Download the Financial Aid Booklet - Franklin Pierce University

Comprehensive Financing Guide2011 - 2012A Franklin Pierce education is more affordable than you may think.

Dear Students, Parents and Families:Welcome!The Franklin Pierce Student Financial Services Office (SFS) staffrecognizes that furthering one’s education is both a personaland a financial decision. There is a great deal of responsibilityinvolved in pursuing a college degree, and both prospectiveand currently enrolled students require a commitment andsensitivity to their personal and financial needs. The FranklinPierce University Student Financial Services Office makesevery effort to assist qualified students in finding the financialresources necessary to meet the cost of a Franklin PierceUniversity education.We have produced this comprehensive financial aid award guide foryour use. In it you will find information that I hope is helpful. Topicscovered range from how to apply for financial aid, to what you can expectto repay on federal student loans that you may choose to borrow.My staff and I want you to view us as your partner in the process of financing your Franklin Pierce education. Please do nothesitate to contact us for assistance. We always welcome your questions and look forward to working with you over thecourse of your academic program at Franklin Pierce.Sincerely,Kenneth FerreiraExecutive Director of Student Financial ServicesFast Facts:Nearly 100% of students accepted to the College at Rindge for the 2011-12 academic year willreceive financial aid.Over $18 million awarded in institutional scholarships and grants each year to qualified students.$24,015 - Average student financial aid package for the 2010-11 academic year.$12,635 - Average Franklin Pierce University Scholarship for the 2010-11 academic year.$11,545 - Average Athletic Award received by more than 150 students in the 2010-11 academic year.www.franklinpierce.edu1.877.372.7347

Student Financial Services (SFS) Counseling TeamStudents that enroll in undergraduate programs at the College at Rindge are assigned a Student Financial ServicesCounselor to assist them with understanding the financial aid and financial clearance process. The SFS Counseling team isresponsible for awarding financial aid, authorizing financial clearance and releasing refunds, when applicable.Your personal counselor is listed below and determined by your last name.A through MN through ZSue Connors, Assistant Directorconnors@franklinpierce.eduCindy Freda, Senior Assistant Directorfredac@franklinpierce.eduFranklin Pierce University is pleased to announce that Financial Aid Counselors will be available,by appointment, on Saturdays in February 2011 to assist with completion of the FAFSA (Free Application for Federal StudentAid). To schedule an appointment please call 800.437.0048.The Office of Student Financial ServicesRindge Hall40 University DriveRindge, NH 034611.877.372.7347603.899.4180osfs@franklinpierce.eduOffice Hours are:Mondays through Wednesdays from 8 a.m. to 4:30 p.m.Thursdays from 9:30 a.m. to 4:30 p.m.Fridays from 8 a.m. to 4:30 p.m.photo by Amanda Lianos ‘13www.franklinpierce.edu21.877.372.7347

