Pell Grant - Funded through the U.S. Department of Education. Eligibility is based on the family's financial situation. The Pell Grant maximum award amount is $5550 for a full-time student in the 2013-2014 award year.
Franklin Technology Center recognizes that special circumstances may exist that impact the financial resources a student and his/her family has set aside to pay the expenses of attending a program. Therefore, a Professional Judgment Appeal Form is available for these students in the Financial Aid Office.
Selective Service Registration
Any student who should be registered with Selective Service and fails to register is ineligible for student assistance provided through programs established under Title IV of the Higher Education Act.
Dependent or Independent
The Reauthorization of the Higher Education Act requires implementation of a new definition of independent student. For 2013-2014, you are automatically considered an independent student if you:
- Were born before January 1, 1990
- Have legal dependents other than a spouse
- Are an orphan or ward of the court
- Are a married student
- Are a veteran of the U.S. Armed Forces
Student Program Budgets
Expected Family Contributions
How are the expected family contributions (EFC) calculated? For a student who is under the age of 24 and does not meet the other criteria for being considered an independent student, the resources the EFC is based upon would include the parent’s contribution and the student’s contribution. For the independent student, the resources would include only the student’s contribution, and spouse’s, if applicable. The EFC is calculated by the federal government using a formula including income, number of dependents, and various other factors. Therefore, if a student’s program indicates the total cost of education to be $5000 and the expected family contribution is $1000, the student would be eligible for $4000 of financial aid.
The Financial Aid Officer will print an award letter, including all financial aid a student is eligible for and will send this to the student to be signed, dated, and returned to the financial aid office. No financial aid award will be disbursed before the award letter is returned to the Financial Aid Office.
Cost of Attendance
The cost of attendance (COA) is calculated by the amount of tuition, books, supplies, and miscellaneous expenses. The miscellaneous expenses include housing, transportation, and personal costs that are determined using the US Bureau of Labor Statistics figures.
In order to receive financial aid administered through Franklin Technology Center, a student may be required to furnish documentation for verification of information provided on the financial aid application as required by the U.S. Department of Education. Any student unable to provide this information will not receive financial aid.
Students may be required to furnish items such as copies of non-taxable income, interest income, proof of assets, and veteran’s benefits. These items may be needed to substantiate information reported on the FAFSA.
Students must provide the Financial Aid Office with documentation for the verification request prior to completion of any financial aid award letter and the disbursement of any Title IV monies.
If the verification procedure discloses information that will change the award to be received by the applicant, the student will be requested to come to the Financial Aid Office to sign a new award letter if applicable. At that time, the discrepancy will be discussed and the proper steps will be taken to correct the error(s).
If applicable, the financial aid office may need to resubmit the FAFSA for corrections. The students must take the responsibility to insure the financial aid has all the appropriate information. If the student has already applied for a Stafford Student Loan, the lender will be notified of the changes to the loan application.
Required Verification Items
- Household size (number of persons in the household)
- Number enrolled in post-secondary education (number of household members attending a post-secondary institution at least half-time [12 clock hours per week])
- Child support paid
- Supplemental Nutrition Assistance Program (Food Stamps)
- Adjusted gross income for the base year, or income earned from work if AGI has not been calculated
- Federal income taxes paid
- Untaxed IRA distributions
- Education credits
- IRA deductions
- Tax exempt interest income
The Financial Aid Officer will determine what documentation is necessary for each of the required verification items.