Federal Grant and Loan Programs

Federal Pell Grant

Eligibility for the Federal Pell Grant is determined by your Student Aid Index (SAI), as calculated from your FAFSA. If your SAI falls below the federally established threshold, you may be eligible to receive a Pell Grant.

Federal Supplemental Educational Opportunity Grant (FSEOG)

The FSEOG is a need-based federal grant awarded to undergraduate students with exceptional financial need. Priority is given to students who are Pell Grant recipients. Funding is limited and awarded on a first-come, first-served basis.

Federal Direct Loans

Your eligibility for Federal Direct Loans will be included in your financial aid offer and categorized as either Subsidized or Unsubsidized:

Direct Subsidized Loan: Available to students who demonstrate financial need. The federal government pays the interest on this loan while the student is enrolled at least half-time and during any authorized deferment periods.

Direct Unsubsidized Loan: Available to students regardless of financial need. Interest accrues while the student is in school, and borrowers may choose to pay the interest as it accrues or allow it to capitalize (added to the principal balance) and be repaid after graduation.

For complete terms, conditions, and current interest rates, students must review and complete the Master Promissory Note (MPN) and Entrance Counseling at studentaid.gov.

Direct PLUS Loan

The Federal Direct PLUS Loan is available to parents of dependent undergraduate students to help cover educational expenses up to the cost of attendance, minus any other financial assistance received.

Interest accrues during all periods, including while the student is enrolled.
Families must complete the FAFSA to apply for a PLUS Loan.

Before Olin can certify eligibility for the PLUS Loan, students must accept or decline their federal student loans and/or acknowledge that the terms of student loans may be more favorable than those of the PLUS Loan.