Review & Compare
Students who are admitted to the College and who qualify for need-based financial aid will receive an aid package letter from the Office of Financial Aid included with their notification from the Office of Admission.
An aid package letter includes all Federal need-based aid and Franklin & Marshall need-based aid. The letter will also include information regarding the cost of education for the upcoming year.
Subtracting all aid awards from the cost of education allows families to estimate their out-of-pocket expense for the upcoming school year.
If financial expense is important to your family, having your financial aid letters from all of the colleges to which you are applying allows your family to compare packages. This is an important part of the process, and one in which the "cost versus value" of an education enters the discussion.
Determining Eligibility for Need-Based Aid
Financial Aid Programs were created with the idea that the primary responsibility for paying college costs rests with the student and their family. The formula used to determine need-based aid is:
Cost of Attendance (COA) - Expected Family Contribution (EFC) = Need-Based Financial Aid
Cost of Attendance: college expenses for one academic year (9 months). Tuition, fees, cost of a standard double room on campus, meal plan, books, transportation, and other miscellaneous educational expenses.
Expected Family Contribution (EFC): Calculated from the information that you/your parents provided on the FAFSA and CSS Profile. It is used to determine the types and amounts of need-based financial aid for which you are eligible.
Financial Need: Your financial aid eligibility.
Criteria Used in Determination:
- Total Income* (adjusted gross income (AGI) plus all untaxed income)
- Number of children/student’s siblings enrolled full-time in a four (4) year, undergraduate degree program.
- Both biological or adoptive parents’ information, as well as the custodial step-parents’ information, if relevant, in divorce situations
- A minimum student earning contribution of $1,550 is expected in the first academic year. A minimum contribution of $2,150 will be expected for next three (3) academic years.
- The formula may assess stock losses or depreciation and similar income paper losses tied with S-corporations, LLCs, partnerships, and sole proprietorships
- Equity (value minus debt owed) in a family’s primary home of residence — up to 120% of total income*. For example:
- Home Value = $219,220 (NOTE: Value listed on the CSS Profile will be compared and updated to the value listed on Zillow.)
- Home Debt = $60,044
Equity = $159,176
Total Income* (AGI plus all untaxed income) = $46,124 x 1.2 (120%) = $55,348 (calculated contribution from home equity)
Criteria Not Used in Determination:
- The value of tax-sheltered retirement accounts
- A family's consumer debt level, which includes, but is not limited to, credit card debt, automobile loans, prior student loans, and home mortgage payments
- Private secondary school, community college, or graduate school tuition and expenses for siblings