Financial Aid Award and Eligibility

• Your financial aid award is based on financial aid information that the Financial Aid Office currently has on file. It is your responsibility to understand your financial aid eligibility. If additional information is received, your aid eligibility is subject to adjustment. If the aid has already been disbursed to your Student Account, and your aid is adjusted, you will be required to repay all funds for which you are no longer eligible.

   

• You must be making Satisfactory Academic Progress (SAP) to be eligible for financial aid. To check your SAP status, contact the Program Coordinator.

Understanding Cost of Attendance (COA)

Did you know that the U.S. Department of Education requires schools to establish annual Cost of Attendance (COA) budgets for each aid year? The rationale for determining the Cost of Attendance budgets must be well documented and reflective of costs of the area in which the school resides. The Cost of Attendance budget is used to calculate a student’s ad eligibility and a student cannot have aid in excess of this established budget.

The COA is made up of what a student can expect to pay for various items for one year of college. Some of the costs are what are called Direct Costs. Direct Costs are those things that the student will see on their Student Account. This would be things like tuition, fees, books, and supplies, basically the individual program costs at Franklin Technology Center. Indirect costs include things like an allowance for transportation (trips from home to class and car maintenance as well as insurance), and personal expenses (clothing, supplies). A student attending FTC will have an allowance for living expenses (housing & food) as an Indirect Cost. The amounts in the COA used for Indirect Costs are estimates based on research of costs for the area.

The U.S. Department of Education expects institutions of higher education to disclose both the estimated Direct and Indirect costs associated with attendance in order for students and families to be better prepared for what to expect. Students are presented this information on their Financial Aid Offer.

PELL Grant

• Students must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov to determine Pell Grant eligibility.

   

• Eligibility for Pell Grant is based on the Student Aid Index (SAI), which is the output of FAFSA. Your SAI and Pell Grant eligibility are subject to change each year.

   

• Students may receive Pell Grant for a total of (or the equivalent of) twelve semesters (600%).

   

• Students must be making Satisfactory Academic Progress (SAP) to qualify. Satisfactory Academic Policy Criteria:

Satisfactory Academic Progress is made up of both grades and attendance.
When a student’s minimum cumulative GPA falls below a “C” and/or attendance is less than 90%, the student will be placed on financial aid probation. FSA will not be paid during this period. The student has 30 days to rectify the situation. Once the student is compliant with the Satisfactory Academic Progress policy, Financial Aid Probation will be lifted and the student may resume FSA.

Loans

• Students must complete the Free Application for Federal Student Aid (FAFSA) at studentaid.gov in order to receive Federal Loans.

   

• To be eligible for a Federal Direct Stafford Loan, students must be enrolled in a full-time program.

   

• If you have been awarded a Federal Direct Stafford Loan, you should deduct 1.057% from the gross amount shown on your Financial Aid Offer to determine the actual amount available to use toward your expenses. Direct Loan Servicing keeps this amount as a loan origination fee.

   

• Parents of dependent students who feel they will need additional funds may apply for the William D. Ford Federal Direct PLUS Loan.

   

• If you have been awarded a Federal Direct PLUS Loan, you should deduct 4.228% from the amount shown on your Financial Aid Offer to determine the actual amount available to use toward your expenses. Direct Loan Servicing keeps this amount as a loan origination fee.

   

• All borrowers must complete online Entrance Counseling, sign a Master Promissory Note, and Annual Student Loan Acknowledgement at studentaid.gov.

Satisfactory Academic Progress (SAP)

In accordance with federal regulations, financial aid disbursement eligibility is based on verification of attendance and cumulative grade point average (GPA). Attendance and Cumulative GPA verification information is sent to the Program Coordinator prior to each program’s disbursement date.