We are providing the following information to help explain Franklin & Marshall's financial aid policies and to assist your family in financing your education at the College. If you have questions that are not addressed below, please feel free to contact the .
The tuition, room, and board on your College invoice (2013-14) is divided in half for each semester. While not included on the invoice, allowances of $2,500 for books, loan fees, and miscellaneous expenses will be added, bringing the basic total student budget for determining aid eligibility to $54,010. In addition, a travel allowance will be added, based on each student's permanent home address. There is no travel allowance for international students. The expenses of commuting students will be evaluated using a budget of approximately $47,600. Budgets can also vary depending on other circumstances such as course load, residential living preference, or off-campus study.
How We Determine Your Aid Eligibility
U.S. Citizens and Eligible Non-Citizens
In order to determine your eligibility for College funding, we use the data you submit to the College on the PROFILE to establish the family contribution to college costs. It is important to emphasize that the same standards are applied consistently to all applicants.
In determining eligibility for college funding, students are expected to save and contribute 50% of their prior year's earnings or $1,150 from the summer prior to their first year (whichever is greater), and more in succeeding years; student assets are pro-rated toward college costs at 25% each year. The parents' contribution is based on institutional methodology which analyzes family income, assets, and other circumstances.
The family contribution, which is the sum of parent and student contributions, is always the first consideration in determining awards from the College. Other resources that we consider are Tuition Account Plans (TAP), employer tuition benefits, Veterans benefits, or Social Security Educational Benefits.
The College makes most awards according to a standard procedure. Once need is established by subtracting family contributions from the budget, a self-help component consisting of student loan and employment is considered the first part of the aid package. The difference (if any) between demonstrated financial need and this self-help component is funded with grants from a variety of sources.
In order to determine your eligibility for College funding, we use the data you submit to the College on Franklin & Marshall's International Student Application for Financial Assistance to establish the family contribution to college costs. The College makes most awards according to a standard procedure.
Once need is established by subtracting family contributions from the budget, a self-help component consisting of student loan and employment is considered the first part of the aid package. The difference (if any) between demonstrated financial need and this self-help component is funded with grants from a variety of sources.
Students who receive financial aid in their first year are normally guaranteed aid renewal for the next three years (for a total of eight semesters) as long as they are enrolled in good standing at the College on a full-time basis and continue to demonstrate eligibility through an annual application.
We anticipate that the amount of aid will vary from year to year due to changes in College costs and family circumstances (fluctuations in income, changes in household size and/or number of children in college, etc.).
All students are required to provide accurate information and to meet all deadlines for financial aid applications. U.S. citizens and eligible non-citizens must apply for all federal and state grants for which they may be eligible by submitting the Free Application for Federal Student Aid (FAFSA) prior to state deadlines (usually prior to May 1). You must re-apply for financial aid each year in order to be considered to receive it.
Students are generally eligible to receive College financial aid for a maximum of eight (8) semesters. Students should keep this limit in mind when planning their course registrations at Franklin & Marshall. For further information on funding limits, contact the Office of Financial Aid.
U.S. citizens and eligible non-citizens who matriculate at Franklin & Marshall in the fall of 2013 with financial aid may submit the Free Application for Federal Student Aid (FAFSA) and the College Board PROFILE. Signed copies of students' and parents' base year federal income tax forms, parents' base year W-2s, and additional supplemental materials may also be requested.
Failure to provide appropriate documentation on time may result in reduction or cancellation of awards. In addition, a student account will not be credited with aid until the file is complete and verified. We encourage you to file the FAFSA by February 1. We request receipt of all supplemental materials by March 1 for first-year students.
International students who matriculate at Franklin & Marshall with financial aid are required to submit F&M's International Student Application for Financial Assistance; first year students are required to submit a "Certificate of Finances" form as well. International students who matriculate at F&M without financial aid are required to submit a "Certificate of Finances" form.
Revisions to the initial aid package may be made for several reasons. The most common is an adjustment in the Franklin & Marshall grant to accommodate actual amounts received from state and federal grant programs. For example, if a student receives an assurance of $10,000 in grant support in the initial aid package and later receives notification of a Federal Pell grant of $1,500, the amount of Franklin & Marshall grant would be set at $8,500 to ensure the amount of total grant aid in the package remains at $10,000. All aid applicants are required to apply for state scholarships and Federal Pell Grants each year. Information and deadlines are available from the Office of Financial Aid.
