:::THE FRANKLIN CAREER INSTITUTE:::

FINANCIAL AID

FRANKLIN CAREER INSTITUTE provides financial aid in the form of grants, and employment opportunities, to its student body. The Financial Aid application process begins when students complete and submit the Free Application for Federal Student Aid (FAFSA). The FAFSA is then entered into EdeExpress via CPS on-line. When the school receives the ISIR, it determines aid eligibility using a combination of programs to meet their demonstrated financial needs based upon a federally mandated formula

PROGRAMS

The school is approved for the N.Y. State Tuition Assistance Program (TAP). The awards range from $100 to $5000 per year. The school is also eligible to participate in the Federal Pell Grant Program. Awards range from $976 to $5350 in the 2009-2010 award year. The TAP and Pell awards are based upon financial need and being grants, they do not have to be repaid. The school is also eligible to participate in the Federal Supplemental Education Opportunity Grant (SEOG) and Federal Work Study (FWS) Programs. All of these program amounts are calculated based on the academic program length and the student’s personal financial resources.

VERIFICATION

The federal processor uses a system of edits, or flags, which produces a selection of certain applications for verification. If a student's application is selected for verification, this may mean that a data element in his/her application does not fit generally recognized patterns (not necessarily that the element is incorrect; it merely must be verified), or that the student was simply selected at random.

Federal financial aid cannot be disbursed until verification is complete. Estimated financial aid awards will be removed if verification is not completed within specified deadlines. Any deferred tuition and fees become due immediately. The student will be notified of any adjustments that need to be made. If the corrections are done electronically, the student will be sent an updated Student Aid Report (SAR) from the federal processor. The Office of Financial Aid notifies students in person of the results of verification if, as a result of verification, the applicant's expected family contribution (EFC) changes and results in a change in the applicant's award amount. The changes in the applicant's award are revised in the packaging worksheet and documented in the student file.

STUDENT RIGHTS, RESPONSIBILITIES AND ELIGIBILITY
To be eligible for TAP, the student must be enrolled in an approved program of at least 1440 clock hours, be full-time (24 hours per week) and must have been a resident of New York State for at least one year prior to starting school. To be eligible for Pell, the student must be enrolled in an approved program of at least 600 clock hours. For continued eligibility for financial aid, the student must maintain satisfactory academic progress in their program of study (see below). Financial aid is distributed to students based on their financial need as computed using the information obtained on their financial aid application. All student aid grants are credited to the students' accounts each term that they are enrolled at the school.

TREATMENT OF TITLE IV FUNDS WHEN A STUDENT WITHDRAWS FROM SCHOOL
The Bursar's Office is required by federal statute to calculate the percentage of earned Title IV Funds received or pending to be received and to return the unearned funds for a student who withdrew or was terminated. Recalculation is based on the percentage of earned aid using the Federal Return of Title IV funds formula. Information regarding these calculations and financial aid in general may be obtained by speaking with a Financial Aid Counselor. The staff is available in the Financial Aid Office during regular school hours.