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Financial Aid at Franklin
BFIT is fully aware of the cost of a college education and how this cost can be a major obstacle to pursuing your education and career goals. Please understand that the Franklin Financial Aid Office will work with you to make sure that you receive any financial aid for which you may be eligible. Be aware that a college education is an investment in your future career development and earning potential. As such, you and your parents will have to make financial choices and be expected to make contributions towards your college education.
The financial aid process may seem complex and confusing at times. If you apply early (by April 15), maintain contact with the Financial Aid Office, submit the proper documentation, and ask for assistance when you need it, you can rest assured that you have done all that can be done to be considered for all financial aid programs.
Students admitted to Franklin may apply for Financial Aid to help pay their costs of education. Students should be aware that there are limits to the Financial Aid available through the Institute. Therefore, other sources of financial help such as personal savings, summer and part-time jobs, family help and outside grants and scholarships should be part of a student's financial plan.
Financial Aid (FAFSA) On-line
Now you can apply for financial aid by filling out the FAFSA online. This will usually make the process a lot quicker. If you would like to try this option you can apply over the internet at www.fafsa.ed.gov
Franklin's Federal School Code is 002151
Application Procedure
In order to apply for Financial Aid, an applicant must complete the following:
- Free Application for Federal Student Aid (FAFSA) provided by your high school or BFIT. You can also apply via the internet at www.ed.gov/studentaid.
Note: The FAFSA determines your eligibility for federal, state, and institutional funds. Our Federal code is 002151.
- When required, provide the necessary Federal Tax Forms (copies with signatures) and Employer W-2's to the Financial Aid Office.
- Provide any other documents requested by the Financial Aid Office to verify income, family size, selective service registration, or legal residence.
Financial Aid Programs — Understand Your Options
90% of our students receive some type of financial aid. The BENJAMIN FRANKLIN INSTITUTE OF TECHNOLOGY, the state and the federal government assist in subsidizing a student's total cost of education based on financial need. These programs make it possible for most students to attend BFIT without putting too much of a financial burden on families.
To be eligible for any of BFIT'S financial aid programs, the student must submit the FAFSA to the Federal Department of Education. The Department of Education's analysis of the information submitted on the FAFSA will be used to determine student eligibility for need-based financial aid. Most programs are administered on a first-come-first-serve basis and/or until funds are exhausted. To be considered for maximum financial aid, it is critical to apply early. Students should use April 15 as a priority application deadline in order to be considered for all financial aid programs.
Grants and Scholarships
Grants and scholarships are monetary awards which do not need to be repaid. This type of award can be given by the Federal government, the State of Massachusetts, BFIT, or a private organization.
Scholarships for Graduates of Public and Private Boston High Schools
For graduates of Boston's public and private high schools who are legal residents of the city, BFIT has established the Boston Scholarship. To be eligible for the Boston Scholarship, students must fill out the FAFSA and prove financial need according to the federal government's Title IV eligibility guidelines. The maximum yearly award for the Boston Scholarship is $2,500.
FRANKLIN Grant
Students who reside outside the City of Boston and apply for financial aid through the FAFSA may be eligible to receive a FRANKLIN Grant based on scholastic ability and need. The maximum award for the FRANKLIN Grant is $2,500 per academic year.
Pell Grant
The Pell Grant is a federally sponsored grant awarded to undergraduates who qualify based on financial need. Applicants must be enrolled on at least a half-time basis in a post-secondary school program. Eligibility is determined through an analysis of the information given in the FAFSA.
Federal Supplemental Educational Opportunity Grant (FSEOG)
The FSEOG is a federally sponsored grant for full-time undergraduate students. Eligibility is based on financial need as determined by the FAFSA.
- All Pell Grant recipients will be given first priority.
- Non-Pell Grant recipients with the lowest "estimated family contribution" (EFC) and/or those students with exceptional circumstances who provide acceptable documentation will also be considered.
State Grants
Most states, including Massachusetts, offer grants and loans to students on the basis of financial need. The FAFSA is used to apply for the Massachusetts State Grant. Students in all BFIT programs are eligible to apply for the Massachusetts State Grant if Massachusetts residency has been established. Early application of the FAFSA is recommended, as the deadline is May 1. Non-Massachusetts residents should inquire about similar programs in their home states.
Loans can be given to students and/or parents at a low interest rate and are to be paid back over a period of time. As with grants and scholarships, loans can be made by the federal government, the State of Massachusetts, BFIT, or a private organization.
Federal Direct Loans to Students
There are three kinds of Direct Loans:
- Federal Direct Stafford Loans—These are subsidized loans in which the federal government pays the interest while the student is in school and during specified deferments. The student must demonstrate financial need to receive the loan.
- Federal Direct Unsubsidized Stafford Loans—Students may receive these loans, regardless of need, but are required to pay all interest charges.
- Federal Direct PLUS Loans—Parents of a dependent student may apply for a PLUS loan to pay for the student's education. Parents may borrow up to the difference between financial aid and the cost of the school.
To apply for a Federal Direct PLUS Loan (parent loan), the dependent student's parents must complete a separate Federal Direct PLUS application and promissory note, available at the school. The school will provide counseling on the terms, conditions, and repayment of the loan.
Unsubsidized Direct Loan for Independent Students
This loan is available to independent students, as defined in the FAFSA. Students may borrow up to $4,000 per academic year. Interest is variable and is normally billed immediately, but can be deferred. Principal is normally billed immediately after graduation, withdrawal from school, or change in full-time status.
