Franklin has accrued countless awards and honors including:
University of Connecticut’s Outstanding Alumni Award
Seven NASA Space Flight Medals
Two NASA Distinguished Service Medals
Three NASA Exceptional Service Medals
Liberty Medal from President Ronald Reagan
Congressional Hispanic Caucus’ Medal of Excellence
Cross of the Venezuelan Air Force from President Jaime Lusinchi
Four Doctorates “Honoris Causa” from Universidad Nacional de Costa Rica
University of Connecticut, Babson College and Universidade de Santiago de Chile
Honorary faculty at the College of Engineering, University of Costa Rica.
American Institute of Aeronautics and Astronautics 2001 Wyld Propulsion Award
Discover magazine's Innovation Award for Space Science and Technology
Inducted NASA Astronaut Hall of Fame