Glossary of Terms

Cost of Attendance

Includes direct costs for which you receive a billing statement from the Business Office (tuition, fees and on-campus housing and food), and indirect costs not billed to you by the University (books, supplies, personal expenses, transportation and off-campus housing and food). The difference between the student aid index and the cost of attendance is your maximum eligibility for need-based assistance.

Contributor

Anyone who is required to provide information in support of your financial aid application. A contributor is a parent, guardian or student’s spouse. Each contributor is required to have their own Federal Student Aid (FSA) ID and must consent to their information being included on your FAFSA.

Educational Loans

A form of financial aid that must be repaid. Educational loans have varying fees, interest rates, repayment terms and/or borrower protections.

• Federal student loans: Federal funds made available to students that must be paid back by the student. You must complete entrance counseling and a master promissory note to receive these loans. Repayment begins six months after you cease to be enrolled at least half-time with options to delay payment available. To be eligible, you must be enrolled at least half-time in an eligible program of study.
  • Federal Direct Subsidized Student Loan: Loan funds provided to undergraduate students with financial need by the U.S. Department of Education, through Salve Regina. The government pays the interest on the loan while you remain enrolled at least half time and during certain periods when the government allows deferment of repayment. There are annual limits on the amounts that may be borrowed, which vary by your academic year in school and your dependent or independent status.
  • Federal Direct Unsubsidized Student Loan: Loan funds provided to undergraduate and graduate students by the U.S. Department of Education, through Salve Regina. Regardless of need, you can qualify for an unsubsidized loan if you have filed the FAFSA. Interest accrual begins immediately, and you can choose to pay the interest while enrolled or upon entering repayment. There are annual limits on the amounts that may be borrowed, which vary by your academic year in school and your dependent or independent status.
  • Federal Direct Graduate PLUS Loan: Loan funds provided to graduate students by the U.S. Department of Education, through Salve Regina. This federal loan program allows graduate students with no adverse credit history to apply for a loan amount up to their cost of attendance each year, less any other financial aid received.
• Federal Direct Parent PLUS Loan: Loan funds provided to parents of dependent undergraduate students by the U.S. Department of Education, through Salve Regina. This federal loan program allows parents with no adverse credit history to apply for a loan amount up to the cost of attendance each year, less any financial aid received by the dependent student. Repayment of principal and interest begins immediately once the loan is fully disbursed, with some options to delay payment available.
• Private Loan: A student or parent loan from a commercial, state-affiliated or institutional lender used to pay for up to the annual cost of attendance, less any financial aid received. Private loans have varying interest rates, fees and repayment options and usually require the applicant to be creditworthy or have a creditworthy cosigner. Repayment generally begins immediately.

Federal Methodology

Used by the federal government to compute your student aid index (SAI). Using FAFSA information, this methodology is the basis for awarding federal financial aid dollars. Because the formula is standard, you can expect that your SAI will be the same at all schools to which you apply for financial assistance.

Federal Nursing Loans

These loans generally have the best terms of all loans offered in your Salve Regina financial aid package and are awarded to students who demonstrate need. Nursing loans are available only to eligible undergraduate students. The federal government subsidizes the 5% interest rate until repayment begins, and repayment of these loans are deferred until nine months after you leave school, leave the nursing program or drop below half time. If you accept, you are required to complete a master promissory note and disclosure statement before we can process and disburse the loan.

Federal Pell Grants

Grants provided by the federal government to undergraduate students who demonstrate exceptional financial need. Amounts can vary depending on annual federal appropriations.

Federal Student Employment (or Salve Regina Employment)

Offered to students who have demonstrated federal need as part of the self-help component of the financial aid package. Students who do not qualify for federal student employment are eligible to apply for institutional student employment. This money is not deducted from the bill, but is intended for personal expenses such as books, transportation or laundry. Students apply for available jobs through the Office of Financial Aid using software called Handshake.

Federal Supplemental Educational Opportunity Grants

The Office of Financial Aid distributes these grants to students who are also eligible for the Pell Grant, subject to available funding.

Free Application for Federal Student Aid (FAFSA)

This form provides colleges and universities with data to determine your family’s ability to contribute to your educational expenses. Since it is the student’s application for financial aid, the student is the one who completes the FAFSA using their FSA ID username and password. Salve Regina's federal school code is 003411.

Gap

The balance between financial aid and direct-billed charges. Federal and institutional financial aid dollars are limited, and we do not guarantee to meet your full financial need. 

Noncustodial Parent

The parent with whom the student does not reside.

Outside Scholarships/Veteran and Employee Benefits

These types of funding come from a variety of sources, such as your parents’ employers, local charitable organizations or hometown sponsors. We urge you to pursue these awards by contacting your school counselor, visiting your library or researching websites. Veterans or individuals on active duty should contact the Veterans' Administration.

Salve Regina Academic Scholarships

Academic scholarships are awarded at the time of acceptance and are based on specific criteria as outlined in the academic scholarship section of the website. They are guaranteed for four years if you maintain the specific criteria from one year to the next.

Salve Regina Grants

Need-based awards funded directly by the University. Eligibility is determined from your current year FAFSA. Grants are prorated for students who are enrolled less than full-time in their final semester. All other students must maintain full-time status to remain eligible. Salve Regina grants are a form of gift aid and do not have to be repaid.

Self Help

Used to describe financial aid that you must earn through federal student employment or loans borrowed in your name.

State Grants

Students residing in Vermont and Rhode Island may be eligible. State grants are estimated until eligibility and amounts are verified by the state granting the awards.

Student Aid Index

An eligibility index number that the Office of Financial Aid uses to determine how much federal student aid the student would receive if the student attended Salve Regina. This number results from the information that the student provides in the FAFSA.

Verification

A process by which universities must verify certain information entered on the FAFSA using very specific documentation. Verification selection is a random selection made by the Department of Education.