Office of Financial Aid

FINANCING OPTIONS

Financing Options Chart

What Do I Owe?

The Office of Financial Aid at Salve Regina awards financial assistance based on the information families provide. That information helps us to distribute assistance as fairly as possible. Salve Regina cannot award to full-calculated need. In addition to your financial aid award, we do offer a wide range of financing options to help families attain their educational goals. Payment plans, parent loans and alternative loans are available to assist families with expected contributions.

You may select a lender of your choice. However, before choosing a lender, you must ensure that the lender participates in the Electronic Funds Transfer (EFT) System through the Rhode Island Higher Education Assistance Authority (RIHEAA).

Payment Plan

Families may choose to pay the balance over 8 or 10 equal payments through Tuition Management Systems (TMS) for a nominal enrollment fee. Contact TMS at 1-800-722-4867 for information.

Parent Loans

Salve Regina University students are free to choose any lender that participates in the Federal Family Education Loan Program (FFELP). We do provide a list of recommended lenders below for your Federal PLUS Loan. These lenders have been chosen based upon the benefits and service offered to our students.

Loans are disbursed electronically to our school, allowing funds to be posted directly to the student’s account. Please click on the lender’s name to start the application process.

If you wish to use a lender not on the lender list below, please e-mail the name of that lender and their lender code to us at Financial_aid@salve.edu. If you have any questions, please contact the Office of Financial Aid.

A 3% origination fee will be deducted from the PLUS loan amount.

Federal PLUS Loan
Loan Amount Request Form 07/08 (for returning students-PDF)
Loan Amount Request Form 08/09 (for returning students-PDF)

Information on Alternative Loans

Alternative loans are also available for students. Repayment options tend to be much more limited than Federal loans and, generally, have a higher, variable interest rate. Repayment of these loans may be deferred, but interest continues to accrue during deferment. While these loans may be a viable option for bridging the gap, we recommend caution. A student who borrows under the Federal loan programs will have a manageable amount of student loan debt upon graduation. If large alternative loan amounts are added to that debt, it may become extremely burdensome.

The following lenders have been used frequently by our students and have provided excellent service and benefits to our families. (Your state higher education agencies and other private lenders may also offer alternative student loans with attractive benefits and interest rates.)

Lender	Fees	Interest Rates	Loan Limits
Citiassist	0%	Variable as low as 6.0%	Cost of Attendance minus other aid
Education Finance Partner Loan	0%	Variable as low as 5.11%	Cost of Attendance minus other aid
Rhode Island Family Education Loan	4%	Fixed at 7.74%	$35,000.00
Signature	0%	Variable as low as 5.11%	Cost of Attendance minus other aid

What to do if there is a gap?

If your financial aid package does not meet your need for financial assistance, you have several options.

First, carefully consider if a Salve education is right for you. Look closely at the amount of debt you may be asked to take on, the amount of your family contribution and the expenses that you will incur over four years. If Salve Regina University is your first choice, consider alternative financing options.

Veterans' Benefits

Funds may be provided to veterans of the armed services who have had active duty service of 181 days or more, any part of which occurred after January 1, 1975. Benefits are also available to children of deceased or disabled veterans. Please contact your veterans' representative for details.

¹ LIBOR (London Interbank Offer Rate) - The interest rate offered by a specific group of London banks for U.S. dollar deposists of a stated maturity. The LIBOR is used as a base index for setting rates of some adjustable rate financial instruments. The LIBOR index can be found daily in The Wall Street Journal's Money Pages.