Federal grant and loan programs
Federal Pell Grant
Eligibility for the Federal Pell Grant program is based on your Student Aid Index (SAI). If your SAI is less than an amount pre-determined by federal regulation, you may be awarded a Federal Pell Grant. Based on 2022-23 data, approximately 15% 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 offer 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 and current interest rates for the Federal Direct Loan program can be found in the Master Promissory Note (MPN) at studentaid.gov. Approximately 34% of 2022 graduates utilized this program with an average cumulative debt of $19,911.
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.
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.
Students must accept their federal loan and/or certify understanding that the student loan terms may be more favorable prior to Olin certifying Direct PLUS loan eligibility.