We recognize students not
only for their academic achievements from high school but also for the potential that they bring to Benjamin Franklin.  We offer four merit-based scholarships.

The Trustee’s Scholarship- awarded to students who demonstrated outstanding academic accomplishments while in high school.  The scholarship ranges from $1,000-$5,000 per academic year.

The Presidential Leadership Scholarship- awarded to students who held leadership positions in high school or who have a history of community service.  The scholarship ranges from $1,000-$2,000 per academic year.

The Benjamin Franklin Scholarship- awarded to students who demonstrate potential but may not have realized it while in high school.  The scholarship ranges from $1,000-$3,500 per academic year.

The Women in Technology Scholarship- awarded to female students planning to major in an engineering program.  The scholarship ranges from $1,000-$3,000 per academic year.

The Pell Grant

This program provides need-based grants to low-income undergraduate students to promote access to a higher education.  These grant amounts vary, dependent upon several factors, such as family income and cost of attendance, as well as enrollment status.  They are intended to be the “base” of a financial aid package.

The Supplemental Educational Opportunity Grant (SEOG)

You may be offered the SEOG if you are eligible for the Federal Pell Grant and are a full-time undergraduate with proven need, as determined by your FAFSA.

Academic Competitiveness Grant (ACG)

This grant provides up to $750 for the first year of undergraduate study and up to $1,300 for the second year of undergraduate study and is in addition to the student’s Pell Grant award.  First-year students must have completed a rigorous secondary education program.  Second-year students must maintain a 3.0 grade point average after completing their first year of undergraduate studies.

Massachusetts State Aid

Massachusetts offers state grants to Massachusetts residents.  These grants are the Gilbert and MASS Grants.  These programs provide grants to undergraduate students who demonstrate exceptional financial need.  The Massachusetts Office of Student Financial Assistance sets the guidelines for the grants. Note:  Other states may allow students to export state grant funding.

Direct Stafford Loans

These government-backed loans do not have to be repaid until six months after the student leaves school.  They have a fixed interest rate and minimal origination fee.  There are two types of Stafford Loans:

1. Subsidized loans do not accrue interest while the student is enrolled in college at least half-time. A student's eligibility for subsidized loan funds is determined by financial need.

2. Unsubsidized loans do accrue interest even while the student is enrolled in college. These loan funds are not based on financial need.

When taking out a Stafford Loan, students are required to complete entrance and exit counseling.  This process can be done at the Mapping Your Future website.  The process only takes a few minutes to complete, but will provide you with valuable information regarding your rights and responsibilities when borrowing a student loan, loan repayment options, deferment and forbearance possibilities.

Direct Parent PLUS Loans

Parent PLUS loans are loans applied for by a parent.  They are subject to a credit check, but not a debt-to-income ratio.  Parents can borrow up to the cost of education minus any financial aid.  The Parent PLUS Loans have minimal fees; the federal government sets the interest rate.  The PLUS loan goes into immediate repayment. Please click here for the Direct Parent Plus Loan Application.

Alternative Student Loans

These private loans are offered by different lending institutions and are applied for by the student with a credit-worthy co-signer.  They require a credit check and in many instances a debt-to-income ratio check as well.  Fees vary and interest rates vary and are tiered, based on credit. Please visit www.elmselect.com for a list of lenders.