Loans and Student Employment

Your package may include federal student loans such as subsidized and/or federal direct loans, Perkins loans and nursing loans, along with need-based federal student employment. Your eligibility is determined by the information submitted annually on your FAFSA.

Federal Direct Subsidized and Unsubsidized Loans

Federal direct loans are government-sponsored, low-interest loans. Based on your federal financial aid eligibility, you may be awarded a subsidized direct loan or an unsubsidized direct loan. Subsidized loans are for students with demonstrated financial need, as determined by federal regulations. Unsubsidized loans are not based on financial need.

Note: Federal loan fees are assessed upfront, before disbursement.

Loan Application Process

  • New students: In order to apply for a federal direct loan, you must complete a loan entrance counseling session and a master promissory note. Click here for more information.
  • Returning students and prior borrowers: If you previously borrowed direct loans while enrolled at Salve Regina, we will process your loan for the amount on your award letter unless you notify us in writing that you wish to decline or reduce the amount of your loan.

Subsidized Versus Unsubsidized Loans

The current interest rates for undergraduate subsidized and unsubsidized loans can be found at The interest rates are set July 1 each year.

The federal government pays the interest accruing on a subsidized loan while the student is enrolled at least half time in a degree-granting program.

Under the unsubsidized program, interest accrual begins at disbursement. No payments of interest or principal are due until after the six-month grace period, but you may choose to pay the interest on unsubsidized loans as it accrues. Any unpaid interest will be added to the principal balance of the loan when it enters repayment.

Both types of loans enter repayment six months after you cease to be enrolled at least half time. To determine eligibility for a federal direct loan, you must apply for financial aid each year by submitting the FAFSA and all other required documentation.

Student Employment

Need-based federal student employment is awarded as part of the self-help component of the financial aid package. This money is not deducted from the bill, but is intended for personal expenses such as books or laundry. Eligible students may apply for available jobs through the Office of Career Development and the online resource Gateway when they arrive on campus.