Financial Aid

General Policy

A college education is a significant investment. The Financial Aid Office helps students and families make a Salve Regina education accessible and affordable by offering need-based and merit-based aid, along flexible payment plans, private loan options and debt management counseling.

Salve Regina University provides comprehensive information and counseling on financial aid, as well as various options to help students finance their education. Each student is assigned a dedicated financial aid counselor to assist them throughout their time at the University.

The University's website, www.salve.edu, is a valuable resource, providing important information and beneficial financial aid links. These include access to all required forms, detailed financing options, and a financing fundamentals loan tool. 

For additional clarification or information on any of the financial assistance programs, please contact the Office of Financial Aid. 

Application Process

To apply for financial aid, all new and returning students must complete the Free Application for Federal Student Aid (FAFSA) annually. The Salve Regina priority deadline for filing the FAFSA is March 1 for a fall semester start and December 15 for a spring semester start.

Verification Process for Financial Aid

Students selected by the U.S. Department of Education for verification must submit supporting documentation to confirm the accuracy of the information provided on their FAFSA. Required documents may include:

  • IRS tax transcripts for the student and parent(s)
  • W-2 forms showing wages earned
  • Documentation of untaxed income
  • Statements verifying the number of family members receiving parental support
  • Any additional documents requested by the Financial Aid Office

Verification documents must be submitted by May 15 for the fall semester and January 15 for the spring semester. Students should carefully review all requests for verification documents and respond promptly. Notifications will be sent via mail or email directly to the student. Failure to complete the verification process may result in the loss of all financial aid.

Links to the FAFSA and many other documents can be found in the Financial Aid section of the Salve Regina website.

Eligibility Requirements

To be eligible for need based financial aid at Salve Regina University, a student must:

  • Be a citizen or legal resident of the United States.
  • Be enrolled at least half-time (two courses [6 credits] per semester) and be accepted as a candidate in a degree or certificate granting program.
  • Be making satisfactory progress toward the completion of the course of study.
  • Not be in default on a Federal Perkins Loan or a Federal Stafford Loan.
  • Not owe a refund on a Federal Pell Grant or Federal Supplemental Education Opportunity Grant.

Returning Students

Renewal of Financial Aid

Renewal of financial aid is not automatic. Recipients are required to apply each year by the published deadlines. The Office of Financial Aid reserves the right to reduce, increase, or otherwise adjust any financial aid for which it is responsible. For additional details about any of the financial aid programs mentioned, please refer to our website, or contact the Office of Financial Aid at Salve Regina University directly via mail, email, or phone.  

Special Note

Since rules, regulations, and requirements change each year, all students who feel that they have financial need are encouraged to apply, rather than concluding that they are ineligible. Also, since a student's eligibility status could change during the college years, it can be important to file a new application each year, regardless of the determination made in previous years.

While Salve Regina University strives to maintain consistent awards from year to year, changes in a family's financial situation, household size, etc. may require modification of an offer. Similarly, on-campus and off-campus budgets differ, and awards are adjusted accordingly. Students who move from on campus residence halls to off campus housing can expect a reduction of institutional aid based on the lower cost of attendance.

Offers of aid are made on the assumption that the financial aid programs will be continued and that sufficient federal funds will be appropriated by Congress. Students who submit late applications must expect delays in aid offers, reductions in grants, and the possibility that funds may already have been exhausted. The student is responsible for keeping their home and local addresses current with the Office of Financial Aid. 

Satisfactory Academic Progress

To continue to receive Title IV federal financial aid including Parent Plus Loans, federal Direct Subsidized and Direct Unsubsidized Loans, federal Student Employment (work study) and federal grants, students must maintain satisfactory academic progress.

Federal regulations require that Salve Regina University measure satisfactory academic progress; a student’s progress towards the completion of their degree program. The standards of satisfactory academic progress apply to all Title IV federal funding. Students must meet both the qualitative and quantitative standards below.

Requirements

Qualitative Standards

Satisfactory academic progress requires a cumulative GPA of 2.0 or higher by the end of each academic year (after the Spring semester is complete).

Quantitative Standards

Students must successfully earn 67 percent of their cumulative attempted credits.

In addition, students will no longer be eligible to receive federal financial aid once they have attempted more than 150 percent of the normal credits required for their degree; meaning, full-time students must complete their degree within six years.

  • All transfer, summer and winter credits are calculated toward the satisfactory academic progress standard, whether taken at Salve Regina University or any other institution.
  • Grades of F, W (medical included), are considered attempted, but not earned credits.
  • Repeat coursework taken to increase a previously passing grade cannot be considered in qualifying you for financial aid enrollment status or satisfying a determination of non-compliance with satisfactory academic progress requirements. 
  • Incomplete courses will count toward the calculation of credit hours attempted. Once incomplete courses are completed and a passing grade is received, the credits will then be applied to the student’s completion rate.
Review of Satisfactory Academic Progress

Satisfactory academic progress for federal financial aid will be reviewed at the end of each spring semester. If the cumulative GPA falls below the minimum standard and/or the student falls behind in earned credits, the student will be notified of their financial aid suspension by the Office of Financial Aid. Students may appeal the decision by completing the required process below. Once the appeal is received, the Office of Financial Aid will notify the student of future eligibility.