Outside scholarships from schools, organizations or employers will first reduce the self-help portion (loan and/or job) of the aid package. Any outside scholarship amount in excess of the self-help portion will then reduce the Franklin & Marshall grant. Students are obligated to notify the Office of Financial Aid upon receipt of all outside awards. (NOTE: Lesher and Minich Scholarships are not considered outside awards). The College strongly encourages students to pursue outside scholarships. Information on potential sources of outside funding can be found in the reference room of the Shadek-Fackenthal Library on campus, in the Office of Financial Aid, in most high school guidance offices, or using internet sites such as www.FastWeb.com.
The College can also recalculate a student's eligibility after the initial award due to verification of the information supplied on the initial applications, changes in family circumstances or errors in the original reporting of family information. We verify information throughout the summer and fall; aid awards will be adjusted whenever changes or errors are discovered. Students are entitled to review any re-evaluation and to receive explanations for changes in their aid packages. Furthermore, a student may request a review for reconsideration of need-based aid. Requests are reviewed continually by the Financial Aid Committee; however, only one request for review is permitted for a given reporting error or change in family circumstances. For further information on review procedures, contact the Office of Financial Aid.
Need-based grants from the College need not be repaid. Your grants and/or scholarship may be supported by endowed, restricted or general funds. One half of your grant will appear as a credit on your College bill each semester, provided you have supplied the Office of Financial Aid with all required or requested information.
The Stafford Loan has a ten-year repayment schedule after college (and graduate school). The interest rate is fixed as of July 1, 2013 at 3.86%. First-year students entering in the fall may borrow up to $3,500; sophomores, $4,500; and juniors and seniors, $5,500. You will receive a mailing in late spring which will include application procedures and a list of our preferred lenders.
The Federal Perkins Loan is allocated in limited amounts from the Federal government to the College. The College awards Perkins Loan to students with a higher demonstrated need. The Perkins Loan has similar repayment provisions and currently carries a fixed 5% interest rate. Both of these loans are available only for students demonstrating financial aid eligibility and who are U.S. citizens and eligible non-citizens.
Unsubsidized Federal Stafford Loans are available to students who have partial or no eligibility for the subsidized Federal Stafford Loan Program. Students must first complete the Federal Application for Student Aid (FAFSA) in order to determine their eligibility for the subsidized Federal Stafford Loan. Students borrowing under the unsubsidized program must begin repayment of interest immediately or interest will be capitalized into the principal. Payment of principal is deferred until graduation.
The maximum amount a first-year student entering in fall may receive is $3,500; sophomores, $4,500; and juniors and seniors, $5,500. Students may also qualify for an additional unsubsidized Federal Stafford Loan of up to $2,000 each year. The combination of the unsubsidized and subsidized loans may not exceed $5,500 in the first year unless the student is independent or an application for a Parent Loan for Undergraduate Students (PLUS) is denied. Loan application information is available from the Office of Financial Aid.
Federal Parent Loan for Undergraduate Students (PLUS) is available to parents of dependent students, providing borrowing capacity per year of up to the total cost of education (minus any financial aid) at a fixed interest rate of 6.41%. Monthly repayments begin 45-60 days after the loan is fully disbursed, usually in March of each year in which the PLUS is borrowed. Applications and information regarding current interest rates are available from your local bank.
Alternative Loans provide the opportunity for long-range financing of one year or several years of education. These student loans, based on credit worthiness as determined by the Fair Isaac Company (FICO) score, provide borrowing capacity per year of up to the total cost of education minus any financial aid. Most alternative loans require a credit-worthy cosigner for first-year undergraduate students. Some alternative loans are available to international students.
The College provides a monthly payment plan whereby families may pay all or part of Franklin & Marshall costs in monthly installments without interest charges. Contact the Business Office for additional details.
Federal Work Study Award or College Work Award of $1,900 represents about 10 hours per week for the academic year at an hourly rate of $7.25. Paychecks are issued to students and are not directly credited toward the College bill.
The College makes every effort to arrange jobs to accommodate academic and extra-curricular schedules so that work does not jeopardize achievement or participation. In fact, our experience indicates that student employment is, for most students, a significantly positive factor in the adjustment to college life.
While there are plenty of jobs available on campus, acquiring a job on campus is competitive, and no student is guaranteed an on-campus job even if "work" is a component of a student's financial aid package. Students are encoraged to seek on-campus employment as aggressively as they would off-campus employment.