Understanding Financial Aid


Determining Financial Need

Financial need is determined by subtracting the family's Expected Family Contribution (EFC) from ENC’s Cost of Attendance and subtracting any additional resources/scholarships. So, financial need is determined to be:

Cost of Attendance - Expected Family Contribution (EFC) - Resources / Scholarships = Eligibility for Need-based Financial Aid

Cost of Attendance

Cost of Attendance is the estimated amount it will cost to attend Eastern Nazarene College for one academic year. See Undergraduate Cost of Attendance for more information. 

Expected Family Contribution (EFC)

Your EFC is an index number that the Financial Aid Office uses  to determine how much financial aid you can receive if you attend ENC. The information you report on your FAFSA is used to calculate your EFC.

The EFC is calculated according to a formula established by law. Your family's taxed and untaxed income, assets, and benefits (such as unemployment or Social Security) can all be considered in the formula. Also considered are your family size and the number of family members who will attend college or career school during the year. Please review the EFC Formula Guide to see exactly how an EFC is calculated.

Satisfactory Academic Progress (SAP) Policy

Federal regulations require that financial assistance recipients meet standards of academic progress. The standards established by the Office of Financial Aid, consistent with the federal student aid requirements, are detailed in the Satisfactory Academic Progress (SAP) Policy and published in the Undergraduate Catalog.

Awarding Aid

The Office of Financial Aid awards financial aid packages for eligible students, which may consist of a combination of grants, work-study, and loan assistance. Packages and award amounts from each program vary depending on the financial need of the applicant, the limitations imposed by the various programs, and the availability of funds. Students who apply by the priority deadline of March 1st are awarded on a "first-processed, first-served" basis. Once a financial aid package has been awarded, the applicant will be sent an award notification letter indicating the types and amounts of aid offered. This letter must be signed and returned to the Office of Financial Aid. In addition, if loans are accepted, additional steps & processing time are required. If you've received your award letter and have made decisions on acquiring additional loans, we will add the approved loan to the award letter. It is important that you also know your Rights and Responsibilities

Disbursing Financial Aid

Most available financial assistance (including student loans) is disbursed at the beginning of each term toward your college bill. These funds are used to pay all college charges including tuition and fees, room and board, and miscellaneous expenses. Once these funds have paid your entire student account, any remaining balance is available to the student in the form of bookstore vouchers and/or check. 

Return of Title IV Funds (R2T4)

When a student withdraws, a Return to Title IV (R2T4) calculation is processed. The Higher Education Amendments of 1998 changed the formula for calculating the amount of aid a student and school can retain when the student totally withdraws from all classes. Students who withdraw from all classes prior to completing more than 60% of an enrollment term will have their eligibility for aid recalculated based on the percent of the term completed. Federal Aid is returned according to the Return of Title IV Funds process as mandated by Federal Law. ENC is required to use the Return of Title IV Funds process to calculate the unearned portion of financial aid received and return it according to the federal schedule.

Title IV (Federal Aid) Student Eligibility Requirements

Volume One of the Federal Student Aid Handbook outlines general eligibility criteria for students who are applying for federal title IV funds.  These include:

  • Be enrolled as a regular student in an eligible program
  • Not be enrolled simultaneously in elementary or secondary school
  • Meet one of the following academic criteria:
    • Have a high school diploma or its recognized equivalent (Must be Confirmed by the Admission’s Office)
    • Have a passing score on an approved ability-to-benefit test;
    • Be enrolled in an eligible institution that participates in a state process approved by ED; or
    • Be home schooled, and
    • Obtain a secondary school completion credential for home schooling provided by the student’s home state, if one is offered, or
    • Have completed a secondary school education in a home school setting that qualifies as an exemption from compulsory attendance requirements under state law
  • Have a valid Social Security Number, if required
  • Be a U.S. citizen or eligible noncitizen
  • Be registered with Selective Service, if required
  • Sign a Statement of Educational Purpose, which certifies he or she will use federal student financial aid only to pay educational costs.  This statement is now on the FAFSA application
  • Not be in default on a Title IV loan or, if in default, have made satisfactory repayment arrangements with the loan holder
  • Have not obtained loan amounts that exceed annual or aggregate loan limits made under any Title IV loan program
  • Not be liable for an overpayment of a Title IV grant or Federal Perkins Loan or, if liable, have made satisfactory repayment arrangements with the holder of the debt
  • Be making satisfactory academic progress (SAP) according to the College's published standards.
  • Not have property which is subject to a judgment lien for a debt owed to the U.S. or, if subject to a judgment lien, have made satisfactory repayment arrangements with the debt holder
  • Not have been convicted of an offense involving the possession or sale of illegal drugs that occurred while the student was enrolled and receiving Title IV aid
  • Have completed repayment of funds to either ED or the holder of a loan, as applicable, if the student has been convicted of, or pled no lo contender or guilty to, a crime involving fraud in obtaining Title IV aid

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Quincy, MA 02170
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