In addition to the financial aid package, Salve Regina offers a wide range of financing options to help students and families attain their educational goals. Payment plans, parent loans and private student loans are available to assist with the balance due after financial aid.
Salve Regina’s interest-free monthly payment plans, offered in partnership with Nelnet, are an alternative to large annual or term payments and help to limit borrowing. Nelnet offers several monthly payment options.
For more information, or to enroll in a monthly payment plan, visit the student's My Salve account and follow the "Payment Plan and Billing" link, call (800) 609-8056 and speak with an education payment counselor or contact the Business Office for additional guidance.
Federal Direct PLUS Loans for Parents
Direct PLUS Loans are federal loans borrowed by a parent on behalf of a dependent student, offering a simpler, faster, less expensive and more reliable source of funding for students and their families.
The interest rate on Direct PLUS Loans is fixed and the U.S. Department of Education deducts a loan fee from the total loan amount upon disbursement. All other terms and conditions to repay the loan remain the same.
Direct PLUS Loans are disbursed electronically to the University, allowing funds to be posted directly to the student’s account. In order to apply, you must use your FSA ID and complete a master promissory note.
Private Parent Loans
Private parent loans are borrowed by a parent on behalf of a dependent student. The parent is the borrower and is responsible for repayment. Your home state's higher education agency may also offer parent loans.
Private Student Loans
Private student loans are issued in conjunction with a credit-worthy cosigner. The student is the borrower and is responsible for repayment. While repayment may be deferred, interest continues to accrue during deferment. When considering an alternative loan, carefully research factors such as interest rates, fees, APR, borrower benefits and loan repayment options.
In many cases, lenders will run a credit check to offer pre-approval. Requesting information from several lenders can result in numerous credit inquiries that may adversely affect your credit. Applying too early may cause the credit approval to expire, and will also result in additional credit inquiries.
Private Loan Application Process
The private loan application process is initiated by the borrower. If you are selecting from Salve Regina’s list of frequently used private loan vendors, simply click on the lender and complete the application process, including the cosigner addendum, disclosure approval and self-certification. Once you have been approved, the lender will send us a certification request and we will certify the request electronically. After the application clears the final approval process, the funds will be disbursed to the student’s account.
Please note: Fees are usually added to the total loan amount upon repayment. You should review the lender's individual terms, rates and fees. Lenders reserve the right to change or discontinue their interest rates and fees.
Average Student Loan Debt
- 82% of the Class of 2020 borrowed through the federal Perkins, Stafford or Direct Loan programs, with an average indebtedness at graduation of $26,397.
- 83% of the Class of 2020 borrowed through federal, state or private loan programs, with an average indebtedness at graduation of $47,467 (median debt of $27,000).
- Salve Regina's cohort default rate was 1.8% for fiscal year 2017. The national default rate for the same year was 9.7%.
- According to the National Student Loan Data System, Salve Regina's most recent loan repayment rate was 82.5%.