Applying for Financial Aid1. Apply early by filing the Free Application for Federal Student Aid (FAFSA) online as soon after January 1 aspossible. Visit www.fafsa.ed.gov and be sure to include Franklin Pierce University’s school code of 002575 as arecipient of your FAFSA results.2. If you have filed your FAFSA before March 1, you can expect to receive your financial aid award package by March15, outlining your eligibility for federal, state and Franklin Pierce sources of financial assistance.3. Let your financial aid counselor know if there are any special financial circumstances that your FAFSA does notdemonstrate (parent job loss, medical expenses, etc.) so that we may work with you to tailor a financial aid packagethat meets your needs.4. Apply for scholarships with private/outside organizations such as civic organizations, your parent’s employer,churches and other community organizations. Visit www.fastweb.com to search for private/outside scholarshipopportunities. Also visit your high school guidance office for assistance or contact the New Hampshire HigherEducation Assistance Foundation (NHHEAF) Center for College Planning at 800.525.2577 or via the Web at http://www.nhheaf.org.5. After you have reviewed your financial aid award, you may find that your financial aid offer does not cover allexpenses for attendance at Franklin Pierce University. Students and parents should evaluate the following resourcesto help bridge the gap between costs and financial aid.Monthly Payment PlanFranklin Pierce has partnered with Sallie Mae’s Tuition Pay Service to offer students and families monthlypayment options that budget all or a portion of the student’s balance on their account. For more information,please visit www.tuitionpay.com or phone 1.800.635.0120.Federal PLUS LoanThe Parent Loan for Undergraduate Students (PLUS) program allows for parents to borrow up to the costof education less any financial aid. Parents are only required to complete a Master Promissory Note once.Private/Alternative LoansFranklin Pierce University does not provide a preferred lender list for alternative loans. Instead,the University publishes all of the alternative lenders our students have used in the prior year. Seewww.franklinpierce.edu/admissions/finaid/ugrad/finaid_alt_opt.htm.6. All freshman/transfer students will be contacted in late May by the Franklin Pierce Student FinancialServices Office and be required to submit 2010 federal income tax information for both the student and his/her parents.7. Tuition, room, board and fees are billed each semester (twice per year). Semester statements are mailed in June and aredue July 15; spring semester statements are mailed in November and are due Dec. 15. Should you require assistancewith billing, please do not hesitate to contact your personal student financialservices counselor.www.franklinpierce.edu31.877.372.7347

Sample Financial Aid PackagesFranklin Pierce University students and their families utilize an array of payment options to finance a Franklin Pierceeducation. The University’s generous commitment of financial assistance demonstrates strong scholarship supportto assist students in pursuing their educational aspirations at Franklin Pierce. Below are some examples of financialaid awards for the 2010-11 academic year and how financial assistance has helped these students to obtain aFranklin Pierce University education.It is more affordable than you may think!William is a sophomore from Massachusettswho lives on campus with an ExpectedFamily Contribution (EFC) of $0 and a GPA of 3.12;he has a younger sister who attends high school.His family’s adjusted gross income for 2009 was$24,400. William’s financial need is at the top level,meaning he is eligible for a full Federal Pell Grantin the amount of $5,550 for 2010-11. William is alsoa Fitzwater Scholar at Franklin Pierce, which addsan additional $2,000 scholarship to his financial aidpackage. William also applied for the Franklin PierceUniversity General/Restricted Scholarships whichadded another $5,015 in scholarships to his financialaid package. Total Grant/Scholarship support forWilliam from Franklin Pierce sources is $21,290. TotalFederal and State Grant support for William is $8,550.Total loans borrowed for 10/11 are $14,500. William’stotal financial aid package is $44,340, leaving himwith funding for books and supplies as well funds toassist him with studying abroad for one semester.Catherine is a freshman from Massachusettswho lives on campus with an Expected FamilyContribution (EFC) of $3,124 and a GPA of 2.91. Herfamily’s adjusted gross income for 2009 was $43,745.Catherine is receiving a Federal Pell Grant in theamount of $2,400. Total Grant/Scholarship supportfor Catherine from Franklin Pierce sources is $10,500.Total Federal and State Grant support for Catherine is$5,450. Catherine’s parents are borrowing the FederalParent Loan for Undergraduate Students (PLUS)in the amount of $10,432. Likewise, her family hascontracted with Franklin Pierce University’s monthlypayment plan provider, TuitionPay for $5,000, paying$500 per month for 10 months in order to ease theoverall debt burden. Total student loans borrowedfor 10/11 are $9,500. Catherine’s total financial aidpackage is $35,882. With the TuitionPay agreement,total financing is $40,882.Joseph is a junior who lives on campus with anExpected Family Contribution (EFC) of $7,015and a GPA of 3.75. His family’s adjusted gross incomefor 2009 was $68,313 for a family of four. Joseph isthe first member of his family to go to college. TotalGrant/Scholarship support for Joseph from FranklinPierce sources is $20,400. Joseph does not qualifyfor federal or state grant aid. Total student loansborrowed for 10/11 is $7,500. Joseph’s total financialaid package is $27,900. Joseph and his family haveutilized a college savings plan and also pay his tuitionbalance per semesterwww.franklinpierce.edu41.877.372.7347

