Financial Aid Programs
Franklin College participates in all of the Federal and State of Indiana financial aid programs. The Franklin College Office of Financial Aid administers approximately $19.5 million in aid from federal, state, institutional and outside sources to approximately 1,000 students annually. Staff are available to answer questions regarding financial aid programs, as well as to assist students in completing financial aid forms.
Students interested in applying for financial aid at Franklin College should complete the Free Application for Federal Student Aid (FAFSA) or the Federal Renewal Application. The Indiana State Aid deadline for filing the FAFSA is March 10. (Franklin’s Title IV code is 001798.) For further information regarding the application process or financial aid services available, review the other Making College Affordable links or contact our office at (317) 738-8075.
Available Financial Aid Programs
Federal Pell Grant
Matriculated students enrolled for at least 1 credit hour per semester and who have filed their Free Application for Federal Student Aid (FAFSA) are eligible for the Pell Grant. Aid eligibility is determined by family income, assets, family size and the number of post-high school students in the family. Pell Grants range from $976-$5,350 per year for full-time students (enrolled in 12 or more credit hours per semester). These awards are reduced for part-time students (enrolled between 6 and 11 credit hours). When a student submits his/her FAFSA annually in March, he/she is automatically considered for this grant. This grant is renewable each year based upon the student's FAFSA results.
Federal Supplemental Educational Grant (SEOG)
Students with great financial need and who have filed their Free Application for Federal Student Aid (FAFSA) may be awarded an SEOG in addition to their Pell Grant. The actual award amount depends on need and the availability of federal funds. When a student submits his/her FAFSA annually in March, he/she is automatically considered for this grant. This grant is renewable each year based upon the student's FAFSA results.
Students with demonstrated financial need are allocated a specific amount of money they may earn by working up to 20 hours per week in various offices on and off campus. Students may earn up to a maximum award amount allocated to them. To be eligible, a student must submit the FAFSA annually in March and contact Shaun Mahoney by email smahoney@franklincollege.edu or by phone at (317) 738-8032 for a work-study contract. Please note that acceptance into the work-study program does not guarantee employment.
Indiana Higher Education Award
Awarded to Indiana residents who attend an Indiana College or University. The student must have financial need, as determined by the Free Application for Federal Student Aid (FAFSA). The student must also be enrolled full-time (12 or more credit hours per semester). The range of this award varies. This award is renewable each year based on FAFSA results received by the State Student Aid Commission of Indiana by March 10. This award is restricted to be used toward the cost of tuition only.
Indiana Freedom of Choice Award
Awarded to Indiana residents who attend a private institution. The student must have financial need, as determined by the Free Application for Federal Student Aid (FAFSA). The range of this award varies. This award is renewable each year based on FAFSA results received by the State Student Aid Commission of Indiana by March 10. This award is restricted to be used toward the cost of tuition only.
Federal Stafford Loan
This Federal program has both a need based (Subsidized) and a non-need based (Unsubsidized) component based on the Free Application for Federal Student Aid (FAFSA) results.
Annual amounts vary based on grade level.
Undergraduate dependent student loan levels are: Freshman - $5,500, Sophomore - $6,500, Junior/Senior and other years as an undergraduate - $7,500. The loan limit for dependent students is $31,000 of which $23,000 can be subsidized.
Undergraduate independent student loan levels are: Freshman - $9,500, Sophomore - $10,500, Junior/Senior and other years as an undergraduate - $12,500. The loan limit for independent students is $57,500, but no more than $23,000 can be subsidized.
The annual fixed interest rate is capped at 5.6% for the Subsidized Stafford Loan. The interest on the subsidized loan is paid by the federal government while the student is enrolled at least half-time. The annual fixed interest rate is capped at 6.8% for the Unsubsidized Stafford Loan. The interest on the unsubsidized loan is paid by the student, on a quarterly basis while the student is enrolled at least half-time. The student must maintain satisfactory academic progress to continue to receive this loan. Repayment begins six (6) months after ceasing to be at least a half-time student.
Federal Parent Loan for Undergraduate Students (PLUS)
PLUS Loans are available for parents of dependent students. The maximum amount of eligibility is determined by the cost of attendance less any financial aid awarded to the student. This loan has a fixed interest rate of 8.5%. The U.S. Department of Education will charge a 3% origination fee.
Federal Carl D Perkins Loan
These loans are awarded by the Franklin College Office of Financial Aid from federal funds. The award amount is based on need and available funds. The current annual interest rate is 5%, however, no interest accrues while the student is in college. The FAFSA must be completed in order to be considered for this program. First-time borrowers should complete the Perkins Loan Entrance Counseling online here. Borrowers will then need to sign a Master Promissory Note in the Franklin College Business Office located in Old Main.
Alternative Loans (also known as Private Loans)
These loans are available to students from private lenders for additional funding assistance if they have exhausted all other sources of educational funding. Franklin College strongly urges students to utilize all of their eligibility for scholarships, grants and Federal loans before applying for a private loan. These loans typically have variable and higher interest rates and fees depending on the credit worthiness of the borrower and cosigner. Private loan lenders have different eligibility requirements, loan rates, repayment terms and conditions.
