Federal Financial Aid Programs
Federal Pell Grants
Non-repayable funds made available to students through the federal government. The individual awards for the 2013-2014 academic year range from $602 to $5,550, depending upon the student's financial need. These funds are used as the foundation of a student's financial aid package and all applicants for aid at Endicott must apply for a Pell Grant.
Federal Supplemental Educational Opportunity Grants (FSEOG)
These grants are also based upon financial need and are awarded by the Endicott College Financial Aid Office. Priority is given to Pell Grant recipients.
Federal Work-Study Program
Provides eligible students with the opportunity for employment. A student applies for positions offered both on and off campus. The amount of a Work-Study award is determined by the Endicott College Financial Aid Office and does not appear as a credit on a student's bill. Placement is not guaranteed.
Federal Perkins Loans
Long-term, low interest (5%) federal loans awarded and administered by Endicott. The average award for the 2013-2014 academic year will be $1,000. This loan must be repaid, but there are no interest or principal repayments on a Federal Perkins Loan for borrowers until nine months after a borrower ceases to be at least a half-time student. Upon taking this loan, a student is advised of his or her rights and responsibilities regarding payment.
Federal Direct Stafford Loan - Provides federally insured funds of up to a maximum of $3,500 for first year students, $4,500 for second year students, and $5,500 for third and fourth year students. Graduate students may borrow up to $8,500 annually. The 2013-2014 rates for the undergraduate Federal Direct Stafford loans are 3.4% for the subsidized loans and 6.8% for all unsubsidized loans. All undergraduate students are eligible to borrow up to $2,000 in an unsubsidized Federal Direct Stafford Loan in addition to the annual loan limits listed above. There is also a 1% origination fee deducted from each loan disbursement.
Federal Parent Loan for Undergraduate Students (PLUS) - Loan funds are available to credit-worthy parents of dependent students. This program is sponsored by the federal government. These loans are not based upon financial need and parents may borrow up to the cost of attendance minus financial aid annually for each dependent student enrolled in an undergraduate school. The interest rate is fixed at 7.9% and repayment for PLUS loans may be deferred until after the student ceases to be enrolled at least half time. There is also a 4% origination fee deducted from each loan disbursement.
Financial Aid Office
376 Hale Street, Beverly, MA 01915