Types of Financial AssistanceFranklin Pierce Scholarships and GrantsSuccess GrantIncentive GrantPresidential$17,000 per year is awarded to first-time freshman/transfer studentson the basis of high academic achievement.Provost$15,000 per year is awarded to first-time freshman/transfer students onthe basis of high academic achievement.Trustee$12,500 to $13,000 per year is awarded to first-time freshman/transferstudents on the basis of academic ability and evidence shown for potential success atFranklin Pierce University.$8,500 per year is awarded to first-time freshman/transfer students who show promise of success at FranklinPierce University.$7,500 per year is awarded to first-time freshman/transfer students who demonstrate the potential for academicgrowth and progress at Franklin Pierce University.Franklin Pierce Grant$1,000 to $10,000 per year is awarded to full time students based on financial need. Amounts of Franklin PierceGrants vary per year.www.franklinpierce.edu51.877.372.7347

Franklin Pierce Athletic ScholarshipAs an NCAA Division II institution, Franklin Pierce offers athleticscholarships for several sports.International ScholarshipsInternational students are considered for a $10,000 per year FranklinPierce International Scholarship at the time of admission.Family Scholarship ProgramThis award is available if two immediate family members (spouses, parents,children) are enrolled full time in the same semester at Franklin Pierce. This awardis equal to 15% of each student’s tuition.Transfer Scholarship$3,000 per year is awarded to qualified transfer students with strong academic ability and promise. The Transfer Scholarshipis awarded in addition to other academic-based awards that students are determined eligible for at the time of admission.www.franklinpierce.edu61.877.372.7347

Student EmploymentFranklin Pierce awards Federal Work Study to students deemed eligible by federalregulations. Federal Work Study is a fund that is not directly credited tothe student’s account. These funds are earned by the student and paiddirectly to the student in the form of a bi-weekly paycheck. Earningsby students who participate in the Federal Work Study programare sheltered when filing a FAFSA form for a subsequentyear’s financial aid application. Students who participatein the Institutional Work Program are not eligible for thesheltering of student employment earnings on the FAFSA.Federal Subsidized and UnsubsidizedStafford LoanFederal Subsidized and Unsubsidized Stafford Loansare funds awarded to students that must be repaid.Students are expected to complete a Master PromissoryNote and Entrance Loan Counseling in order to havefunds disbursed. Students are required to complete aMaster Promissory Note only once. Subsidized Staffordloan recipients benefit from the federal governmentsubsidizing the interest on the student’s loan throughout thecourse of his/her academic program. Unsubsidized StaffordLoan recipients are responsible for all interest costs accruedunder this loan program. For both loans students have the optionof paying interest payments monthly, or capitalized interest paymentsuntil completion of the official repayment period on the loan. Studentsbegin repayment on these loans six months after graduation, withdrawal or whentheir enrollment falls below half time status.Federal Stafford Loan Borrowing LimitsUndergraduate Subsidized Unsubsidized Total LimitFreshman $3,500 $2,000 $5,500Sophomore $4,500 $2,000 $6,500Junior $5,500 $2,000 $7,500Senior $5,500 $2,000 $7,500Independent undergraduate students are also eligible to borrow funds through the Unsubsidized Stafford Loan Program. These loanamounts are capped at $4,000 for freshman and sophomore students, and $5,000 for juniors and seniors. Your financial aid award letterwill detail your maximum eligibility through the loan amounts awarded to you.www.franklinpierce.edu81.877.372.7347

