Office of Financial Aid

FAQS AND GLOSSARY

What is the priority deadline for applying for financial aid at Salve Regina University?
March 1, 2008 is the priority deadline. Verification materials must be filed no later than May 15th.

What is the difference between a scholarship and a grant?
Salve Regina University 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 University grants are subject to change from one year to the next, if the family's need changes.

Am I guaranteed my financial aid each year?
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.

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 and CSS Profile. By Federal Department of Education regulations, this income must be included. There is no provision for exception to this regulation.

How is my merit scholarship maintained for 4 years?
Academic scholarship recipients must maintain a cumulative GPA of 3.2 or higher. 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 3.2 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.

How do I apply for a state grant?
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, 2008. (
How does an outside scholarship affect my financial aid?
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 Veteran’s benefits and/or an employer’s tuition benefits are considered a resource. Before need-based aid is deteremind, resource must be factored.

What happens to my financial aid if I choose to study abroad?
Students who choose to study abroad for either the Fall or Spring semester, through an approved program from Salve Regina University, will receive a reduction in the Salve Regina University grant of $1400 per semester abroad. The student is also not eligible for Federal College Work-Study (FCWS).

What happens if my family’s financial situation changes?
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.

What happens when I move off campus?
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 University grant will be reduced by $2,800. (For example: If you have a Salve Regina University grant of $5,000 as an on-campus student, your grant will be $2,200 as an off-campus student.)

Academic scholarships (Presidential, Trustee and Dean Scholarships) are not reduced when moving off-campus. (For example: If you have a Dean scholarship of $6000 on campus, your Dean scholarship will still be $6,000 as an off-campus student.)

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

Federal Stafford Loans
These are federally-funded, 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 Stafford 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 Stafford loans are available. Loan limits for these loans are: Freshmen, $3,500; Sophomores, $4,500; Juniors and Seniors, $5,500. You will be asked to select a lender. If interested, a list of recommended lenders is available. These lenders are recommended because they offer outstanding service and cost savings to our students.

Federal Perkins and Federal Nursing Loans
These loans generally have the best terms of all loans offered in your Salve Regina Financial Aid package, and are generally awarded to upper-class students who demonstrate need. Nursing loans are available only to eligible Nursing majors. The federal government subsidizes the 5% interest rate, 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 Parent loans (PLUS) or Rhode Island Family Education Loans (FELP). For these reasons, alternative loans should be used as a last resort when considering financing options.

What is an independent student?

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 December 31st 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;
Is an orphan (i.e. both parents are deceased) or is a ward/dependent of the court, or was a ward/dependent of the court until age 18;
Is serving on active duty in the U.S. Armed Forces for other than training purposes or;
Is a veteran of the U.S. Armed Forces

What constitutes a complete federal tax return?

This includes a parent's and student's signed 1040, 1040A or EZ, including all filed schedules. If parents are a part of a Partnership or S Corporation, send the 1065 or 1120S and the K-1 Schedule. The CSS Business/Farm Supplement Form (available upon request from our office or on the web site) also must be completed.

Salve Regina University has contracted with the College Board’s Institutional Documentation Service (IDOC), through a secure procedure, to collect necessary financial aid-required documents. IDOC will send a request for taxes, W2s, and other applicable information to your home. Mail a completed, signed copy of parent and student 2008 federal tax return(s) including all schedules and copies of all W-2s, with the cover sheet and additional documentation, to the College Board.

Parents and students who are not required to file federal tax returns for 2007 must complete a Statement of Not Filing (pdf) . A standard form is available upon request, or a written and signed statement is acceptable.

What are the most common errors made when applying for financial aid?

1. Filing your application late
2. Incorrect Social Security Numbers - Please double check your FAFSA and CSS Profile to be sure the student’s Social Security Number is correct. This is a common error and very time consuming to correct on the FAFSA.
3. Not using your legal name, from your social security card, when completing all financial aid forms
4. Submitting illegible, incomplete, or unsigned federal tax returns
5. We want your estimate to be as accurate as possible. The most common reasons for an inaccurate estimate are:

Over-estimating the number of students in college. Only students enrolled at least half time in a degree or certificate-granting program may be included. In most cases, siblings in graduate school should not be included in the number of students in college or household.
Failing to report other untaxed income such as contributions to a 401K 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 (UGMA)
Not reporting social security or veteran’s benefits

Glossary

Academic Competitiveness Grant (ACG)
A supplemental grant for Pell Grant-eligible students in their freshman and sophomore years who have completed a rigorous high school curriculum and maintain a 3.0 cumulative grade point average.

