Financial aid packages generally include need-based aid such as grants and self-help. Grants are awarded based on the information submitted annually on the FAFSA. Packages may also include federal student loans along with federal student employment.
Federal Pell Grants
Federal Pell Grants are awarded to undergraduate students who display exceptional financial need. Maximum award amounts may vary depending on annual federal appropriations.
Federal Supplemental Educational Opportunity Grants
Federal Supplemental Educational Opportunity Grants are need-based federal funds distributed by the Office of Financial Aid to students who are also eligible for Pell Grants.
Salve Regina Grants
Salve Regina grants are need-based awards funded by the University. Eligibility is determined by FAFSA information and the cost of attendance. Please note that the cost of attendance decreases when students move off campus and grants are adjusted accordingly. Grants are prorated for part-time students in their final semester prior to graduation. All other students must maintain full-time status to remain eligible.
Federal Direct Loans are guaranteed student loans. As long as students are enrolled at least half time during normal enrollment periods, repayment is deferred until six months after they leave school.
Need-based Direct Loans are subsidized, which means the government pays the interest while students are enrolled at least half time. Unsubsidized Direct Loans are available for students who do not qualify for need-based loans. Students are responsible for the interest on these loans while in school, or interest can be deferred and added to the loan principal.
Loan limits are $3,500 for first-year students, $4,500 for sophomores and $5,500 for juniors and seniors. In addition, an unsubsidized $2,000 loan is available annually. The annual loan limit is determined by the credits earned as of the beginning of the academic year. If students change from one academic level to another (example sophomore to junior) during the academic year, they are responsible for notifying the Office of Financial Aid so additional loan eligibility can be determined. As a courtesy, one notification of change in eligibility will be emailed to students when this applies. Students must then contact their financial aid counselor to request the additional eligibility.
Nursing loans generally have the best terms of all loans offered in the financial aid package. These funds are limited and are awarded to students who demonstrate significant need. Nursing loans are only available to eligible nursing majors.
The interest rate is subsidized by the federal government, and repayment is deferred until nine months after students leave school or drop below half time. Students who accept these loans must complete a promissory note and disclosure before the loan can be processed.
Federal student employment is awarded to eligible students 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. Students may apply for available positions through the Office of Career Development when they arrive on campus.