Applying for Financial Aid
To apply for financial aid, you must complete the Free Application for Federal Student Aid (FAFSA). This is the only aid application Salve Regina requires. Salve Regina does not require the College Board Financial Aid Profile or any other supplemental financial aid application.
Salve Regina considers all eligible students with a completed Free Application for Federal Student Aid (FAFSA) for all possible funding sources including federal, state and college programs. Please keep in mind that Salve Regina gives maximum consideration to students who meet the March 1 priority financial aid application deadline for all available funds. Late applicants may receive reduced funding levels.
March 1. Verification materials must be filed no later than May 15.
- Filing your application late.
- Incorrect Social Security numbers. Please double-check your FAFSA to be sure your Social Security number is correct. This is a common error and very time-consuming to correct on the FAFSA.
- Not using your legal name, from your Social Security card, when completing all financial aid forms.
We want your estimate to be as accurate as possible. The most common reasons for an inaccurate estimate are:
- Overestimating the number of students in college. Only students enrolled at least half time in a degree or certificate-granting program may be included. Siblings in graduate school may be included in the number of students in college or household when completing the FAFSA.
- Failing to report other untaxed income such as contributions to a 401(k) plan, an IRA or child support received.
- Failing to include stepparent income.
- Under-reporting the student's assets. Any assets in the student's name must be included (e.g. cash, bank accounts, joint accounts, trust funds or Uniform Gift to Minors).
- Not reporting Social Security benefits.
- Overestimating taxes paid.
What if my parents are divorced and my custodial parent is remarried? Do I have to submit my stepparent's information?
Stepparent income must be included when filing the FAFSA. By federal Department of Education regulations, this income must be included. There is no provision for exception to this regulation.
The IRS Data Retrieval Tool allows students and parents to access the IRS tax return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may transfer the data directly into their FAFSA. This is the preferred method for FAFSA filers to report federal tax information. Certain tax filers may be ineligible to use this tool.
Aid applications may be selected for verification by the federal government or Salve Regina for verification. If your application is selected, you will be notified by the Office of Financial Aid of the documents you need to provide. This process verifies that the information that you supplied on your FAFSA is accurate and complete.
Complete the Free Application for Federal Student Aid (FAFSA) by your state's deadline. To apply for financial aid on time at Salve Regina, the federal processor must receive your completed FAFSA by March 1.
Undergraduate students are not eligible for financial aid while conditionally accepted. Graduate students are eligible for two semesters of financial aid while conditionally accepted.
New students who have completed a FAFSA will begin receiving their financial aid awards during the last week of December (for those accepted through Early Action) or late February (for those accepted through regular decision). Awards will continue on a rolling basis. Award letters are sent to the mailing address and email address listed on the FAFSA.
Returning students who have completed a FAFSA will begin receiving their financial aid awards in mid-March. Awards will continue on a rolling basis. Award letters are sent to the Salve Regina email address.
Types of Financial Aid
We offer academic scholarships based on merit. Merit scholarships are awarded at the time of acceptance and are based on specific criteria. They are guaranteed for four years, as long as you maintain the specific criteria from one year to the next.
A grant is a need-based award which requires the annual completion of all necessary documentation as outlined on this website. Grants are subject to change from one year to the next, if your family's need changes.
William D. Ford Direct Loans: Direct loans are federally guaranteed as long as you are enrolled at least half time during normal enrollment periods. Repayment is deferred until six months after you leave school. Need-based direct loans are subsidized, which means the government pays the interest while you are enrolled at least half time. If you do not qualify for a need-based federal loan, unsubsidized direct loans are available. Loan limits are $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors. In addition, you are allowed an additional $2,000 unsubsidized direct loan annually.
Federal Perkins and Federal Nursing Loans: These loans generally have the best terms of all loans offered in your Salve Regina financial aid package. Nursing loans are available only to students enrolled full-time in the nursing program. The federal government subsidizes the 5 percent interest rate until repayment, and repayment of these loans is deferred until nine months after you leave school, drop below half time or discontinue nursing studies. If you accept, you are required to complete a master promissory note, loan offer and entrance counseling.