Cost of Attendance

The Cost of Attendance includes direct costs for which you receive a billing statement from the Business Office (tuition, fees and on-campus room and board), and 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 is your maximum eligibility for need-based assistance.

Custodial Parent

As defined in the final divorce decree or the parent with whom you lived the majority of time during the last 12 months.

CSS Profile Application

Salve Regina’s school code for the CSS Profile is 3759. To register and complete a Profile Application online, use the Profile link from the Salve Regina web page or go to www.collegeboard.com. Use estimated figures if your 2007 tax returns are not completed.

EFC

Your eligibility for need-based financial aid has been determined according to 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), and other required documentation, the Office of Financial Aid uses a resource known as the Expected Family Contribution (EFC), which is defined as your family’s financial strength and is used to determine your eligibility for federal student aid during one school year.

(FAFSA) Free Application for Federal Student Aid

This form provides colleges and universities with data to determine your family’s ability to contribute to your educational expenses. Be sure to use the student’s Social Security Number when applying online. Salve Regina University’s Federal School Code (section H) is 003411.

Federal Pell Grants

These grants are federally-funded student entitlements. Amounts can vary depending on annual federal appropriations.

Federal Perkins and Nursing Loans

These loans generally have the best terms of all loans offered in your Salve Financial Aid package, and are awarded to students who demonstrate need. Nursing loans are available only to eligible Nursing majors. The federal government subsidizes the 5% interest rate and repayment of these loans is deferred until nine months after a student leaves school, leaves the Nursing Program, or drops 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 Stafford Loans

These are federally-funded, 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 Stafford 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 Stafford loans are available. Loan limits for these loans are: Freshmen, $3,500; Sophomores, $4,500; Juniors and Seniors, $5,500. You will be asked to select a lender. If interested, a list of recommended lenders is available. These lenders are recommended because they offer outstanding service and cost savings to our students.

Federal Supplemental Educational Opportunity Grants, (FSEOG)
These grants are distributed by the Office of Financial Aid to students who are also eligible for the Pell Grant.

Federal Methodology (FM)

Federal Methodology is used by the federal government to compute your family contribution to college expenses. Using FAFSA information. FM is our basis for awarding federal financial aid dollars. Because the formula is standard, you can expect that your family contribution will be the same at all of the schools to which you apply for financial assistance.

Federal Work-Study or Salve Regina Employment

Federal work-study will be awarded 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 Work-Study are eligible to apply for institutional student employment. This money is not deducted from the bill, but is intended for personal expenses such as personal expenses. Students are given the opportunity to apply for available jobs through the Career Development Office when they arrive on campus.

Gap

Gap is defined as the balance between financial aid (merit, need-based, federal and outside scholarships) and direct-billed charges. Salve Regina University federal and institutional financial aid dollars are limited. We do not guarantee to meet your full financial need. As a result, there may be a gap, between your federal Expected Family Contribution (EFC) and the amount of our offered financial aid package and the total cost of education.

Outside Scholarships/Veteran and Employee Benefits

These types of funding come from a variety of sources such as parents’ employers, local charitable organizations, or hometown sponsors. We urge you to pursue these awards by contacting your guidance counselor, visiting your library or researching Internet sites, (see the outside scholarship page of our website for a list of helpful sites). Veterans should contact the Veterans’ Administration.

Noncustodial parent

The parent with whom the student does not reside.

Salve Regina Academic Scholarships

Academic/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.

Salve Regina University Grants

Grants are need-based awards funded directly by the University. Eligibility is determined from your initial CSS Profile and currentyear FAFSA. Salve Regina University 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.

Self Help

This term is used to describe financial aid that a student must earn through Federal Work-study employment or loans borrowed in the student’s name.

Smart Grants
Federal SMART Grants are supplemental grants for Pell Grant-eligible students in specific majors during their junior and senior years who maintain a 3.0 GPA each semester.

State Grants

Eligible students residing in Vermont, New Hampshire, Maine, Pennsylvania, Rhode Island, Connecticut and Massachusetts may be eligible. State grants are estimated until eligibility and amounts are verified by the state granting the awards. Students who file the FAFSA by the state deadline are automatically considered for these grants. The state agency then notifies students of their potential edibility.