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. ENC will provide a tool called Borrow Smart to assist you in calculating these costs in mid-March 2010.
Expected Family Contribution
The Expected Family Contribution (EFC) is the amount that you (and your spouse if married) and your parents are expected to contribute toward your education. This amount is determined according to a standardized formula established by Congress known as Federal Methodology (see EFC calculator) and is based on the information reported on the FAFSA (Free Application for Federal Student Aid).
Satisfactory Academic Progress 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 Policy published in the college handbook.
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.
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.