College Work Study
College Work Study is a federally funded program providing part-time work to full-time undergraduate students. Students can work on campus or at a designated community service organization.
Eligibility is based on need. Applicants must submit a FAFSA and meet Federal Title IV eligibility requirements to be considered for this program.
Private Sources/Veterans Benefits
Applicants are urged to seek additional aid from their own community. Many towns and cities have civic organizations or churches, which may offer scholarships on the basis of need and/or academic merit. Labor unions and corporations are often great sources of scholarship assistance to children of employees. Applicants should consult their high school guidance counselors or local libraries for additional information. An excellent source for information on financial aid is the Higher Education Information Center at the Boston Public Library at Copley Square.
BFIT is approved for Veterans Benefits
Other sources of student aid are Veterans Benefits for veterans, widows of veterans, and children of deceased or disabled veterans. Students with certain physical or emotional disabilities may seek aid from the State Rehabilitation Commission in their area.
Commencement Awards
The BFIT Student Service Award
Each year the BFIT Student Service Award is given to a graduating senior who has demonstrated a positive involvement at BFIT. The recipient is selected by the Faculty and Administration as someone who has motivated and influenced other students to be involved with promoting dynamic school spirit and pride through school activities.
The Ralph G. Adams Memorial Award
This award has been established through funds donated by friends of the late Dean Adams who was Dean of Faculty and Head of the Mechanical Department. It is awarded annually to the student graduating in Mechanical Engineering Technology who best exemplifies the high principles of integrity and scholarship, which Dean Adams labored to promote for nearly half a century.
The Louis J. Dunham Jr. Memorial Award
This award has been established through funds donated by the family and friends of the late Louis J. Dunham, Jr., former Director of BFIT. It is awarded annually to the graduating student who best exemplifies the leadership, humanitarian sensibilities, humility, generosity, and high moral standards so characteristic of the late Director.
The Dean's Award
Given at commencement exercises every year, the Dean's Award goes to the Engineering and Industrial Technology graduate with most outstanding scholastic record.
The Donald C. MacTavish Memorial Award
This award has been established by the Donald C. MacTavish Foundation in memory of Mr. MacTavish, Class of 1961, who lost his life in a racing accident at Daytona Beach. It is awarded annually to a second-year student in
Automotive Technology for meritorious achievement and scholarship.
The I.E.E.E. Powell H. Humphries Memorial Award
This award has been established by the Student Chapter of the Institute of Electrical and Electronic Engineers to honor the late Professor Powell H. Humphries, former Head of the Electrical Department and Dean of Admissions. Dean Humphries served on the faculty of BFIT for 30 years. His contributions to the academic programs, administration, student welfare, and BFIT were many and significant. The award is presented annually for scholastic excellence in the field of Electrical, Computer or Electronic Engineering Technology.
The Irving Fisher Memorial Award
This award has been made possible by the Donald R. Fisher family in memory of the late Irving Fisher, who attended BFIT and who was involved in electrical design and construction for 65 years as President of Fisher Electrical Corp. of Boston, Massachusetts.
The Robert E. Lee Award
The family of Robert E. Lee, former President and founder of Lee Imported Cars of Wellesley, Massachusetts established this award. It is given annually to two graduates of the Automotive Technology program who exemplify the characteristics of high ethical standards, integrity, and sense of community service which are the hallmarks of Robert E. Lee's personal life and the characteristics which were integral to his business.
The John J. Holmes Memorial Award
This award has been made possible by the family of the late John J. Holmes, a BFIT alumnus and former Head of the Automotive Department. Professor Holmes was a faculty member in the Automotive Technology program for over 35 years and was an inspiration to his students and colleagues. His contributions to BFIT in general, and the Automotive Department in particular, were numerous and great. The award is made annually to a graduating student in Automotive Technology on the basis of character, scholarship, and achievement.
Do You Need Assistance Filling Out the FAFSA?
If you need assistance filling out the FAFSA you can call Franklin's Office of Financial Aid at (617) 423-4630, ext.120 to schedule an appointment or get assistance over the phone.
If you live in the Boston area, you can also schedule an appointment with the Higher Education Information Center in Boston's Public Library at Copley Square. Their number is (617) 536-0200, or online at www.edinfo.org.
Franklin's Federal School Code is 002151
Your Responsibilities
We want you to be successful while a student at Franklin. This means planning to make sure that the costs of attending Franklin are covered 100%. If you plan ahead of time, most of the obstacles associated with costs will be eliminated. This will make it possible for you, as a student, to be able to concentrate on your studies and not on where the next payment will come from.
As a financial aid applicant you are responsible for making sure that:
- your admission file is complete (this includes submitting official final high school and college transcripts, if you are transferring, and offical GED scores, if you are a GED recipient)
- you fill out and submit the annual FAFSA (Free Application for Federal Student Aid) form
- the FAFSA is filled out completely and accurately (the process will be prolonged if you omit information or make mistakes)
- you submit the Student Aid Report (SAR) that comes back to you from the Federal Processing Center to Franklin's Office of Financial Aid
- you submit all required income and verification documents to the Office of Financial Aid
- you maintain satisfactory academic progress so that you do not run the risk of losing your financial aid
Application Deadlines
For September Entrance
For January Entrance
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