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Types of Financial Aid (Rindge) |
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, loan, and student employment programs. Not everyone
receives aid from every program. For more specific details on need based
aid, please direct questions to a member of the Student Financial Services
staff.
Franklin Pierce Grant
This award is made from College resources to individuals who would have
difficulty meeting their educational expenses without grant assistance, and
who have demonstrated financial need. Amounts vary depending on need and
availability of funds. Students must maintain Satisfactory Academic
Progress, and full-time enrollment (12 credits minimum) to receive Franklin
Pierce Grant funds.
Federal Pell Grant
Pell Grants provide grant assistance ranging from $400 to $4,050 per year
and are determined by formulas and federal appropriations approved annually
by Congress. The application for the Federal Pell Grant is the FAFSA.
SEOG—Supplemental Educational Opportunity Grant
This is a federal grant awarded to students with exceptional demonstrated
need. Amounts generally range from $500 to $2,000 per year.
Federal Perkins Loans
Eligibility for and the amount of the Perkins Loans are determined on the
basis of exceptional demonstrated financial need and the availability of
federal funds. There is no interest charged while the borrower is in
college. Repayment begins nine months after graduation, withdrawal, or when
the student ceases to be enrolled at least half-time in classes at FPC. In
repayment, the loan bears interest at the rate of 5% per year on the unpaid
balance.
Student Employment (SE
handbook)
Student Employment (Federal Work-Study) is awarded to many students who
demonstrate financial need. As part of a financial aid package, a student
may be awarded a specific dollar amount in Student Employment. This amount
is the maximum that may be earned in the academic year. The average student
employment award is $1,500 per year, which enables a student to work ten
hours each week that classes are in session. Unlike scholarships, grants,
and loans, which are credited directly to the student’s account, student
employment is not. Upon arriving on campus, a student with an award in
Student Employment begins looking for a job by consulting the job bulletin
board (in the Campus Center or in the Student Financial Services Office) and
applying directly to the on-campus employer. Hourly wage is based on
position and length of employment. Students are paid every two weeks by
direct deposit into the student’s checking account.
There are a limited number of jobs available on campus to
students who have not been awarded Student Employment as part of a financial
aid award. Preference in hiring, however, is given to students with Student
Employment awards. Interested students should check with Student Financial
Services staff for details. An award of student employment indicates
eligibility to apply for a campus job, but is not in itself a guarantee of
employment.
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 the
Office of Student Financial Services.
Governor’s Success Grant
New Hampshire residents who have completed their freshman year may be
considered for the Governor’s Success Grant. Inquire at the OSFS for more
information.
International Student Scholarships
A limited number of scholarships are available to International Students The
maximum is $10,000 per year, beginning with incoming international students
in the fall of 2006.
Family Scholarship Program: When two immediate family
members (spouses, parents and children) are enrolled full-time in the same
semester at the College, a scholarship equal to 30% of the second family
member’s tuition will be awarded. This scholarship will be equally divided
between the two students so that they both will benefit. To apply for the
Family Scholarship, students must complete the Family Scholarship
Application, available in the OSFS.
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 and sophomore, $5,500 each in the junior and senior
years. Half of the loan will be disbursed each semester. (Effective July1,
2007)
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.
Federal PLUS — Parent Loans for Undergraduate Students
This Federal loan is available to parents of dependent students. The maximum
amount that may be borrowed is the total cost of education minus other
financial aid awarded.
The interest rate is fixed at 8.50% (effective July 1,
2006). To receive the loan, the parent borrower must pass a credit check. If
a parent is denied the PLUS Loan on the basis of credit, the student may
borrow additional funds through the Unsubsidized Stafford Loan (up to $4,000
per year for freshman and sophomore status and $5,000 per year for junior
and senior status).
The loan is generally disbursed in two installments, one per
semester. Repayment of a PLUS Loan begins 60 days after disbursal.
Merit-based Sources of Financial Assistance
At the time a student is considered for Admission to the
College, the Admissions Office evaluates each application for merit-based Franklin Pierce University
Scholarships. These scholarships are communicated to
the student at the time of admission. The OSFS also receives notification of
such awards and builds a financial aid package around merit-based funds,
assuming that the student has applied for financial assistance. All students
must maintain full-time enrollment (12 credits minimum) in order to receive
merit-based funds. Students may only receive funding from one merit-based
award fund.
Presidential Scholarship: Awarded on the basis of
high academic ability and promise of achievement, this award is $12,000 per
year, beginning with incoming students in the fall 2006 semester.
Provost Scholarship: Awarded on the basis of high
academic ability and promise of achievement, this award is $11,000 per year,
beginning with the incoming students in the fall 2006 semester.
Success Grant: Awarded to those students who show
promise of success at Franklin Pierce, this award ranges from $4,000 to
$9,000 per year, beginning with incoming students in the fall 2006 semester.
Travel Assistance Program: Students, who travel
round-trip by air for the purpose of visiting Franklin Pierce University
as
part of their college decision-making process, will be credited with up to
$300.00 toward the tuition and fees for their first year of matriculation.
Transfer Students
Transfer students are eligible to receive merit-based
funding at different award levels than traditional, incoming students. For
more information, please speak with a member of the OSFS staff.
Other Sources of Financial Assistance
Alternative Loan Programs
Franklin Pierce University
has information on several privately financed
alternative loan programs. Contact the Student Financial Services Office for
additional information.
Veterans Administration
All eligible veterans attending Franklin Pierce University
should contact
the Registrar’s Office 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. |
