How to Apply for Financial Aid

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  1. The Free Application for Federal Student Aid (FAFSA) must be completed to receive financial aid. Complete the FAFSA utilizing your previous year’s income tax information if you are an independent student and also your parents’ income tax information if you are a dependent student.
  2. After submitting FAFSA, you will receive the Student Aid Report (SAR) and the school you chose on your FAFSA will receive an ISIR that will include your estimated family contribution (EFC). The EFC will determine the amount of Pell Grant award you will receive.
  3. Also, you will need to complete Franklin Technology Center’s Student Information and Agreement form which can be obtained from the Financial Aid Office.
  4. If a student was placed on Financial Aid Suspension from another institution and would like to enter a program at FTC, the student must submit a letter to the Financial Aid Office. It should include the reason(s) for the Financial Aid Suspension and indicate how he or she intends to keep from being placed on probation or suspension at Franklin Technology Center. This letter is required to determine if the student will be eligible for financial aid at FTC.

Types of Financial Aid

PELL GRANTS

Federal Student Aid

Funded through the U.S. Department of Education. Eligibility is based on the family’s financial situation. The Pell Grant maximum award amount is $5600 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.
Verification

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.

LOANS

Entrance and Exit Interviews

Students receiving financial aid (Direct Loans) while enrolled as an adult on either a full or part-time basis must participate in an entrance session and complete and sign all necessary documents before receiving disbursement(s). The student must also complete an exit session prior to graduation or termination of enrollment. The websites for these sessions are:

studentloans.gov for Entrance Counseling and nslds.ed.gov for Exit Counseling

Stafford Subsidized Student Loan – Must be repaid. Loan limits vary according to enrollment status. The interest will not accrue during in-school period.

      – Maximum – $3500 if enrolled full time or $1750 if enrolled part time for the academic year

 

    – Amounts may vary and are subject to change

Stafford Unsubsidized Student Loan – Must be repaid. These loans are for independent students only. Loan limits vary according to enrollment status. Interest will accrue during in-school period.

      – Maximum – $6000 if enrolled full time or $3000 if enrolled part time for the academic year

 

    – ****Amounts may vary and are subject to change

Both the Stafford subsidized and unsubsidized loan begins repayment 6 months after graduation or withdrawal from a program. Interest rates currently are 6.8%. Applications are available in the Financial Aid Office.

If a student requests in Stafford loans, more than $3000 over tuition and fee costs for the program, additional documentation is required to justify borrowing this amount.

FTC is allowed to request further paperwork according to the regulation as stated in the Unified Student Loan Common Manual under section 6.15.E. To comply with this regulation you must write a letter to explain your situation and what the extra money will be used for. Verification of all income, receipts for mortgage/rent, utilities, automobile loans, and other major household expenditures may be required.

Missouri Parent Loans for Dependent Students (PLUS) – Parents of dependent undergraduate students may obtain guaranteed loans. MPLUS loans may not exceed the student’s cost of attendance minus any financial assistance the student has been or will be awarded during the period of enrollment. Repayment begins 60 days after the second disbursement. Interest rates are currently at 7.9%. Applicants should contact the Financial Aid Office.

GRANTS & SCHOLARSHIPS

Franklin Technology Center ‘s Vocation Institution Progression Scholarship (VIP Scholarship) – $1000 Scholarship – Eligibility for scholarship:

      – Complete enrollment and be accepted into a Franklin Tech program.

 

      – Must have completed at least one year of a high school trade/technical program.

 

    – One year from time of high school graduation to enter a trade and tech program at Franklin Tech.

Contact Kay Hobart at Franklin Technology Center @ MSSU 417-625-9865.

Missouri Grants and Scholarships

dhe.mo.gov

The Financial Aid Office will notify a student if they are awarded any scholarships by means of the student award letter.

Missouri Higher Education Academic Scholarship (Bright Flight) – These scholarships are only renewable at the current time. A student must meet the following criteria for renewal:

      – Be a Missouri resident and a United States citizen or permanent resident

 

      – Enroll as a first-time student and receive the scholarship in the academic year immediately following high school graduation, receipt of your GED, o completion of your secondary coursework, if home-schooled.

 

      – Be attending full-time at a participating Missouri post-secondary institution

 

      – Have a composite score on the ACT or SAT in either:
    – the top 3 percent of all Missouri students taking those tests, or

 

      – the top 4th or 5th percentiles of all Missouri students taking those tests.

    Access Missouri – Funded through the Missouri Coordinating Board of Higher Education. Application must be made prior to April 1 and eligibility is based on the financial need of the student. The maximum amount is $1000 per award year.

    A+ Program – The A+ Program is available for Missouri high school graduates who participated in the A+ Program in high school. At the present time, the A+ Program will cover part of the tuition. Certain items such as supplemental textbooks and supplies are not covered. A student must enroll in a full-time program leading to a certificate at Franklin Technology Center. Thirty (30) days prior to the beginning of class, eligible students must complete an A+ Program Form and file the Free Application for Federal Aid (FAFSA). Please check with the Financial Aid Officer at 417-625-9865 for specific details. If a student does not complete the required number of clock hours for the program and/or does not maintain a 75% grade level he/she will lose eligibility for A+ funding. A+ funding is not guaranteed.

    In accordance with the A+ School Program “Last Semester of Certificate/Degree” procedures, the students must sign a letter stating they understand it is their last semester of their A+ reimbursement eligibility and they are taking and attending the appropriate number of hours needed to complete a certificate/degree.

    Please note: If a student is eligible for a Federal Pell Grant or any other form of federal assistance that does not require repayment as determined by the FAFSA, these funds will be applied to the student’s FTC account first. Any covered costs that remain will be billed to the A+ program.

    Applications may be obtained from the Financial Aid Office and must be completed 30 days prior to the beginning of the program.

    OTHER FINANCIAL AID SOURCES

    Veteran’s Educational Benefits – For veterans of the Armed Forces. Contact Veterans Administration for application at 1-888-442-4551.

    fafsa.ed.gov/Vocational Rehabilitation – For persons needing to train or retrain due to a handicapping condition, which prevents employment success at current level of training, contact Vocational Rehabilitation at 417-629-3067.

    Rural Missouri Inc – For seasonal farm workers and their families who have received wages for farm-work, orchard, or nursery work in the last two years. To apply, contact RMI at 1-800-234-4971.

    Trade Adjustment Assistance – Available to persons who have lost their jobs due to the closing of an American business because of foreign industry and need training. To apply, contact the Job Service Office at 417-629-3000.

    New Traditions – A program for single parents, displaced homemakers, non-traditional males and females, and/or girls and women between the ages of 14 to 25. For an application, contact number at 417-235-7369.

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