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 University. 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.
This award is made from University 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.
Pell Grants provide grant assistance ranging from $400 to $5,845 per year and are determined by formulas and federal appropriations approved annually by Congress. The application for the Federal Pell Grant is the FAFSA. For more detailed information on calculations and maximum grant limits, click here: Calculate Pell Grant Lifetime Eligibility
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 University. 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.
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 Franklin Pierce. In repayment, the loan bears interest at the rate of 5% per year on the unpaid balance.
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 10 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 online 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 Human Resources 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.
This Federal student loan carries a fixed interest rate of 4.66% (effective July 1, 2014). 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 and $5,500 each in the junior and senior years. Half of the loan will be disbursed each semester.
Stafford Loans will be processed using a serialized Master Promissory Note (MPN). New students are encouraged to participate in the electronic processing of the Stafford Loan through Franklin Pierce University. A detailed packet of information is forwarded to students once the loan is originated.
A limited number of scholarships are available to International Students. The maximum is $10,000 per year.
This is a federal grant awarded to students with exceptional demonstrated need. Amounts generally range from $500 to $2,000 per year.
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 7.21% (effective July 1, 2014). 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 University, 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 for a maximum of eight semesters.
Awarded on the basis of high academic ability and promise of achievement, this award is up to $23,000 per year for new students in the Fall of 2016. FPU CGPA of 3.0 required to retain.
Awarded on the basis of high academic ability and promise of achievement, this award is up to $22,000 per year for new students in the Fall of 2016. FPU CGPA of 2.8 required to retain.
Awarded on the basis of high academic ability and promise of achievement, this award is up to $21,000 per year for new students in the Fall of 2016.
Awarded to those students who show academic ability, this award is up to $20,000 per year for new students entering in the Fall of 2016.
Awarded to those students who show promise of success at Franklin Pierce, this award is up to $17,000 per year for new students entering in the Fall of 2016.
All eligible veterans attending Franklin Pierce University should contact the Registrar's Office regarding eligibility for Veterans Administration or other benefits. More information is available at www.va.gov.
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.