What Are the Types of 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. Also, see information on Outside Scholarships on this page.
  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

State Grants: State grants are awarded to the student by the state scholarship office of the state in which the student resides. Not all state scholarships can be used/transferred out of the student's home state.  If the Office of Financial Aid is notified of a student's eligibility for a state grant after the student has received their financial aid package, the F&M Trustee Grant will be reduced by the amount of the state grant and a revised financial aid notification will be sent to the student. If a student who would have been eligible for a state grant, fails to meet their state grant deadline, the College will not replace forfeited state grant funds with F&M Trustee Grant funds.

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. Please see our Institutional Need-Based Aid Policy on this page.

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



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.

NOTE: Please read the Student Lending Code of Conduct.



Students must have financial need as determined by the FAFSA and CSS Profile in order to qualify for Federal Work-Study or College Work Option.

Students earn a minimum of $8/hour and the vast majority of positions are not allowed to offer a student more than 10 hours a week and the exact number of hours varies significantly between positions.

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, room and board. Therefore work-study wages are NOT credited to a student's eBill.

Students offered Federal Work Study or College Work Option are not guaranteed positions.  Students must still apply for positions on campus, be hired, and perform satisfactorily in the positions to acquire and maintain employment.

The Student Employment Office website provides more specific information about the Student Employment process.


Students are required to notify the Office of Financial Aid of all outside awards received, including awards paid directly to the student.

Email the Office of Financial Aid and include a copy of any correspondence from the scholarship donor. You should provide this information as soon as you become aware of the award.

Scholarship checks are to be mailed to:
          Franklin & Marshall College
          ATTN: Cashier
          P.O. Box 3003
          Lancaster, PA  17604-3003

Outside scholarships awarded to F&M students will benefit students to the greatest extent possible. Outside scholarship awards will be added on top of a student's financial aid award package, dollar by dollar, up to meeting full Federal aid eligibility - the maximum limit of all financial aid awards that a student may receive from any source.  Should any outside scholarship dollars exceed a student's maximum Federal aid eligibility, the College will not reduce its own institutional grant aid that has already been awarded until total gift aid reaches the student's Cost of Attendance.

The College will first reduce the self-help portion (loans and/or job) of the need-based aid package that has already been awarded to the student.  The order of the reduction will be Federal Work Study, F&M Loan, and Federal Direct Loan.  After reducing all eligible, awarded self-help aid, any remaining outside scholarship amount in excess will not reduce Franklin & Marshall grant.

All admission applicants must apply for institutional need-based financial aid from Franklin & Marshall College (F&M) prior to acceptance to the College.

Therefore, as an admission applicant completing the Financial Aid Intent question on the Common or the Coalition Application, the response must be “YES,” in order to be considered for institutional need-based aid during the duration of their matriculation at the College.

Students may apply and will be considered for federal financial aid every year whether or not they applied for institutional need-based aid as a first-year or transfer student. Federal financial aid includes the Federal Pell Grant, Federal SEOG, Federal Work-Study and the Federal Direct Loan Program.

Appeals due to changes in a family’s financial situation (such as loss of employment or additional child(ren) enrolling full-time in a four-year, undergraduate degree program), will be considered by the Office of Financial Aid. Parent(s) are encouraged to contact the Office of Financial Aid to discuss their situation and to determine what documents must be submitted. The Office of Financial Aid makes every effort to provide additional support when extenuating circumstances occur, though funds may be limited.

Currently enrolled students who wish to request financial aid for the first time due to a change in financial circumstances must meet all filing deadlines. Aid consideration is limited to U.S. citizens and permanent residents and will be based on available funds and demonstrated institutional need.

Eight (8) Semester Limit - Students with demonstrated need can receive need-based institutional aid for up to eight (8) semesters as long as they remain in good academic standing and submit the required documents (FAFSA, CSS Profile, federal tax documents (tax return, all schedules, and all W-2s) by APRIL 1st.

Students are generally eligible to receive need-based institutional funds for a maximum of eight (8) semesters. Federal aid is still available past the eighth semester, but may not be sufficient to cover a student’s educational expenses. It is therefore in the student’s best interest financially to complete eight course units per academic year. Appeals for a ninth semester of campus funds are considered on a case-by-case basis.

Student Lending Code of Conduct

 The Higher Education Opportunity Act of August 14, 2008, requires that campuses participating in federal Title IV student aid programs publish a code of conduct, serving as the formal guiding principles in ensuring the integrity of the student loan process and ensuring the ethical conduct of Franklin & Marshall employees in regard to student loan practices.

We participate in the William D. Ford Federal Direct Loan program through the United States Department of Education. This program includes Direct Subsidized, Direct Unsubsidized, and Direct Parent PLUS loans.

Private/Alternative Education loans are also processed for students at their request as needed.

We do not maintain a preferred lender list for private/alternative student loans nor do we recommend any private lender.  Our office provides a historical list of private lenders our students have used on ELMSelect and the lenders are displayed in no particular order.  

To avoid any conflict of interest with the responsibilities of our employees with respect to parent, student, and private/alternative loans, the Franklin & Marshall College Student Lending Code of Conduct prohibits the following:

  • Revenue sharing arrangement with any lender. We will not promote or recommend any lender in exchange for a fee or other material benefit from a lender.

  • The solicitation or acceptance of gifts from a lender, guarantor or servicer by anyone with responsibilities with respect to loans at the institution.

  • Refusing to certify/originate or otherwise delay certification/origination of any loan, regardless of the lender the borrower selects.

  • The acceptance of any funds to be used for private/alternative education loans in exchange for the institution providing concessions to the private lender.

  • Requesting or accepting assistance with financial aid office staffing from any lender.

  • Compensation of any type of consulting arrangement or contract to provide services to or on behalf of a lender relating to education loans

  • Compensation for service on an advisory board, commission, or group established by lenders or guarantors, except for reimbursement for reasonable expenses.