Federal grant and loan programs

Federal Pell Grant

Eligibility for the Federal Pell Grant program is based on a family’s expected family contribution. If your EFC is less than an amount pre-determined by federal regulation, you may be awarded a Federal Pell Grant. Based on 2016-17 data, approximately 9% of full time students at Olin College are eligible for a Federal Pell Grant.

Federal Supplemental Educational Opportunity Grant (FSEOG)

This grant is provided by the federal government and is available to undergraduate students with exceptional financial need. Priority is given to Federal Pell Grant recipients.

Federal direct loan

Direct Loan eligibility will be noted on your Financial Aid Award letter and will be denoted as either subsidized or unsubsidized. This is a loan program and funds must be paid back according to the terms of the loan. Terms and Conditions of the Federal Direct Loan program can be found in the Master Promissory Note (MPN) at Student Loans.Gov. Approximately 32% of 2016 graduates utilized this program with an average cumulative debt of $15,849.

Direct subsidized loan

This loan program is available to students who demonstrate financial need. The interest on the Subsidized Direct Loan is paid by the federal government while the student is enrolled in school at least half-time in a degree granting program.

Direct unsubsidized loan

This loan program is available to students who do not demonstrate financial need, or whose financial need has been met by other resources (i.e. grants and scholarships). Borrowers are required to either pay the interest as it accrues, or have it capitalized (added to the principal) into a repayment schedule that starts after graduation.

Direct PLUS loan

This loan program is available to parents of dependent students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is usually charged during all periods. Families that wish to apply for a Direct PLUS are required to submit a FAFSA.