What Are the Types Financial Aid?
There are three (3) types of financial aid:
- 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.
- 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.
- 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 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
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.
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.