Frequently Asked Questions
Our Brochure in Print
Franklin & Marshall is committed to making sure its education is affordable to every admitted student. 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?
Franklin & Marshall provides more than $16,000,000 for grants and scholarships alone. Approximately 65% of Franklin & Marshall students receive some type of need- or merit-based assistance in the form of grants/scholarships, 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 all of our 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.
The strength of your academic credentials will determine your competitiveness for a limited number of merit-based scholarships. Regional Deans in the Office of Admission automatically recommend strong applicants for these highly-selectively scholarships.
How do I apply for financial aid at Franklin & Marshall?
We require the following documents:
• College Board (CSS) PROFILE
This form determines your eligibility for institutional funds. To register for the PROFILE:
• pick up a registration form at your high school guidance office, or
• complete the PROFILE and Non-Custodial PROFILE (if applicable) online at
www.collegeboard.com
• 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.
The priority deadline for submitting the PROFILE and FAFSA is February 1. Candidates may complete the PROFILE immediately using estimated income. After filing, you may update the PROFILE on the Data Confirmation section of the PROFILE Acknowledgment and submit it directly to our office. Send FAFSA corrections directly to the federal processing center.
Note: If filing the FAFSA online, you must submit
signatures for both your parents and yourself; instructions for submitting signatures are provided at the FAFSA online web site.
The deadline for submitting your federal income tax forms and W-2s to the Office of Financial Aid is March 1.
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 financial need.” We produce an aid package to meet 100% of demonstrated need using self-help (subsidized Stafford or Perkins 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 submit a Non-Custodial 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 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 may be reduced.
When can I expect to receive a financial aid award decision letter?
Assuming all deadlines for applications have been met, applicants will receive an award decision within two weeks after notification of their admission status.
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 award?
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 your award, sign and return your award letter by the acceptance deadline. After you send in your general matriculation deposit indicating your intent to enroll at Franklin & Marshall, we 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 believes that the awarding of financial assistance is justified by the strength of a candidate’s credential. The College is also committed to supporting all admitted students who demonstrate need. While the admission process at Franklin & Marshall is generally “need-blind,” some students (about 5%) may be affected by a degree of “resource awareness.” This does not affect candidates with the strongest credentials.
What happens to my financial aid status if I apply Early Decision (ED)?
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 will submit the PROFILE by the application deadline using estimated income. You will also need to submit the FAFSA form soon after January 1 and no later than February 15.
Early Decision candidates are given the same consideration for need-based aid and merit scholarships as are those applying for regular decision.
How do I receive aid after my first year?
You will re-apply for financial aid each academic year. Students with demonstrated need can receive aid for up to eight semesters or 32 courses (whichever is achieved first) as long as they remain in good academic standing and submit their financial aid forms (PROFILE and FAFSA, federal taxes, and W-2s) according to the published deadlines.
