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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
The U.S. Department of Education awards approximately $112 billion annually for college tuition, fees, books and other college expenses. You may be eligible to receive a portion of federal funding to help you pay for your college education and living expenses for the time that you are enrolled in classes. Federal financial aid comes in many forms, including grants, student loans and work-study programs.
Need some help finding free money for college? Download this free guide designed to help you find grants to cut college costs.
Details:
- For undergraduate students receiving their first bachelor's degree
- Federal government grant, based on need.
- Amount awarded based upon enrolled hours. Changes in enrollment can affect eligibility
- A Federal Pell Grant, unlike a loan, does not have to be repaid, except under certain circumstances. Find out why you might have to repay all or part of a federal grant.
- 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
- 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
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.
- 2024-25: Not to exceed a maximum of $7,395 per year. Although $7,395 is the maximum Pell Grant scheduled award for the 2024-25 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
- The FSEOG does not need to be repaid, except under certain circumstances. Find out why you might have to repay all or part of a federal grant.
- 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.
- 2024-25: 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 agree to complete a teaching service obligation as a condition for receiving the grant, and if you don't complete the service obligation, the TEACH Grant will be converted to a loan that you must repay, with interest. If you do meet the service obligation, then the TEACH grant does not need to be repaid. 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
Details:
- On-campus employment while you are in school
- Only eligible to those students who have financial need based on information provided in FAFSA
- Funds are earned and repayment is not required
- 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 is required and 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, 2024 - June 30, 2025 is 6.53%.
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 is required and 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, 2024 - June 30, 2025 is 6.53%.
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, 2024 - June 30, 2025 is 8.08%.
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 is required and 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, 2024 - June 30, 2025 is 9.08%.
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 is required and 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, 2024 - June 30, 2025 is 9.08%.
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.
State Financial Aid for College
Most states offer a variety of financial aid programs to help in-state residents pay for their college education. You may be eligible for state-funded grants or loans, depending on need and program requirements. Like federally funded programs, there are eligibility considerations and application deadlines, so be sure to understand and adhere to rules, requirements and deadlines.
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:
2024-25: October 1, 2024
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:
FAQs
To maximize your award, we recommend that you complete the FAFSA each year as soon as it becomes available. You will import your tax information from the year before the prior tax year to complete your FAFSA (2022 taxes for the 2024-25 FAFSA or 2023 taxes for the 2025-26 FAFSA). 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 2025-26, the priority deadlines are:
- Summer Trimester: March 15, 2025
- Fall Trimester: June 15, 2025
- Spring Trimester: October 1, 2025
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.
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.
Visit the FSA ID log in page to create your FSA ID. Questions? Please call 1.800.4.FED.AID.
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.
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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