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Frequently Asked Questions
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- My family has a change in financial situation. What can we do?
- What happens if I don’t meet the minimum GPA requirement for my FC Scholarship?
- What is verification? And why do I have to provide more paperwork?
- What is work study and do I qualify?
- Can I get financial aid for a Winter Term trip?
- Do I qualify for Aid if I study abroad?
- What happens to my financial aid if I live off campus or in a fraternity house?
- Do I have to apply for my loans each year?
- When do my loans go into repayment?
- Will I qualify for Financial Aid if I have to go a 5th year?
Q: My family has a change in financial situation….what can we do?
A: Unusual circumstances, such as unusual medical or dental expenses not covered by insurance, expenses associated with a parent attending college, a family member who recently became unemployed, or changes in income or assets may affect your eligibility for financial aid. You must submit a FC special circumstance form, attaching required documentation, to the office of financial aid. Special circumstance requests require careful review and additional processing time. Review does not guarantee a change in aid.
Q: What happens if I don’t meet the minimum GPA requirement for my FC Scholarship?
A: Scholarship eligibility is reviewed at the end of each semester. If a student does not meet the minimum criteria for their academic scholarship, the office of financial aid will place them on scholarship probation for one semester (maintaining the full scholarship award). After a semester on probation, if the student has not increased his/her GPA to the minimum requirement, their scholarship will be reduced down to the next level award for the following semester. If the student does reach the minimum GPA requirement, they are taken off of scholarship probation. The process is repeated after each semester. A student always has the right to appeal any scholarship adjustment decision. They must do so in writing to the office of financial aid.
Q: What is verification? And why do I have to provide more paperwork?
A: Verification is a process of review that determines the accuracy of the information submitted by you and your family (if applicable) on the FAFSA. If you are selected for verification, either by the U. S. Department of Education or by Franklin College, you will receive a request for documentation from us. We may request a parent and/or student federal tax transcript and other records. To retain your eligibility for federal financial aid, you are required to comply with our request for documentation. The Department of Education selects approximately one out of every three FAFSA’s filed for the verification process.
Q: What is work study and do I qualify?
A: Work Study is a federally funded (need based) financial aid award. The FAFSA is required to be assessed for eligibility. If a student qualifies for work study, it will be listed in your financial aid awards. Jobs can be found by going to the MyFC website. The award is received as compensation for hours worked. Students will receive a paycheck each month for hours worked the previous month. This award is not applied to a student’s billing account.
Q: Can I get financial aid for a Winter Term trip?
A: The cost of a winter term trip can be added to a student’s financial aid budget increasing the students cost of attendance (institutional threshold for financial aid). This allows students eligibility to receive additional aid for the cost of the trip. If a student has financial aid that exceeds the cost of each regular academic semester, that surplus can be applied to a winter term trip. Students or parents can apply for additional loan funds to cover the cost of a trip.
Q: Do I qualify for Aid if I study abroad?
A: The financial aid office will determine what aid a student can use for a study abroad experience. All need-based aid (not exceeding the programs cost of attendance) will be available to be used for programs that have consortium agreements with Franklin College. To see if you are eligible to apply for any study abroad scholarships contact Simone Pilon.
Q: What happens to my financial aid if I live off campus or in a fraternity house?
A: Financial aid is packaged by using a budget called “Cost of Attendance”. This is a maximum threshold in which financial aid cannot exceed. The cost of attendance is different for students living on campus, off campus and off campus with parents. For many students, financial aid will be the same if they live on or off campus. The difference would be the maximum amount of aid a student could receive is slightly different for each housing scenario. For financial aid purposes, Franklin College considers students living in fraternity houses the same as a student living in a FC residence hall. If a student’s financial aid creates a credit in their billing account, those funds can be used towards other housing expenses. See the office of financial aid to determine if a change in housing will impact your aid.
Q: Do I have to apply for my loans each year?
A: If you have completed a MPN (master promissory note) for a Direct Stafford or Perkins loan in a previous year you will not need to complete any paperwork for those loans awarded. If you take out any private loans or parents take out a parent PLUS loan, a new application must be completed each year.
Q: When do my loans go into repayment?
A: Federal Stafford loans go into repayment 6 months after a student graduates or drops below half time enrollment. A Federal Perkins loan goes into repayment 9 months after a student graduates or drops below half-time enrollment (half-time enrollment at FC is considered 6 credit hours). Alternative/Private loan repayment varies per lender.
Q: Will I qualify for Financial Aid if I have to go a 5th year?
A: A 5th year student is eligible for any federal aid they may qualify for; including Stafford loan (the FAFSA is required). All FC scholarships are restricted to eight semesters, and Indiana State grant aid is available for eight semesters for students who qualify.