Types of Aid

Federal Campus Based Programs

Federal Pell Grant: This grant is the need-based foundation of the federal financial aid program. Apply with the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. A student with a FAFSA EFC (Expected Family Contribution) of $0 to $5,273 will be eligible for a Pell Grant. Eligible full time students may receive from $555 to $5,550 toward educational expenses. Grants do not have to be repaid. Pell Grants, as an entitlement program, are available regardless of when the FAFSA is filed during the year, up to the last class day of that academic year.

Federal Supplemental Educational Opportunity Grant (SEOG): This grant is administered by the college under the guidelines of federal policy as the funds are available. Eligible students who need additional assistance may receive $250 for their educational expenses, with Pell Grant recipients being given first consideration. In order to be eligible for consideration, the student must submit a FAFSA and an ENC Financial Aid Application.

Federal TEACH Grant: This grant totaling $4,000 a year. In exchange for receiving a TEACH grant, you must agree to serve as a full-time teacher in a high-need field in a public or private elementary or secondary school that serves low-income students. As a recipient of this grant, you must teach for at least four academic years within eight calendar years of completing the program of study for which you received a TEACH grant. IMPORTANT: If you fail to complete service obligation, all amounts of TEACH Grants that you received will be converted to a Federal Direct Unsubsidized Stafford Loan. You must then repay this loan to the U.S. Department of Education. You will be charged interest from the date the grant(s)were disbursed. Please see Financial Aid for details about student eligibility requirements and approved teaching programs.

Armed Forces Benefits: Eastern Nazarene College works closely with our active armed forces, veterans and ROTC programs. We work with our service members to maximize their benefits at ENC. We are an accredited college that qualifies for receiving all benefits offered by the government to private colleges. ENC fully participates in the Yellow Ribbon Program and gives full tuition and fees to eligible students that qualify.

Federal Work Study:  Federal Work-Study (FWS) provides part-time jobs for students with financial need, allowing them to earn money to help pay education expenses. Work-Study jobs can help you get valuable experience in your chosen field before you leave school. Student’s earn Massachusetts minimum wage in campus jobs. Students may work up to 20 hours per week. If there is a dollar amount of work-study shown on your award letter, this amount reflects an estimated amount that could be earned if you choose to work. This money must be earned and is not available as a credit at the time of registration.

 

 

Federal Direct Stafford Loans:

There are two Federal Direct Stafford Loan Programs available for student borrowers: subsidized and unsubsidized. All students who wish to borrow through either of these programs must complete the FAFSA.

A Subsidized Federal Direct Stafford Loan is a federal loan that must be repaid. Ability to participate in the Subsidized Federal Direct Stafford Loan Program is based on calculated need as determined by the FAFSA. The interest rate is fixed at 4.45%. “Subsidized” means that the interest on this loan is not paid by the student while he or she is enrolled in school. The government pays the interest on this type of loan while in school.

An Unsubsidized Federal Direct Stafford Loan is also a federal loan that must be repaid. If a student is not eligible for the Subsidized Federal Direct Stafford Loan, as determined by the results of the FAFSA, an Unsubsidized Federal Direct Stafford Loan can be an alternative. “Unsubsidized” means that interest will accrue while the student is in school. The student can choose to pay the interest while in school or defer the interest and have it added to the principal balance. The interest on this loan is also fixed at 4.45%.

Direct PLUS Loan is a Federal Loan that is available to parents of undergraduate students. It is a federal direct loan that must be repaid. The interest rate is fixed at 7%, with a 4% fee withheld by the government prior to disbursement. The loan decision is based on credit history. In addition to the credit check, the borrower is required to complete a Master Promissory Note at www.studentloans.gov. Applicant can borrow up to the cost of attendance, minus other financial aid.  Repayment for the Federal Direct PLUS Loan Program begins 60 days after the second disbursement of the loan. For loan deferment options, you should go to www.studentloans.gov.