Types of Financial Assistance
(College of Graduate and Professional Studies)
Need-based Sources of Financial Assistance
There are several different types of need-based assistance available. “Need-based” means that before aid is awarded, the student and family must demonstrate financial need by providing information to Federal Student Aid Programs using the Free Application for Federal Student Aid (FAFSA). The Franklin Pierce University
Federal School Code number for the FAFSA is 002575. Through the FAFSA, information regarding family size, income, and assets is evaluated using the federal needs analysis formula, approved by the United States Congress. The results are made available to the College. We subtract the “estimated family contribution” figure from the “cost of education” figure. When the cost of education is larger than the expected family contribution, financial need is demonstrated.
When there is “need,” aid is awarded, usually in a combination of grant or loan. Not everyone receives aid from every program. For more specific details on need based aid, please direct questions to your campus counselor.
Federal Pell Grant
Pell Grants provide grant assistance ranging from $400 to $4,310 per year and are determined by formulas and federal appropriations approved annually by Congress. The application for the Federal Pell Grant is the FAFSA.
State Grants
Students who are residents of most New England states or Pennsylvania may be eligible for their own State Grant Programs. If awarded a grant from any of these states, the student may use that money at Franklin Pierce College. Amounts vary per year, depending on need and availability of funds. Students from other states should check with their state awarding agency or your campus counselor.
Federal Stafford Student Loan — Subsidized and Unsubsidized
This Federal student loan carries a fixed interest rate of 6.8% (effective July 1, 2006). Repayment of principal and interest on Subsidized Stafford Loans begins six months after graduation, withdrawal, or less than half-time status. Students must file the FAFSA to be considered for this loan.
Students who are eligible for the Unsubsidized Stafford Loan (if the student is eligible this will appear on the award notification) will have slightly different terms: interest accrues during the life of the loan and is added to principal during the time the student is enrolled in school.
Students may have up to 20 years to repay Federal Stafford Loans. Deferment provisions are available. Maximum amounts that may be borrowed are:
$3,500 freshman, $4,500 sophomore, $5,500 each in the junior and senior years. Loan disbursements will be divided over GPS terms.
Stafford Loans will be processed using a serialized Master Promissory Note (MPN), which will be sent directly to the student. New students are encouraged to participate in the electronic processing of the Stafford Loan through Franklin Pierce College. A detailed packet of information is forwarded to students, once the loan is originated.
Other Sources of Financial Assistance
Alternative Loan Programs
Franklin Pierce University
has information on several privately financed alternative loan programs. Contact your campus counselor for additional information.
Veterans Administration
All eligible veterans attending Franklin Pierce University
should contact their campus counselor regarding eligibility for Veterans Administration or other benefits. www.va.gov
Private Scholarships
Students should attempt to locate scholarships for which they are eligible. Sources of information are high school guidance offices, charitable organizations, service organizations, employee credit unions, and college libraries. Students who receive private scholarships are required to notify the Office of Student Financial Services. Private scholarships are used to cover any unmet need and then to reduce loans and work-study.
