Office of Financial Aid
Location: 100 Ochre Court
Toll-Free: (888) GO-SALVE
Office: (401) 341-2901
Fax: (401) 341-2928
Email: financial_aid@salve.edu
Office of Financial Aid
The university is genuinely concerned that the cost of higher education is a serious financial burden for many students and their families. The Office of Financial Aid works to make tuition more affordable so that qualified students interested in attending Salve Regina are able to do so.
There is a wealth of information on these pages that will assist you in the financial aid application process. Pay particular attention to the forms that are required and the priority deadlines for filing those forms. You will also find links to the required forms, as well as links to other web sites with additional resources.
If you need additional information, please contact the Office of Financial Aid located on the third floor of Ochre Court.
General Information and Financial Aid Package
Remember! The Priority Deadline to apply for Financial Aid is March 1, 2008!
- Freshmen, and all first time financial aid applicants, must complete the CSS Profile, and the FAFSA (Free Application for Federal Student Aid);
- Returning Students must complete the FAFSA;
- Requests for all other required information will be sent to you upon completion of the above requirements.
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.
The 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.
To remain eligible for federal, state, and institutional financial aid, a student must meet the minimum requirements of Satisfactory Academic Progress as published in the Salve Regina University Undergraduate Catalog.
Understanding Your Financial Aid Award
Your 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.
Estimated Awards and Actual Awards
New students to Salve Regina University will be given estimated awards based on the 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 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.
Returning students to Salve Regina University 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.
Actual 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 signed and on file in the Office of Financial Aid.
Comparing Packages
Financial 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.
Ask questions about future years. You must apply for financial aid every year, and 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.
The Gap
Salve 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.
We do not guarantee to meet your full financial need. As a result, there may be an amount, or gap, between your federal expected family contribution (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.
Special Circumstances
While other required forms allow you to make some notes about any special circumstances, it is probably a good idea to contact the Office of Financial Aid via phone, email or letter to discuss your family situation. We address how Salve Regina handles some common situations below. If your family's income changes considerably from one year to the next, due to such circumstances as loss of a job or death of a parent, please contact the Office of Financial Aid for guidance. Unusual charges, such as out-of-pocket medical expenses, should also be reported.
Requests for reconsideration of aid must be made, in writing, to the Director of Financial Aid. Files must be complete and all requested information must be received before a reevaluation of assistance will be considered.
Independent Student Status
One of the following qualifications must be met in order to apply for funding 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
If you are a citizen of another country, but now have status as an immigrant or permanent resident, you are eligible to apply for financial aid.
Divorced or separated parents should submit information from the custodial parent (the one with whom the student lives the majority of the time). If you spend an equal amount of time with each parent, the documentation you must submit should come from the parent who provided the majority of your financial support for the past year. Federal regulations also require you to include stepparent income when the custodial parent is remarried.
Reduced Income
If your family's current annual income will be at least $5,000 less than the previous year, you may request an anticipated income form. Your family should estimate its reduced income as well as any federal tax liability. Your new award, if any, will be based on this estimate. To verify this information, parents must send a copy of their next federal income tax return to this office by March 15. If the estimated data is not accurate, we will retroactively adjust your financial aid for the current academic year. Anticipated Income Forms will be honored based on remaining available resources.
Still Need Help?
The staff in the Office of Financial Aid is ready to assist you with any further information you may need. Our office is open Monday - Friday from 8 am-5 pm. We are located on the third floor of Ochre Court.
Our mailing address is:
Office of Financial Aid, Salve Regina University
100 Ochre Point Avenue
Newport, RI 02840
Our phone numbers:
Toll-Free: (888) GO-SALVE
Office: (401) 341-2901
Fax: (401) 341-2928
Our phone lines become extremely busy at certain times of the year and, occasionally, you may reach our voice mail. If this occurs, please leave a brief message including the student's full name (please spell last name), University identification number and a phone number where you can be reached. We recognize the importance of your call and we will respond as quickly as possible.