Perkins loans were set to expire Sept. 30, 2017. Students who had a Perkins loan prior to this date will receive the second (spring) disbursement of their loans but will no longer be eligible for this loan in subsequent years.
Alternative Loans: These private loans may be used to supplement financial aid. In most cases, the student is the borrower and a co-borrower is required. Interest rates may be variable or fixed, and each company offers different repayment options. For these reasons, alternative loans should be looked at closely when considering the best option for financing.
Subsidized loans accrue no interest while the student is enrolled more than half time. Unsubsidized loans will accrue interest while the student is attending school.
The 2017-2018 fixed interest rate for undergraduate Federal Direct Student Loans is 4.45 percent and the graduate rate is 6 percent.
Most loans will require the current school to complete specific paperwork in order to have payment on loans deferred. Usually the registrar will verify enrollment and complete any necessary forms.
Your Financial Aid Award
You must maintain the required cumulative GPA and remain enrolled full time in an undergraduate program. At the time of acceptance, you are required to sign an agreement that sets forth guidelines for accepting the award. The cumulative GPA is evaluated at the end of each academic year. If you fall below the required cumulative GPA, a one-time extension will be granted. After the probationary semester, if you are still not maintaining the criteria, you will lose your eligibility for the academic scholarship.
Students awarded federal work-study are responsible to apply for and secure a position. The office of Career Development sends information to students on steps for the application process before the start of the fall semester. Student employment is not guaranteed. For more information contact the Office of Career Development.
Simply complete a financial aid award change form under online forms on the financial aid webpage.
If there are extenuating circumstances in your family’s financial situation, you may reach out to your financial aid counselor to see if changes can be made with documentation to support these changes. Examples of extenuating circumstances are: loss of income, change in marital status, illness, etc.
Yes. There is no penalty to prepay your Federal student loans. Students may also choose to pay interest on their student loans while they are enrolled. Students may work with their loan servicer. Upon disbursement of the loan, student loan servicer information is mailed to the student home address or emailed, depending on what the student designates on their master promissory note. This information may also be found on nslds.gov.
No. When you complete your admissions application and are accepted, if you receive a merit scholarship, the amount is set for four consecutive years and cannot be increased. Students should monitor the Salve Regina website for additional scholarships that become available throughout the year.
If a non-custodial parent is looking for FAFSA or award-specific information, the custodial parent must provide the Office of Financial Aid with written confirmation of permission to speak with the non-custodial parent. If the non-custodial parent is looking for information not related to financial aid, the Office of Financial Aid will use FERPA guidelines.
Changes That May Affect Your Award
You are required to renew your financial aid application every year. Your need is determined for one year at a time and is, therefore, subject to change from one year to the next. We strive to maintain the same award from year to year. However, there are certain factors that can cause a significant change to a financial aid award. These include: reduction of the number of students in college, change in marital status, moving off campus, studying abroad, significant changes in an expected family contribution and not making satisfactory academic progress.
Families who experience a significant change in income, marital status, loss of job or encounter special circumstances from one year to the next are encouraged to contact their financial aid counselor regarding the specific changes. In some cases there are ways that we can assist families who experience financial setbacks or other special circumstances.
Students who study abroad are eligible to keep most of their financial aid. Because students who study abroad no longer pay Salve Regina for the cost of room and board, the amount of aid they receive will decrease. The average decrease in aid per semester is $1,750. Students should schedule an appointment with their financial aid counselor for more detailed information.
If you choose to move off campus, there will be a change in your financial aid award. Periodically, we research the cost of living off campus to ensure that the budget is appropriate. Average off-campus living allowance is approximately $3,500 per year less than on-campus expenses, which is reflected in the off-campus budget.
If all other financial information remains approximately the same, financial aid will be decreased $3,500 for the academic year.
Outside scholarships are considered a benefit and we do not reduce scholarships or grants, unless required by law. There are times when we may need to reduce federal need-based loans or federal work-study if an outside scholarship exceeds your need for financial aid. Other types of benefits, such as an employer's tuition benefits, are considered a resource. These resources are included prior to calculating need-based aid.
Yes. Students must inform the Office of Financial Aid if they receive outside financial aid.