FAQs – Frequently Asked Questions

Can I get any more federal aid?

Federal aid is based on the FAFSA EFC (Expected Family Contribution, which is a sliding scale used to see exactly how much aid a student is eligible for) and ENC awards the maximum amount of aid for which you are eligible.

Do I need to complete a Direct Federal Loan Master Promissory Note (MPN) or Entrance Counseling if I am declining this loan?

No, you do not need to complete these documents if you’re not getting a loan.

How do I compare award packages from different schools to determine which is best for me?

When looking at award packages, do not simply look at scholarship amounts, because school prices can be very different. One school may offer a higher scholarship amount on the award letter but their total cost might be higher as well. Therefore, the final cost to the family may still be greater, even if the scholarship package is larger. Always determine the cost of attendance for the year and subtract the scholarships on the award letter to determine the remaining amount to be covered by additional financial aid methods. You should also be aware that some colleges may have placed additional loans on the award letter, so it may actually look like you received more, when you and your family will be responsible for paying more than you would be at ENC. The only way we can assist you with comparing schools is to see a copy of the other institution’s award letter. We can help you determine if you are actually receiving a greater value than here at Eastern Nazarene. Please contact the Office of Student Financial Services for assistance in this area at sfs@enc.edu or by phone at 617-745-3712. Though cost can be a significant factor in this decision making process, also weigh your investment against the value of earning an education from Eastern Nazarene College.

What are my loan options?

Please contact a member of the Financial Aid team to discuss loan options.

What are the Terms and conditions of Title IV, HEA loans?

Terms and conditions of Federal Student Loans (Federal Direct and Parent PLUS) are listed on the Master Promissory Note signed by a borrower accepting the loan.

What if my parent’s financial situation has changed dramatically over the past year?

If your family has experienced unexpected changes in income, such as loss or severe reduction in earnings, large un-reimbursed medical expenses, and/or private school tuition (k-12) paid for other children while your student will be enrolled at ENC, you may complete the Special Circumstances form. Please contact Financial Aid for this form. Complete and submit this form along with all of requested forms and supporting documentation. Please contact the Office of Student Financial Services with any questions regarding special circumstances at sfs@enc.edu or by calling 617-745-3712.

What is a Master Promissory Note (MPN)?

A promissory note is a loan application, whether for Federal Direct Loans, PLUS, or private loans. Federal Direct Loan promissory notes only need to be filled out once and are good for as long as a student remains at ENC. The Federal Direct Loan Promissory Note is completed online through https://www.studentloans.gov. New private loan promissory notes must be filled out each year.

What is the expected student debt at graduation?

For traditional undergraduate students who came in as freshman the average indebtedness over the past three graduating classes is $38,289.

What other types of aid can I get to help cover my bill?

There are many different types of aid available to assist families. The estimated remaining need can be covered by a combination of cash payments, payment plans, ENC work study payroll deductions, Federal Parent PLUS loan, private student loans, and outside scholarships. Organizations such as Student Lending Analytics, and Simple Tuition assist in comparing different loan options that might be available to you. If you have questions or need assistance, please do not hesitate to contact the Office of Student Financial Services at 617-745-3712.

When do I call Student Financial Services?

Essentially the Office of Student Financial Services handles every aspect of your financial needs.  The Office of Student Financial Services can assist you in setting up your plan for covering the costs of college, including student loans, scholarships, and any federal aid.  In addition, the Office of Student Financial Services handles your payments, will help you establish a payment plan, or if you want to request a refund.  If you have any questions please do not hesitate to contact the Office of Student Financial Services at 617-745-3712.

When do I need to pay back my loans?

Different loans have different payment options that may require immediate repayment such as the Parent PLUS loan without deferment. Federal Direct Loans go into repayment six months after your graduation, your withdrawing from school, or your credits drop below half time. Make sure to read the information closely on loan applications to make sure you know the repayment requirements as each loan is unique.

How can I determine whether I am to be considered Independent or Dependent on the FAFSA?

If you are uncertain of whether you need your parent’s information on your FAFSA, or if you should be considered a dependent, you can refer to the FAFSA questions that determine dependency status.

How can I make sure that loan lenders know that I am in school so that my payments may be deferred?

Most loan lenders access enrollment data through the National Student Clearinghouse. Further information is available on their website http://www.mystudentcenter.org.