Eastern Nazarene College participates in three "campus-based" aid programs administered by the Department of Education:
Under the campus-based programs, additional federal funding is provided to Institutions who chose to participate in the program. Institutions must match a percentage of the funds provided with their own funds. The campus-based programs are unique among the federal
Title IV programs in that the mix and amount of aid awarded to students is determined by each institution's financial aid office. The criteria used to award funds, however, must be consistent with federal program requirements.
Priority must be given to students with "exceptional need" when awarding FSEOG and Perkins loan funds. At ENC, undergraduate students who are eligible for Pell Grants are considered to have "exceptional need". The final funding authorization for each Campus-Based program is the amount of funding the school is authorized to receive from the Department of Education for an Award Year.
Institutional Matching Requirements: ENC must provide a 25% "institutional match" to the FSEOG and Federal Work Study funds awarded. To calculate the match, take the federal award and divide it by 3 (3/4 divided by 3 =1/4).
Many Eastern Nazarene College students are eligible for Work Study. Work Study is a Federal Financial Aid program that allows students to earn wages through on and off- campus employments. This weekly income provides additional
financial resources for the student while attending school. In addition, the student can gain valuable working skills that help to build one's resume. The funds earned can be applied to your current balance by applying for Payroll Deduction.
All work study eligible students are encouraged to contact Human Resources as soon as possible to apply for the possibility of obtaining some form of employment.
Federal Perkins Program
Eastern Nazarene College awards the Perkins Loans based on students’ need according to the FAFSA.
- Interest rate for this loan is 5%
- An undergraduate student may receive up to $5,500 a year. The total you can borrow as an undergraduate is $27,500
- If you are a graduate or professional student, you may be
eligible to receive up to $8,000 per year. The total you can borrow as a
graduate student is $60,000, which includes amounts borrowed as an undergraduate.
- If you are attending school at least half-time, you have nine months after you graduate, leave school, or drop below half-time status before you must begin repayment.
Federal Supplemental Educational Grant Program (SEOG)
A Federal Supplemental Educational Opportunity Grant (FSEOG) is for undergraduates with exceptional financial need - students with the lowest Expected Family Contributions (EFCs) - and gives priority to students who receive Federal Pell Grants. An SEOG Grant doesn't have to be repaid. These grants are made directly through the Office of Financial Aid to students. Grants of up to $2500 may be awarded per year on a first come first serve basis.
Congress reauthorized funding for these programs in the Higher Education Opportunity Act (HEOA , P.L. 110-315).