Student Financial Aid
Olivet Nazarene University believes that every qualified student should have an opportunity for a college education in a congenial Christian atmosphere. The University's financial aid program is designed to help students achieve these goals.
The purpose of financial aid has been interpreted variously through the years. Financial aid has been used to (1) aid needy students, (2) attract those with demonstrated academic achievement or athletic skills, and (3) strengthen the mission of the institution.
The comprehensive financial aid program includes scholarships, grants, loans, and employment opportunities.
Need-based student aid is designed to provide monetary assistance to students who, without financial aid, would be unable to pursue a college degree. Educational institutions do not have unlimited funds to provide access and choice, and to ensure retention and academic success for all students facing economic barriers to post-secondary education. Because of the limitation of funds, and given the social value of awarding aid based on need, the demonstrated financial need has become the primary criterion in the awarding of financial aid.
Need-based financial aid is dependent on an equitable and consistent system of measuring need. Although the U.S. Department of Education has approved various need analysis systems for awarding federal financial aid, all of them are based on common assumptions.
The need analysis process is designed to provide objective measurements of a family's ability to pay for higher education costs and related student expenses.