faq

Can I get any more federal aid?

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

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

What are my loan options?

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

What are my rights and responsibilities if I receive financial aid?

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

What is a Master Promissory Note (MPN)?

What is the expected student debt at graduation?

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

When do I call Student Accounts and when do I contact Financial Aid?

When do I need to pay back my loans?

Why do I need to send in tax information?

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

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

 

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 Stafford 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 Financial Aid for assistance in this area at 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 refer to our lender lists at http://www.enc.edu/loans

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

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

What are my rights and responsibilities if I receive financial aid?

Click to view your Rights and Responsibilities

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. Complete and submit this form along with all of the requested documentation, with as many factual details as possible. Please contact the Office of Financial Aid with any questions regarding to special circumstances at or by calling 617-745-3712.

What is a Master Promissory Note (MPN)?

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

New Perkins and 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 Edulender, 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 Financial Aid at 617-745-3712.

When do I call Student Accounts and when do I contact Financial Aid?

The Office of Financial Aid assists you in setting up your plan for covering the costs of college, including student loans, scholarships, and any federal aid. The Office of Student Accounts actually handles the money, so if you are making payments, using a payment plan, or requesting a refund, please contact Student Accounts.

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. Stafford loans go into repayment six months after graduation. Perkins loan payments begin nine months after graduation. Make sure to read the information closely on loan applications to make sure you know the repayment requirements as each loan is unique.

Why do I need to send in tax information?

30% of all FAFSAs are selected for by the Federal government for a process called Verification, which means ENC needs to verify the information submitted on the FAFSA. In order to do this, we need a copy of W-2s and SIGNED Federal tax returns for both the student and the parents, and the Federal Verification Worksheet. All of these pieces are required to make sure the information is accurate. This is a Federal regulation, not an ENC requirement, and a student will not be cleared by the Office of Financial Aid or the Office of Student Accounts until verification has been completed.

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.



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