Financial Aid FAQs

My family financial situation has changed. What can we do?

We understand family circumstances can change and we are here to help. Certain circumstances, such as unusual medical or dental expenses not covered by insurance, expenses associated with a parent attending college, a family member recently unemployed, or changes in income or assets may affect your eligibility for financial aid. To have your unique financial circumstance re-evaluated, start by submitting a special circumstance appeal through the Online Financial Aid System. Please read and complete the form thoroughly, and submit all required documentation. Our office will do our best to review your appeal in a timely matter. Please ensure your appeal is fully complete – we cannot evaluate an appeal that isn’t complete. Please note: a request for review does not guarantee a change in aid.

What if I don’t meet the minimum GPA requirement for my Franklin College scholarships?

Scholarship eligibility is reviewed at the end of each semester and if you don’t meet the minimum criteria for your academic scholarship, you will be placed on scholarship probation for one semester (maintaining the full scholarship award). After a semester on probation, if you haven’t increased your GPA to the minimum requirement, your scholarship will be reduced down to the next level award for the following semester. If you’re able to reach the minimum GPA requirement, you are taken off scholarship probation. The process is repeated after each semester. You always have the right to appeal any scholarship adjustment decision in writing to the Office of Financial Aid.

What is Federal Verification? Why do I have to provide more paperwork?

One-third of all students are selected for federal verification. Verification is a process of review that determines the accuracy of the information submitted by you and your family (if applicable) on the FAFSA. If you are selected, either by the U.S. Department of Education or by Franklin College, you will receive a request for documentation from us. We may request a parent and/or student federal tax transcript and other records. To retain your eligibility for federal financial aid, you are required to comply with our request for documentation.

What is work-study and do I qualify?

Work-study is a federally-funded (need-based) financial aid award. If you qualify for work-study, it will be listed in your financial aid award. Your award is received as compensation for hours worked. Students will receive a paycheck each month for hours worked, and you will receive a paycheck each month for hours worked the previous month. Work-study is not applied to a student’s billing account. Once you’re on campus, you can find a work-study job on our campus intranet. The FAFSA is required to be assessed for eligibility.

Do I qualify for aid if I study abroad?

We will help you determine what aid is available for a study abroad experience. All need-based aid (not exceeding the programs cost of attendance) will be available to be used for programs that have Consortium Agreements with Franklin College. To see if you are eligible to apply for any study abroad scholarships contact Jennifer Cataldi.

What happens to my financial aid if I live off campus or in a fraternity house?

Financial aid is packaged by using a budget called “Cost of Attendance,” which is a maximum threshold in which financial aid cannot exceed. The Cost of Attendance is different for students living on campus, off campus or with parents. For many students, financial aid will be the same if they live on or off campus. The difference would be the maximum amount of aid a student could receive is slightly different for each housing scenario. For financial aid purposes, Franklin College considers students living in fraternity houses the same as a student living in a FC residence hall. If a student’s financial aid creates a credit in their billing account, those funds can be used towards other housing expenses. Contact our office to determine if a change in housing will impact your bottom line.

Do I have to re-apply for my loans each year?

Yes – however, completing the FAFSA acts as your loan application and you must complete it annually. Private student loans and/or Parent PLUS loans do require a new application to be completed each year.

When do my loans go into repayment?

Direct Loans go into repayment 6 months after you graduate or drop below half- time enrollment (six credit hours per semester). Upon exiting from the college, direct loan borrowers must complete Exit Counseling. For contact information regarding your direct loan lender, visit the National Student Loan Database System (NSLDS). It is important to contact your lender in order to establish your repayment plan and/or to apply for student loan forgiveness (if applicable).

A Federal Perkins loan goes into repayment 9 months after you graduate or drop below half-time enrollment (six credit hours per semester). Exit Counseling for the Federal Perkins loan is completed with our Business Office.

Alternative/private loan repayment varies per lender.

Will I qualify for financial aid if I have to go a 5th year?

As a 5th-year student, you are eligible for any federal aid you may qualify for, including but not limited to Direct Loans (the FAFSA is required). All Franklin College scholarships and endowments are restricted to eight semesters, and Indiana State grant aid is available for eight semesters for students who qualify.

Let’s Talk

We’re happy you’re interested in Franklin College!

If you have specific questions, contact the Office of Financial Aid at 317.738.8075 or email us at finaid@FranklinCcollege.edu.