Financial Aid FAQs

Everybody loves FAQs.
Especially when it deals with a very complicated topic, like financial aid. It's reassuring to know that others bring the same questions you do. So check out these tasty bits of financial aid wisdom. And, keep your pen and paper handy for our listing of important Web sites at the end of the FAQs.

What financial assistance is available at Franklin & Marshall?

What are my chances of receiving financial aid?

What about aid based on academic merit?

How do I apply for financial aid at F&M?

What are the deadlines for submitting my financial aid application and documents?

How will my aid be determined?

If my parents are divorced or separated, whose income information is provided on the forms?

What if there is a significant change in my family's financial status after I've submitted the forms?

What happens if I receive outside scholarships?

When can I expect to receive a financial aid award decision letter?

What information will be included in my financial aid award package?

What happens after I receive my financial aid award?

Will applying for financial aid affect my chances for admission?

What happens to my financial aid status if I apply Early Decision (ED)?

How do I receive aid after my first year?

Where can I get more information?

What financial assistance is available at Franklin & Marshall? Each year F&M provides more than $15 million in grants and scholarships alone. Approximately 65 percent of F&M students receive some type of need- or merit-based assistance in the form of grants/scholarships, loans, and campus employment.

What are my chances of receiving financial aid? There are no absolute tests of income/assets that can be applied to calculate the “chances” of receiving assistance. Access to need-based aid is determined when you demonstrate a financial gap between what your family can afford and what our tuition and costs are. Variables such as home equity, family size, number attending college, and ages of pre-college siblings are considered. Students who don't qualify for need-based aid from the College may still be eligible for federal or state aid. To determine your eligibility for need-based aid, you must apply on time with all required forms and documents.

What about aid based on academic merit? The strength of your academic credentials will determine your competitiveness for merit-based scholarships. Regional deans in the Office of Admission automatically recommend strong applicants for a scholarship; a separate application is not required. About 25 percent of our admitted applicants are recognized with merit scholarships ranging from $5,000 to full tuition.

How do I apply for financial aid at F&M? We require the following documents:

College Board (CSS) PROFILE

This form determines your eligibility for institutional funds. Complete the PROFILE online at www.collegeboard.com. The F&M PROFILE school code is 2261.

Free Application for Federal Student Aid (FAFSA)

Available from your school guidance office, or online at www.fafsa.ed.gov, this form determines your eligibility for government assistance. The F&M FAFSA school code is 003265.

Signed copies of Federal Income Tax Forms and W-2s for yourself and your parents

What are the deadlines for submitting my financial aid application and documents? The priority deadline for submitting the PROFILE and FAFSA is February 1. Candidates may complete the PROFILE immediately using estimated income. After filing, you may update the PROFILE on the Data Confirmation section of the PROFILE Acknowledgment and submit it directly to our office. Send FAFSA corrections directly to the federal processing center. The deadline for submitting your federal income tax returns and W-2s to the Office of Financial Aid is March 1.

Note: If filing the FAFSA online, you must submit signatures for both your parents and yourself; instructions for submitting signatures are provided on the FAFSA Web site .

How will my aid be determined? F&M uses the PROFILE and federal income tax returns to collect financial and family data. We analyze this information to determine your family's contribution. That contribution is subtracted from the estimated costs for the academic year (tuition, room and board, books, fees, and personal expenses). The difference is your “demonstrated need.” We produce an aid package to meet demonstrated need using self-help (loans and federal work study) and grants.

If my parents are divorced or separated, whose income information is provided on the forms? The parent (and current spouse) with whom you live (custodial parent) must complete the FAFSA and the PROFILE. The biological or adoptive parent with whom you are not living should also submit a Non-Custodial PROFILE online (http://www.collegeboard.com), and submit federal income tax returns and W-2s directly to the Office of Financial Aid.

What if there is a significant change in my family's financial status after I've submitted the forms? Contact the Office of Financial Aid to discuss your situation. You may be asked to provide a letter or other documentation outlining the change. Depending on the nature of the change and the availability of funds, you may be awarded additional assistance.

What happens if I receive outside scholarships? You must notify the Office of Financial Aid of any outside awards you have received. Outside scholarships will first displace the self-help (loans, work study) portion of the award from the College. If the total scholarship is greater than the amount of self-help offered, need-based grants will be reduced.

When can I expect to receive a financial aid award decision letter? Assuming all deadlines for applications have been met, applicants will receive an award decision within two weeks after notification of admission status.

What information will be included in my financial aid award package? Your award letter and accompanying supplements will detail:

• total comprehensive fee (tuition, room and board) that will appear on your bill
• types of financial aid you will receive in grants from all sources and your eligibility for federal loans and federal work study
• alternative methods of meeting the family's contribution (Parent PLUS loans, alternative loans, and available tuition payment plans)

What happens after I receive my financial aid award? Review your financial aid award with your parents. If you wish to discuss the award with a financial aid officer, please call our office to schedule a telephone conference or an office visit.

In order to secure your award, sign and return your award letter by the acceptance deadline. After you send in your general matriculation deposit indicating your intent to enroll at F&M, we will send you additional information including a loan application and other required forms for on-campus employment.

Will applying for financial aid affect my chances for admission? F&M awards financial aid on the basis of need and the strength of a candidate's credentials. The College is committed to supporting all admitted students who demonstrate need. While the admission process at F&M is generally “need-blind,” there are times when a student's need may impact the application decision; for example, when reviewing students to accept from the wait list. This does not affect candidates with the strongest credentials.

What happens to my financial aid status if I apply Early Decision (ED)? Early Decision candidates are given the same consideration for need-based aid and merit-based scholarships as are those applying for regular decision. F&M offers two rounds of early decision with deadlines of November 15 (Round I) and January 15 (Round II). As an ED candidate, you must submit the PROFILE by the application deadline using estimated income and the prior year's federal tax returns and W-2s. You will also be required to submit the FAFSA form after January 1.

How do I receive aid after my first year? You must re-apply for financial aid each academic year.  Students with demonstrated need can receive aid for up to eight semesters as long as they remain in good academic standing and submit their financial aid forms and taxes according to the published deadlines.  If there are no significant changes in your financial or family circumstances, total support from all sources should be comparable from year to year.

For more information about need-based aid, outside scholarships, scholarship scams, loans, financing for college, and other financial aid concerns, please refer to these online resources:

CollegeBoard

FinAid!

FastWeb

Sallie Mae

Sallie Mae Wired Scholar

Mapping Your Future

FAFSA