How Do We
Determine Your Federal Financial Aid Eligibility?
Your eligibility for need-based financial aid is
determined by federal Department of Education regulations and University
policies governing financial aid programs. Using the information you provided
on the Free Application for Federal Student Aid (FAFSA), the CSS Profile and
other required documentation, the Office of Financial Aid will calculate the
amount of family resources you and your parent(s) are expected to contribute
towards your educational costs. These resources, known as the Expected Family
Contribution (EFC), are subtracted from a standard budget of educational
expenses, or Cost of Attendance.
Cost of Attendance includes direct costs, for which you receive a billing
statement (tuition, fees and on-campus room and board) as well as estimated
indirect costs not billed to you by the University (books, supplies, personal
expenses, transportation and off-campus room and board). The difference between
the Expected Family Contribution (EFC) and the Cost of Attendance (COA) is your
maximum eligibility for need-based assistance.
remain eligible for federal, state and institutional financial aid, a student
must meet the minimum requirements of satisfactory academic progress as
published in the Undergraduate Catalog.
Your Financial Aid Award
financial aid package is generally a combination of grants, scholarships
and self-help. Grants and scholarships
are gift aid that does not have to be paid back. Self-help includes loans, which must be paid back, and work-study, which allows a student to
earn money towards college expenses, but does not come directly off the bill.
Awards and Actual Awards
who are new to Salve Regina will be given estimated awards based on the CSS
Profile information available to the Office of Financial Aid at the time of
awarding. More information is required to verify application data prior to
issuing an official award. You will receive via e-mail a cover letter and
instructions from the College Board listing required verification items to
collect and send to the College Board. Estimated awards are only as good as the
information the family has provided on the financial aid applications and
supplemental documents. Once all of the required information is received, each
file is re-evaluated and adjusted, if necessary.
who are returning to Salve Regina will not receive a financial aid award letter
until all required
information is received and final grades are reported to our office. Only new students receive estimated awards.
award letters are sent to students who have submitted all of the documentation
necessary for verification of their financial aid file. Awards are not final
until all master promissory notes are completed.
Aid awards differ from school to school and it is important to know each
school's awarding policies when comparing awards. Look at the separate parts of
each financial aid package. What percentage of the package is self-help (loan
and work-study)? What part is scholarship or grant that does not need to be
repaid? Some schools have higher or lower aid packages because their tuition is
higher or lower. Make sure to compare total cost minus financial aid.
questions about future years. You must apply for financial aid every year by
completing the FAFSA. Your package may be adjusted as a result of changing
resources and other factors that affect a family's ability to pay. If the
family circumstances remain stable, the financial aid package at Salve Regina
should remain relatively constant. If students move off campus, the average
costs are lower and that adjustment is reflected in a reduced award. Off-campus
room and board costs can vary greatly.
Regina has a limited amount of federal and institutional financial aid dollars
to distribute and many students who apply for assistance. Therefore, it is
possible that our financial aid package may not be adequate to cover all of
your college expenses.
do not guarantee to meet your full financial need. As a
result, there may be an amount, or gap,
between your federal EFC, the amount of our offered financial aid package and
the total cost of education.
Please be aware that students whose applications
are completed after the priority deadline passes must expect reductions in
institutional grant awards.