Admitted students are urged to apply to all possible sources for any scholarships, aids, grants, or loans which may be available from local, civic, and state groups. Financial aid is awarded to graduate students by the following means: Federal Stafford Loan program and institutional tuition scholarships.

Institutional Scholarships

A limited number of $500 to $1000 scholarships are awarded to graduate students based on financial need and a cumulative GPA of 3.3 or higher. In order to be considered for a scholarship, the student must complete the application and meet the eligibility requirements.

Loan Funds

The Federal Stafford Loan Program enables a student to borrow directly from a bank, credit union, savings and loan association, or other participating lender. The loan is guaranteed by a state or private non-profit agency, or is insured by the federal government. Repayment begins six months after the student ceases to be enrolled at least half-time. The interest rate for new borrowers is variable and determined each July 1. The student must be enrolled for at least 6 hours of course work each semester to be eligible. Graduate students with need may borrow up to $8,500 in subsidized loans with an aggregate amount not to exceed $65,000 (including loans received for undergraduate study). The Stafford Loan Program now requires the payment of an origination fee equal to 3 percent of the face value of the loan which will be deducted from the proceeds of the Stafford Loan. The Federal Unsubsidized Stafford Loan is not need based and is available to those students who may not qualify for the need-based Stafford Loan*. Application procedures and interest rates are the same for both loans. Interest can be deferred on the Unsubsidized Stafford Loan or the student may choose to be responsible for payment of interest while in school. Interest begins to accrue approximately six weeks after the first disbursement.

*Graduate students my borrow up to $18,500 total in Stafford loans for the academic year.

Eligibility Requirements

To be considered for financial aid programs a student must:

1. Be enrolled in at least 6 credits per semester.
2. Not be in default on any educational loans or owe a refund on any federal funds.
3. Be a U.S. citizen or eligible non-citizen.
4. Be making satisfactory academic progress.
5. Complete all required financial forms.
6. Be admitted into a degree or certification program. (Students having Special Student Status are not eligible.)

Students will receive an award letter from the Financial Aid Office. The Financial Aid Office reserves the right to adjust aid at any time if receipt of additional information changes eligibility or to withhold aid pending completion of application materials. If you have any questions regarding the application process, awards offered, or status of submitted materials, please call the Financial Aid Office at (617) 745-3866.

Required Forms

In order to be considered for assistance, all students must submit the following completed forms to the Financial Aid Office of Eastern Nazarene College.

1. A signed (by both student and spouse), completed Free Application for Federal Student Aid (FAFSA).
2. Eastern Nazarene College Financial Aid Application.
3. Signed copies of the most recent federal tax return including documentation supporting all non-taxable income.
4. Copies of all most recent W-2 and 1099 forms.
5. Verification Worksheet.
6. Signed promissory note for a Federal Stafford loan.

Deadlines

July 3 is the priority deadline for those seeking financial aid for the entire year or fall semester. The priority deadline for spring semester is December 13. You may apply for aid after these deadlines, however, we cannot guarantee your funding will be received by the tuition due dates and alternative, temporary arrangements will need to be made with the Office of Student Accounts. Stafford loans take 4-6 weeks to process. Please plan ahead and submit paperwork for processing several weeks in advance of registration.

Payment Options

In addition to financial aid, there are several payment options including a tri-monthly payment plan. Contact the Office of Student Accounts at (617) 745-3600 for more information.

Payment

All semester charges are due on or before the day of registration. Students who fail to meet the agreed payment schedule will not be allowed to attend classes.

Deferred Payment Plans

Three (3) Month Plan - Three equal payments of total semester charges:

• 1/3 due 30 days prior to registration
• 1/3 (second payment) due on or before registration
• 1/3 (final payment) due 30 days after registration

Extended Monthly Payment Plan - Students requiring longer payment terms can enroll in a 10 month plan with AMS (Academic Management Services). The 10 month plan is intended for full year charges only. Individual semester plans are available for Fall and Spring in four month increments. Enrollment forms are available in the Student Accounts Office.

For information call 617-745-3704

Voucher Policy

Graduate students using vouchers may submit only one voucher per semester or module. Each voucher is redeemable for 50% reduction in tuition for one three-credit course. Vouchers are valid for two years from the date of issuance and must be submitted at the time of registration.

Refunds for Tuition and Fees

In harmony with the practices of other institutions of higher learning, Eastern Nazarene College administers refund policies according to the basic principle that a student who leaves college after a semester has begun created a vacancy the college cannot fill until the next semester. Therefore, full refunds cannot be made because the student represents an allocation of funds, space, staff, and expendable supplies which cannot be recovered.

Refunds for Withdrawal

Students who officially withdraw may be granted refunds on tuition charges. For information and dates contact the office of student accounts at 617-745-3701.

Students who find it necessary to withdraw from Eastern Nazarene College must file the required form with the Office of the Registrar. Students are then eligible for a partial refund of tuition based on the date the form is received in the Office of the Registrar.

Refunds for Dropped Courses

Students officially dropping courses with the approval of their advisor (but not withdrawing). For information and dates contact the office of student accounts at 617-745-3701.

Refunds for Cohort Groups

There is a 0% refund after half the course is complete.

5 week courses:			10 week courses:
Before the first class	100%		Before the first class	100%
Before the second class	66%		Before the fourth class	66%
Before the third class	33%		Before the sixth class	33%
After the third class	0%		After the sixth class	0%

Dropping courses beyond the full refund deadline and then adding a course may increase a student's tuition. Billing is based on total credits registered for during the semester, less refunds for courses dropped.

Part-time student fees and portions of the full-time student fee are non-refundable. Other fees may be refunded on a pro rata basis.

If a refund is due a student under our refund policy and the student has received financial aid under any United States government student financial aid program, an appropriate portion of the refund shall be returned to the specific programs(s).