Salve Regina University

Need-based loans for students, as well as credit-based alternative loans are available for students and parents.

• William D. Ford Direct Loans: These are federally guaranteed student loans, as long as a student is enrolled at least half-time during normal enrollment periods. Repayment of these loans is deferred until six months after a student leaves school. Need-based Direct Loans are subsidized, which means the government pays the interest while the student is enrolled at least half time. If a student does not qualify for a need-based federal loan, unsubsidized Direct Loans are available. Loan limits for these loans are $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors. In addition to these loan limits, each student is 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 eligible upperclass nursing majors. The federal government subsidizes the 5 percent interest rate until repayment, and repayment of these loans is deferred until nine months after a student leaves school, drops below half time or discontinues nursing studies. If you accept, you are required to complete a master promissory note and disclosure statement before we can process and disburse the loan.
• 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 are variable, and are more costly than federal Direct parent loans (PLUS). For these reasons, alternative loans should be used as a last resort when considering financing options.

One of the following qualifications must be met in order to apply for funding as an independent student. Living on your own does not qualify you as an independent student.

Currently, an undergraduate student is only considered "independent" for Title IV purposes if he or she:

• Is at least 24 years of age on or before Dec. 31 of the award year;
• Is a graduate or professional student;
• Is married;
• Has children or dependents other than a spouse for whom the student provides more than half support;
• At any time since you turned age 13, were both of your parents deceased, were in foster care or were you a dependent or ward of the court;
• Is serving active duty in the U.S. Armed Forces for other than training purposes;
• Is a veteran of the U.S. Armed Forces; Is an emancipated minor as determined by a state court;
• Is in legal guardianship as determined by a state court or;
• Is an unaccompanied youth who was determined to be homeless by a school district homeless liaison, the director of an emergency shelter program or the director of a runaway or homeless youth basic center or transitional living program.

Academic scholarship recipients must maintain the required cumulative GPA. At the time of acceptance to Salve Regina, these students 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 the student falls below the required cumulative GPA, a one-time extension will be granted. After the probationary semester, if the student is still not maintaining the criteria, the student will lose his/her eligibility for the academic scholarship.

Students are required to renew their financial aid applications by the deadline date every year. A student's need is determined for one year at a time and is, therefore, subject to change from one year to the next. The Office of Financial Aid strives 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 (EFC) and not making satisfactory academic progress.

Outside scholarships are considered a benefit and the Office of Financial Aid does 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 a student's 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.

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 to inform them of their specific changes. In some cases there are ways that the Office of Financial Aid can assist families who experience financial setbacks or other special circumstances.

You must complete the Free Application for Federal Student Aid (FAFSA) by your state's deadline. Each state has its own deadline for the FAFSA. Please keep in mind, to apply for financial aid on time at Salve Regina, the federal processor must receive your completed FAFSA by March 1, 2013.

Salve Regina offers academic scholarships based on merit. Merit scholarships are awarded, through the admissions process, at the time of acceptance and are based on specific criteria as outlined in the academic scholarship section of the Web site. They are guaranteed for four years, as long as the student maintains 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 in the application instructions on this Web site. Salve Regina grants are subject to change from one year to the next, if the family's need changes.

March 1, 2012 is the priority deadline. Verification materials must be filed no later than May 15, 2013.

Stepparent income must be included when filing the FAFSA and CSS Profile. By federal Department of Education regulations, this income must be included. There is no provision for exception to this regulation.

Students who choose to study abroad for either the fall or spring semester, through an approved program from Salve Regina, are considered to be enrolled at Salve Regina for purposes of applying for federal student aid. These students receive the off-campus budget which results in a reduction in the Salve Regina grant of $1,400 per semester abroad. The student is also not eligible for federal student employment.

A tax return transcript is a computerized printout provided directly to you by the Internal Revenue Service that shows line items from your tax return (Form 1040, 1040A or 1040EZ) and W-2s as they were originally filed.

Please be advised that Salve Regina cannot accept personal tax return copies; they do not satisfy federal verification requirements.

Upperclass students are welcome to live on campus should they choose, however, if they choose to move off campus, there will be a change in their financial aid award. Periodically, the Office of Financial Aid researches the cost of living off campus to ensure that the budget is appropriate. Average off-campus living allowance is approximately $2,800 per year less than on-campus expenses, which is reflected in the off-campus budget.

If all other financial information remains approximately the same, the Salve Regina grant will be reduced by $2,800. (For example: If you have a Salve Regina grant of $5,000 as an on-campus student, your grant will be $2,200 as an off-campus student.)

Academic scholarships are not reduced when moving off-campus. (For example: If you have a Dean Scholarship of $6,000 on campus, your Dean Scholarship will still be $6,000 as an off-campus student.)