Franklin & Marshall College Franklin & Marshall College

Frequently Asked Questions

F&M: A Partner in Meeting College Costs

We believe that a Franklin & Marshall education is an excellent investment in your future.  And while you and your family are ultimately responsible for financing your education, our Office of Financial Aid is here to help you and your family find ways to realize that investment. The following "dialogue" addresses many of the questions encountered as families strive to meet college costs. We trust the answers will help your family develop a financial plan in support of a Franklin & Marshall education.


What financial assistance is available at Franklin & Marshall?

F&M provides more than $40,000,000 for grants and scholarships alone. Approximately 50% of F&M students receive some type of need-based assistance in the form of grants, loans and campus employment.


What are my chances of receiving financial aid?

There are no absolute tests of income/assets that can be applied to calculate the "chances" of receiving assistance. Access to need-based aid is determined when you demonstrate that your family cannot afford our entire cost. Variables such as home equity, family size, number attending college and ages of pre-college siblings are considered.

Students who don't qualify for need-based aid from the College may still be eligible for federal or state aid. To determine your eligibility for need-based aid, you must apply on time with all required forms and documents.


How do I apply for financial aid at F&M?

We require the following documents:

College Board (CSS) PROFILE

This form determines your eligibility for institutional funds. To register for the PROFILE:

call 1-800-778-6888, or

complete the PROFILE online at http://student.collegeboard.org/css-financial-aid-profile

Free Application for Federal Student Aid (FAFSA)

Available from your school guidance office, or online at www.fafsa.ed.gov, this form determines your eligibility for government assistance.

SCHOOL CODES for Franklin & Marshall:

PROFILE: 2261

FAFSA: 003265

Signed copies of Federal Income Tax Forms and W-2s for yourself and your parents.

DEADLINES FOR APPLYING FOR FINANCIAL AID


How will my aid be determined?

Franklin & Marshall uses the PROFILE and federal income taxes to collect financial and family data.  We analyze this information to determine your family's contribution.  That contribution is subtracted from the estimated costs for the academic year (tuition, room and board, books, fees, and personal expenses).  The difference is your "demonstrated  need."  We produce an aid package to meet demonstrated need using self-help (loans and federal work study) and grants.


If my parents are divorced or separated, whose income information is provided on the forms?

The parent (and current spouse) with whom you live (custodial parent) must complete the FAFSA and the PROFILE.  The biological or adoptive parent with whom you are not living should also submit a Noncustodial Parent Profile, federal income taxes, and W-2's directly to the Office of Financial Aid.  A link to the Noncustodial Parent Profile will be emailed to the student upon completion of the custodial parent Profile.


What if there is a significant change in my family's financial status after I've submitted the forms?

Contact the Office of Financial Aid to discuss your situation.  You may be asked to provide a letter or other documentation outlining the change.  Depending on the nature of the change and the availability of funds, you may be awarded additional assistance.


What happens if I receive outside scholarships?

You must notify the Office of Financial Aid of any outside awards you have received.  Outside scholarships will first displace the self-help (loans, work study) portion of the award from the College.  If the total scholarship is greater than the amount of self-help offered, need-based grants will be reduced.


When will I be notified about whether or not I have received financial aid?

Assuming all deadlines for applications have been met, applicants will receive a financial aid decision or package with the admission acceptance letter.


What information will be included in my financial aid award package?

Your award letter and accompanying supplements will detail:

  • total comprehensive fee (tuition, room and board) that will appear on your bill

  • types of financial aid you will receive in grants from all sources and your eligibility for federal loans and federal work study

  • alternative methods of meeting the family's contribution (Parent PLUS loans, alternative loans and available tuition payment plans).


What happens after I receive my financial aid package?

Review your financial aid award with your parents.  If you wish to discuss the award with a financial aid officer, please call our office to schedule a telephone conference or an office visit.

In order to secure and confirm acceptance of your aid package, log in to MyAid and accept each aid item before the enrollment deadline provided by the Office of Admission.  After you return your general matriculation deposit indicating your intent to enroll at F&M, the Office of Financial Aid will send you additional information including a loan application and other required forms for on-campus employment.


Will applying for financial aid affect my chances for admission?

Franklin & Marshall awards financial aid on the basis of need. The College is committed to supporting all admitted students who demonstrate need.


What happens to my financial aid status if I apply Early Decision (ED)?

Early Decision candidates are given the same consideration for need-based aid as are those applying for regular decision. Franklin & Marshall offers two rounds of early decision with deadlines of November 15 (Round I) and January 15 (Round II).  As an ED candidate, you must submit the PROFILE by the application deadline using estimated income and the prior year's federal taxes and W-2s.   You will also be required to submit the FAFSA form after January 1.


How do I receive aid after my first year?

You must re-apply for financial aid each academic year.  Students with demonstrated need can receive aid for up to eight semesters as long as they remain in good academic standing and submit their financial aid forms and taxes according to the published deadlines.  If there are no significant changes in your financial or family circumstances, total support from all sources should be comparable from year to year.


Where can I go for more information about financial aid?

For more information about need-based aid, outside scholarships, scholarship scams, loans, financing for college, and other financial aid concerns, please refer to these resources:

www.studentaid.gov

www.collegeboard.org

www.finaid.org

www.fastweb.com

www.salliemae.com and www.cashe.com

www.mappingyourfuture.org

www.fafsa.ed.gov

www.travelex.com

www.ex.com