Estimated Cost of AttendanceEach year, Franklin Pierce establishes student expense budgets based on the average costof attendance for most students. The tuition and fees used are based upon your programand expected enrollment status. Room and board estimates are based on the average costof living in the residence halls. Other costs associated with attendance, including booksand supplies, transportation, and personal expenses are based on historical averages.2011-2012* Undergraduate Estimated Cost of Attendance(pertains to the College at Rindge only)Tuition $ 28,254Room and Board $ 10,850Institutional Fees $ 1,100Contingency Deposit $ 100Total $ 40,304In addition to the cost of attendance, you will need to budget the cost ofbooks, supplies, travel and miscellaneous expenses. These costs are notbilled directly to the student’s account but we estimate the annual cost ofthese items to be approximately $2,800.*The costs for 2011-2012 are estimated costs. Please call the Office of Student FinancialServices with questions.Taking Control of Your DebtAlthough the Estimated Cost of Attendance allows for students to pursue alternative/private loan options with financing unbilled items (books, supplies, transportationand personal expenses), the financial services staff highly recommends that studentsseek to finance these expenses at a minimum. Students are encouraged to meetwith their financial services counselor to discuss alternative/private loan borrowingand how to manage debt wisely.All Franklin Pierce University scholarship and/or cost related information is dependent uponfinal approval from the Board of Trustees and available funding.www.franklinpierce.edu91.877.372.7347

Glossary of Financial Aid TermsAward Letter – An official document issued by the financial aid office that lists all of the financial aid awarded to thestudent broken down according to amount, source and type of aid. To be eligible for financial aid, you must first submit theFree Application for Federal Student Aid (FAFSA) to the federal government.Entrance and Exit Interviews – Federal regulations require all student borrowers to complete entrance and exit loancounseling. The purpose of the interviews is to explain your rights and responsibilities of borrowing a federal student loanand to remind you of the importance of repaying the funds that have been borrowed.Expected Family Contribution – Your expected family contribution (EFC) is the number that’s used to determine youreligibility for federal student financial aid. This number results from the financial information you provided in your FAFSAapplication. Your EFC is reported to you on your Student Aid Report (SAR).FAFSA (Free Application for Federal Student Aid) – This form is used by the Student Financial Services Officeto determine your eligibility for all federal sources of grants, loans and work programs. Additionally, this form is used todetermine eligibility for Franklin Pierce need-based grant funds. Be sure to include Franklin Pierce University as a recipientof your FAFSA information (school code 002575).Grants – Grants and scholarships are types of gift aid that do not have to be repaid. They may take the form of Universityscholarships, federal or state grants, or outside scholarships.Independent Student – An independent student is one of the following: at least 24 years old, married, a graduate orprofessional student, a veteran, a member of the armed forces, an orphan, a ward of the court, or someone with legaldependents other than a spouse.Loans – All loans must be repaid. Therefore, when deciding whether to borrow, you should examine your need for assistanceand your future ability to repay. Unlike consumer loans, student loans have longer terms of repayment and in most cases arenot repayable until you leave school. Interest rates vary from program to program but are usually lower than rates on loansmade to the general public..Promissory Note – All students are directed online to complete a Master Promissory Note (MPN) that outlines theterms and conditions of the federal loan funds awarded. Students will only complete one promissory note while enrolled atFranklin Pierce.SAR (Student Aid Report) – Received after the FAFSA is filed, the SAR may include important information about thestatus of your application including missing information and/or missing signature that must be completed. The SAR is veryimportant because it is your proof that the federal government processed your FAFSA.Scholarships – Scholarships and grants are types of gift aid that do not have to be repaid. They may take the form ofUniversity scholarships, federal or state grants, or outside scholarships.Work-Study Program – The Federal College Work-Study program at Franklin Pierce is designed to promote the parttimeemployment of college students who have demonstrated financial need and who require the wages from employmentto pursue their educational objectives.Verification – Verification is a process required by the federal government to verify the data submitted on the FAFSA for apercentage of financial aid applicants. If you are selected for verification you will receive a letter from the Student FinancialServices Office with a verification form and instructions to return appropriate tax returns. Please do NOT submit informationuntil requested. Financial Aid will not be disbursed to your account until the verification process is complete.www.franklinpierce.edu101.877.372.7347

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