Federal Direct Loans are guaranteed student loans. 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 federal 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 federal Direct Loans are available. You are responsible for the payment of interest on these loans while in school, or interest can be deferred and added to the loan principal.
Limits for federal Direct Loans are $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors. In addition, an unsubsidized $2,000 federal Direct Loan is available annually.
Perkins and Nursing Loans
Federal Perkins and nursing loans generally have the best terms of all loans offered in your Salve Regina 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 5 percent interest rate is subsidized by the federal government, and repayment is deferred until nine months after you leave school or drop below half time. If you accept, you will need to 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 your bill, but is intended for personal expenses such as books or laundry. Students may apply for available jobs through the Office of Career Development when they arrive on campus.