Education
• Student must be degree-seeking in an undergraduate program and be enrolled at least half-time (6 credit hours per term)
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• 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, 2023 - June 30, 2024 is 8.05%. 

Origination Fees: 

• 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. 
• 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 Attendance minus financial aid

Details:

• Federal Direct loan for graduate/professional students, not based on financial need; may need to meet certain credit approvals based on determination of the Department of Education
• Student must be degree-seeking in a graduate or professional academic program and be enrolled at least half-time (3 credit hours per term)
• Must be meeting Satisfactory Academic Progress (SAP), not be in default of federal loans or have a current overpayment of a federal grant
• 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, 2023 - June 30, 2024 is 8.05%. 

Origination Fees:

• 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 Attendance 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.