What Are the Types Financial Aid?

There are three (3) types of financial aid:

  1. Grants and Scholarships:  This is considered gift aid and does not need to be repaid. Eligibility is based on a student's financial need as determined by the FAFSA and CSS/PROFILE. It is offered by the federal and some state governments as well as Franklin & Marshall College.
  2. Loans: Student and parent loans are available to help eligible students finance the cost of their education. A loan is borrowed money that must be repaid with interest.
  3. Work-Study: This type of financial aid is earned through on-campus employment. Work-study wages are NOT credited to a student's bill since this money must be earned.

Grants and Scholarships

Federal and State Grants: These are offered based on a student's financial need as determined by the FAFSA. Federal Grants include:

  • Federal Pell Grant
  • Federal SEOG - Supplemental Opportunity Grant

F&M Institutional Grants and Endowed Scholarships: These are offered based on a student's financial need as determined by the CSS/PROFILE. They have been made possible by the generosity of alumni, parents and friends of Franklin & Marshall College.

Students are generally eligible to receive need-based College funds for a maximum of eight (8) semesters. Appeals for a ninth (9th) semester of campus funds are considered on a case-by-case basis.

Our largest fund, the F&M Trustee Grant, is offered to needy students to fill the gap between federal need-based aid funds and overall institutional need eligibility. The F&M Trustee grant would be revised to accomodate grant money a student may receive from the following programs:

  • Federal Grant
  • State Grant
  • College Endowed Scholarship
  • Employee Tuition Benefit

 

Loans

Federal Direct SUBSIDIZED Loan: is a need-based loan as determined by the FAFSA. The government will pay the interest on the loan while the student is enrolled at least half-time.

Federal Direct UNSUBSIDIZED Loan: is a non-need based loan as determined by the FAFSA. Interest does accrue on this loan while the student is in school.

Federal Direct Parent PLUS Loan: biological or adoptive parents of a full- or half-time undergraduate student are eligible. Payment of  principal and interest begins 45 days after disbursement of the loan. Completion of FAFSA is required.

F&M Loan: The F&M Loan is College-funded, need-based financial aid as determined by the Office of Financial Aid. The loan features are:

  • Fixed interest rate of 4.5%.
  • Principal and interest are deferred while the student is enrolled full-time.
  • Interest will begin six (6) months from the date the student is no longer enrolled full-time.
  • 10-year standard repayment. NOTE: When students repay their F&M Loan, it will help to provide funding for future students.

In August, a student will receive a LOAN DISCLOSURE STATEMENT by email.

In September, the F&M LOAN PROMISSORY NOTE will be available for the student's signature.

 

Work-Study

Students must have financial need as determined by the FAFSA in order to qualify for Federal Work-Study.

During the fall and spring semesters, students may work up to 10 total hours per week and may earn up to $1,900 during the academic year.

The money earned through on-campus employment is intended to provide a student with spending money for personal expenses, not the direct costs of tuition, toom and board. Therefore work-study wages are NOT creditied to a student's E-bill.