Note: The review of satisfactory academic progress for financial aid purposes is based on a student's entire academic record, even if the student did not receive financial aid during previous semesters of enrollment. This includes all prior coursework (including remedial courses) taken at Salve as a non-matriculated student. These courses will be calculated as part of the qualitative and quantitative standards. Students placed on suspension and wishing to appeal may provide documentation of coursework that is not applicable to their degree program, applied to a second-degree program, or is a result of changing their major, and these courses may be excluded from the satisfactory academic progress calculation.

Appeal

Students who do not meet the minimum Satisfactory Academic Progress requirements for financial aid can appeal when special circumstances exist. Conditions when a student may appeal include death of a relative, injury or illness of the student, pending grade change or other extenuating circumstances. In order to appeal, a student must submit, in writing, a personal statement regarding the reasons for falling below the guidelines and supporting documentation. Appeals must be received within 2 weeks of the date of notification of the suspension. Students are also encouraged to meet with Academics, to develop an academic plan, outlining the steps required to meet Satisfactory Academic Progress standards.

If a student's appeal is approved, they will be placed on financial aid probation. Students who will have difficulty reaching the required minimum standards are required to set up a formal plan with academics before they are approved. At the end of this probation period, the student's academic record will be reviewed to evaluate progress and determine continued eligibility. 

Denied appeals will result in the student being ineligible for federal financial aid until minimum satisfactory academic progress standards are met.

Appeals will be granted only once during a student’s enrollment at Salve Regina. Exceptions may be made in certain circumstances.

After an appeal is granted, if the student fails to meet the terms outlined in their academic plan, and/or does not meet the minimum requirements, they will become ineligible for federal financial aid until the minimum standards for satisfactory academic progress are met.

Re-Establishing Financial Aid Eligibility

A student may regain financial aid eligibility by successfully meeting the college's SAP policy requirements or successfully meeting the requirements of an established academic plan.

Types of Aid

There are three principal types of aid: scholarships and grants that do not need to be repaid; loans that must be repaid; and student employment (work study) which is money earned through hourly work. The U.S. Department of Education website (www.studentaid.gov) is a good source of information describing all federal aid programs. 

Scholarships and Grants

Federal Grants

Federal Pell Grants and Federal Supplemental Educational Opportunity Grants are determined each year based on a family’s Student Aid Index as determined on the FAFSA as well as a student’s enrollment status.

State Scholarships and Grants

Scholarships and grants are available to eligible students from a limited number of states.  It is the student's responsibility to provide the appropriate application materials to their state agency within the state agency’s specified deadline.

University Scholarships and Grants

The Office of Admissions at Salve Regina University awards academic/merit-based scholarships to incoming students who meet established criteria. These scholarships are renewable provided that the student maintains the cumulative grade point average (GPA) specified in the scholarship agreement. These scholarships are available only to full-time undergraduate students. Graduate students and students in their 5th year of the accelerated 5-year master’s program are not eligible for these scholarships.

Students who fall below the required minimum GPA will lose eligibility for merit-based scholarships after a one semester probationary period. Students who move off campus can expect a reduction in their institutional aid due to the average decrease in the off-campus cost of attendance. 

Admissions also awards the Ochre (Opportunity and Community Helping to Reach Equity) Scholarship to selected, qualified students who demonstrate financial need and have a strong commitment to diversity.

More detailed information about Salve Regina merit-based scholarships can be found on the Admissions/Financial Aid website https://salve.edu/financial-aid/merit-based-scholarships.  

Salve Regina grants are need-based awards funded by the University. Eligibility is determined by information provided on the FAFSA and the student’s cost of attendance. Please note that the cost of attendance decreases when students move off campus and institutional aid is adjusted accordingly. 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.

Restricted and Endowed Scholarships

Through generous contributions from individuals, foundations and corporations, Salve Regina can offer scholarships to deserving students to supplement their financial aid offers.

Scholarship applications open at the beginning of the spring semester for awards granted the following year.

Outside Scholarships

Many private philanthropic organizations, foundations, and corporations provide scholarships and awards. Local sponsors of such programs include service organizations such as Rotary, Kiwanis, Lions Club, the American Legion, and the PTA. These sources may represent significant resources to the student.

Students apply directly to potential donors and deal directly with the sponsoring organization. Students are responsible for notifying the University of any outside financial assistance to be applied to their accounts. Students should not rely on outside agencies to do this. Students will find links to free scholarship search services on the Salve financial aid website as well as through their local high school guidance office.

Salve Regina encourages families to seek outside scholarships. The University has very flexible policies regarding the posting of outside scholarships. For more information on how outside scholarships are applied, please contact the Office of Financial Aid.

