A loan is a form of “self-help” financial assistance that you repay, even if you don’t complete your education. The Direct Loan Program, offered by the U.S. Department of Education, is one of many avenues families use to fund their student’s education. This may include the use of subsidized and unsubsidized student loans (borrowed in the student’s name) or parent loans (borrowed in the parent’s name). The first step to accessing a student or parent loan is to complete the Free Application for Federal Student Aid (FAFSA).
General eligibility criteria for Direct Loans:
Entrance Counseling and the Master Promissory Note (MPN)
First-time borrowers of a Federal Direct Loan must complete Entrance Counseling. This will assist you with understanding the types of loans available as well as the options you may have when you enter repayment.
Upon completion of Entrance Counseling, the borrower must also complete a Master Promissory Note (MPN). The MPN is a legally-binding document that explains the terms and conditions of your Federal Direct Loan. The MPN also serves as your agreement to repay your loans, including any interest and fees.
Click here to complete Entrance Counseling and your MPN.
Borrowers will be asked to complete Exit Counseling when the student is about to graduate, of if the student’s enrollment drops below half-time. Exit counseling provides the borrower with much-needed information regarding the repayment process.
Click here to complete Exit Counseling.
The time to begin repaying loans depends on the type of loan you choose. Parent loans may begin repayment while the student is still in school. Subsidized and unsubsidized student loans begin repayment six months after the student either graduates or stops attending at least half-time. Regardless the type of loan, all loans must be repaid. If you aren’t able to repay your education loans, you could seriously damage your credit.
The federal government provides a Repayment Estimator tool to assist new, current and previous borrowers with estimating what their repayment schedule could be once they enter repayment. Click here to log into your Federal Student Aid portal and access the Repayment Estimator.
To apply for a Federal Parent PLUS loan, click the link above , sign-in and complete the “Request a PLUS Loan” section and complete the Parent PLUS loan Master Promissory Note (MPN).
These loans are available to students from private lenders for additional funding assistance if you have exhausted all other sources of educational funding. Franklin College strongly urges students to utilize all of your 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, repayments terms and conditions.
Listed below are three application tools that will provide access to multiple lenders. Both FASTChoice and the InvestEd Marketplace will allow you to compare lenders and rates for possible alternative loans. As a borrower, you have the option to select any lender you choose. If you have any questions regarding the process used to select the lenders included in FASTChoice or the InvestEd Marketplace, please contact the Office of Financial Aid.
FAST Choice – Student Private/Alternative Loans
FAST Choice – Parent Private/Alternative Loans
The Cost of Attendance (COA) for the academic year (fall and spring semesters) includes tuition, room, board, books, transportation, fees and other miscellaneous personal expenses that Franklin College has included in your overall financial aid budget. The COA is the maximum amount of financial aid a student can receive during that academic year.
All students applying for a private education loan are required to complete a Self-Certification Form indicating the COA amount for Franklin College and the student’s total financial aid. Listed are the COA figures to be used when completed the Self Certification Form.
|Living On Campus||$48,900|
|Living with Parent||$42,854|
|Living Off Campus||$49,354|