Need-Based Financial Aid

Need-based aid is financial assistance awarded to students based on their family’s financial circumstances. This type of aid is designed to help make college more affordable for families who demonstrate financial need through the Free Application for Federal Student Aid (FAFSA).

At Salve, need-based aid can come in the form of grants, federal work-study opportunities and federal direct student loans. Unlike loans, grants do not need to be repaid. Need-based aid can be combined with merit-based scholarships and other resources to help cover the cost of attendance and reduce your overall financial burden.

Federal Pell Grants

Federal Pell Grants are awarded to undergraduate students who display exceptional financial need. Maximum award amounts may vary depending on annual federal appropriations.

Federal Supplemental Educational Opportunity Grants

Federal Supplemental Educational Opportunity Grants are need-based federal funds distributed by the Office of Financial Aid to students who are also eligible for Pell Grants.

Salve Regina Grants

Salve Regina grants are need-based awards funded by the University. Eligibility is determined by FAFSA. Grants are prorated for part-time students in their final semester prior to graduation. All other students must maintain full-time status to remain eligible.

Direct Loans

Federal Direct Loans are guaranteed student loans. As long as students are enrolled at least half time during normal enrollment periods, repayment is deferred until six months after they leave school.

Need-based Direct Loans are subsidized, which means the government pays the interest while students are enrolled at least half time. Unsubsidized Direct Loans are available for students who do not qualify for need-based loans. Students are responsible for the interest on these loans while in school, or interest can be deferred and added to the loan principal.

Loan limits are $3,500 for first-year students, $4,500 for sophomores and $5,500 for juniors and seniors. In addition, an unsubsidized $2,000 loan is available annually. The annual loan limit is determined by the credits earned as of the beginning of the academic year. If students change from one academic level to another (example: sophomore to junior) during the academic year, they are responsible for notifying the Office of Financial Aid so additional loan eligibility can be determined. As a courtesy, one notification of change in eligibility will be emailed to students when this applies. Students must then contact their financial aid counselor to request the additional eligibility.

Nursing Loans

Nursing loans generally have the best terms of all loans offered in the financial aid package. These funds are limited and are awarded to students who demonstrate significant need. Nursing loans are only available to eligible nursing majors.

The interest rate is subsidized by the federal government, and repayment is deferred until nine months after students leave school or drop below half-time. Students who accept these loans must complete a promissory note and disclosure before the loan can be processed.

Student Employment

Federal student employment is offered to eligible students as part of the self-help portion of their financial aid package. These funds are not applied directly to your bill, but are intended to help cover personal expenses, such as books, laundry or other daily costs.

Students can explore and apply for available positions through Handshake, Salve's job platform. The Office of Financial Aid is also available to assist you in finding on-campus employment opportunities.