Army ROTC Scholarships/Stipends

Army Reserve Officers' Training Corps scholarships are available on a competitive basis to qualified students. The Office of Financial Aid will be notified either by the student who will be receiving an ROTC scholarship or the Bursar Office (the office that has the list of students receiving the scholarship). The amount of the ROTC scholarship covers tuition and tuition-related fees only for the year.  Students may keep their full merit award up to budget (off campus reduction still applies).  Students may also keep all need-based aid if it does not bring them over need. In return for the benefits, scholarship winners enter into a contractual arrangement with the United States Army, agreeing to accept a Regular Army or Army Reserve commission as a Second Lieutenant. 

National Guard Tuition Assistance

Members of the National Guard may qualify for state-sponsored tuition assistance programs. Students interested in this program should contact their Adjutant General's office. Members of the Army National Guard may also qualify for Army ROTC tuition assistance benefits under provisions of the Army ROTC Simultaneous Membership Program.

Veterans Administration Educational Benefits

Salve Regina University is approved for veterans' benefits, including Yellow Ribbon benefits. These benefits are administered through the Office of the Registrar. Interested persons should contact their local V.A. office or phone 1 (888) GI-Bill1 (1-888-442-4551) for assistance.

Salve Regina University complies with the Veterans Benefits and Transition Act of 2018 and the requirements of 38 USC 3679(e). As such, Salve Regina University will not prevent enrollment, assess a late penalty fee, require securing alternative or additional funding, or deny access to any school resources to any student using Chapter 33 Post 9/11 GI Bill® or Chapter 31 Vocational Rehabilitation benefits, even if the VA has not yet paid tuition and fees.

Students utilizing VA benefits are required to produce the VA’s Certificate of Eligibility by the first day of class, provide written request to be certified, and provide additional information needed to properly certify the student.

*

GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.

Vocational Rehabilitation

Every state operates a vocational rehabilitation program to help people with disabilities return to productive activity. In certain cases, the vocational rehabilitation agency will assist a student with disabilities to meet college expenses. If a student receives payments from Vocational Rehabilitation, Manpower Development, or similar assistance programs, the full value of such payments is considered a financial resource.

Loans

Federal Loans

The Federal Direct Loan Program provides student loans to eligible borrowers who complete the FAFSA, a Master Promissory Note (MPN), and loan entrance counseling online. Students must be enrolled at least half-time during standard enrollment periods to qualify. Loan funds are disbursed by the University.

The U.S. Department of Education sets the terms for borrowing limits, interest rates, subsidies, deferments, and repayment. Direct Loans have a fixed interest rate, which is determined annually. Repayment begins six months after graduation, with multiple repayment options available. Borrowers with multiple federal loans under this program may consolidate them into a single Direct Loan repayment plan.

Types of Federal Direct Student Loans

  • Subsidized Direct Loans (need-based): The government pays interest while the student is enrolled at least half-time.
  • Unsubsidized Direct Loans (non-need-based): Students are responsible for interest, which may be paid while in school or deferred and added to the loan principal.

All Direct Loans are subject to an origination fee deducted by the Department of Education before disbursement.

Loan limits for federal direct subsidized loans 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. Annual loan limits are based on the number of credits earned at the start of the academic year. If a student moves to a higher academic level (e.g., sophomore to junior) mid-year, they must notify the Office of Financial Aid to determine additional loan eligibility. A one-time notification of eligibility changes will be sent via email, after which students must contact their financial aid counselor to request adjustments.

Federal Direct PLUS Loans

The Federal Direct PLUS Loan Program allows parents of dependent students to borrow funds to cover educational expenses. Parents may borrow up to the cost of attendance, minus the student’s financial aid (including work-study and loans).

  • The interest rate is fixed, and an origination fee is deducted before disbursement.
  • A credit check is required.
  • A valid FAFSA must be on file for the student.

Parents interested in a PLUS Loan can apply online at https://studentaid.gov/. The Office of Financial Aid manages all loan transactions for this program.

Private Parent and/or Student 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. State higher education agencies may also offer parent loans.

Private student loans: are available to students who also have 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/private loan, carefully research factors such as interest rates, fees, APR, borrower benefits and loan repayment options.

Student Employment (Work Study)

The Federal Student Employment program is a federally funded program that allows students with financial need to work on campus during the academic year.

Most jobs are only open to students who received a federal work-study award as part of their financial aid package; however, some non-need based positions called “Knowledge, Skills and Abilities” positions are open to all students regardless of award status. Open positions are posted in Handshake.

Helpful Links

The University's website, www.salve.edu, is a valuable resource, providing an array of information and beneficial financial aid links. These include direct access to all required forms, detailed financing options, and a financing fundamentals loan tool.

For more clarification or information on any of the financial assistance programs discussed, please contact the Financial Aid Office at Salve Regina University. 

Federal Student Aid

The U.S. Department of Education maintains a student portal ( https://studentaid.gov) that allows students and parents to get all the information they need. Everything from learning more about financial aid, submitting a FAFSA, completing loan requirements applying for an FSA ID and monitoring student loans borrowed (National Student Loan Data System (NSLDS)).