Office of Financial Aid
Location: Harkins Hall 215
Meeting the cost of a private college education is a challenge for most students and their families. In recognition of this reality, Providence College provides a multifaceted financial assistance program to help students as they formulate a plan to finance their education. In determining financial aid awards, Providence College distributes financial assistance based on a number of factors, including federal policy, institutionally determined financial need, academic qualifications, and the availability of resources. The College reserves the right to modify the criteria for financial aid if the law or College policy changes.
Since the primary responsibility for the education of a student belongs to the individual and his or her parents or guardians, it is presumed that the student and the family will make the maximum effort to provide for the expenses of an undergraduate education. Should parents or guardians discontinue their support for reasons other than ability to pay, Providence College cannot assume financial responsibility for the student. Financial aid from the College or other sources should always be considered a supplement and not a substitute for parental contributions.
Providence College uses the Federal Methodology required by the Higher Education Act (1992), as amended, to determine a student’s eligibility for federal financial aid programs. This methodology allows the College to distribute federal financial aid to eligible students in accordance with federal guidelines. The Federal Methodology calculates a level of eligibility for student applicants that is carefully reviewed by the Office of Financial Aid and may be adjusted to reflect additional information not available at the time of the initial award.
For institutional need-based aid, the College subscribes to the Institutional Methodology, a more comprehensive analysis of a family’s ability to contribute. The Institutional Methodology provides a systematic and objective measurement of the family’s financial situation and the subsequent amount of financial assistance the student will require. With that determination of need, the Office of Financial Aid constructs an aid package consisting of work, loan, and grant assistance in accordance with federal regulations, the availability of funds, and institutional policy. Regrettably, College resources are not always adequate to meet the full need of all eligible applicants. In any given class of students, it may not be possible to assist a small number of eligible students.
All grant and loan funds are credited to the student’s account at the beginning of each semester by the Office of the Bursar. Federal work-study funds are never credited to student accounts and should not be used in determining payment of the tuition bill. Work-study funds are earned during the semester and paid directly to the student on a bi-weekly basis.
The receipt of outside assistance, such as state scholarships, scholarships from private organizations, and high school awards, etc., may result in an adjustment to the original aid offer when the additional assistance provides the student with total funds in excess of calculated institutional eligibility. When it is necessary to adjust an aid offer, reductions will be applied to federal student loans or federal work-study first.
Any aid recipient who withdraws from the College is subject to the refund and repayment policy published in the Financial Information section of the College catalog. Appropriate refunds and repayments to federal aid accounts will be calculated in accordance with current federal and institutional policy.
All financial aid recipients are required to maintain satisfactory academic progress as defined by the Office of the Dean of Undergraduate Studies, the Department of Education, and specified in the College catalog. Failure to maintain the minimum standards for completion of degree requirements will result in the loss of all aid.
In order to ensure that financial aid funds are distributed on an equitable basis, and to meet U.S. Department of Education requirements, a number of student applicants are required to complete a process called “verification.” Students selected to complete the verification process are required to submit documentation of the information initially provided on the student’s FAFSA. Documentation includes: signed copies of the student and parent Final IRS 1040 forms; documentation of untaxed income; statements which confirm the number of family members receiving parental support; the number of family members enrolled in college; and any other documentation the College requires. Students who must complete the verification process should read requests for verification very carefully and respond in a timely manner. Failure to comply with verification requirements can result in the loss of all financial aid.
Applicants are urged to mail all application materials early enough to allow sufficient time for postal handling and delivery before the deadline dates. Applicants using an electronic process are encouraged to allow sufficient time for problems that may be encountered during peak filing times. Applicants are required to complete the appropriate forms each year assistance is sought.
- Filing Requirements
- Entering Freshmen
All entering freshman applicants for financial aid must submit a Free Application for Federal Student Aid (FAFSA) and a CSS/Financial Aid Profile Application. Both forms must arrive at the appropriate processing center prior to February 1.
- Upperclass Students
All returning upperclass student applicants for financial aid are required to complete the Renewal FAFSA or the FAFSA only. One of these forms must arrive for returning students at The Federal Student Aid Programs prior to April 15.
- Transfer Students
All transfer students are only required to have completed the FAFSA or Renewal FAFSA and a CSS/Financial Aid Profile Application. Both forms must arrive at the appropriate processing center prior to April 15.
- Graduate Students/School of Continuing Education (SCE)
All graduate and SCE students must complete the FAFSA or the Renewal FAFSA only. Graduate and SCE students should complete this form at least six to 10 weeks before enrollment.
- State Scholarships and Grants
Most state scholarship and grant programs require submission of the FAFSA. For further information on eligibility, application procedures, and deadlines to apply for a state scholarship in your state of legal residence, contact your state scholarship agency.
- Federal Direct Loan Program
Providence College participates in the William D. Ford Federal Direct Loan Program. Since the Direct Loan Program is administered by Providence College, the FAFSA is the only application required. The Loan Office at Providence College will provide the promissory note and any other supplemental materials for all student borrowers. The Office of Financial Aid and the Loan Office will process all matters involving the Direct Student Loan.
- Renewal of Aid
Renewal of need-based aid is not automatic. Students must reapply for need-based financial assistance each year by completing the FAFSA. All need-based financial assistance at Providence College is renewable for all four undergraduate years provided a student remains in good academic standing and continues to demonstrate similar financial need.
Depending upon your calculated need in subsequent years, your aid award may vary. However, the principal factors used in computing your need are the same every year. These factors include such things as family income, assets, household size, and number of family members in college. The College reviews student aid provisions annually and reserves the right to adjust any award, both in kind and amount, when changes occur in a student’s financial or academic situation or because of funding limitations.
- Following Directions
Be certain to carefully read and follow the directions for completing all of the various applications for financial aid. This prevents unnecessary delay and enables the College to fully consider an application.
- Late Application
Late applications for financial assistance are accepted at any time. However, the actual distribution of awards is based on the availability of funds at the time the late application is received.
Sources of Federal, State, and Local Aid
The Federal Pell Grant application is included in the Free Application for Federal Student (FAFSA) and/or the Renewal FAFSA. Providence College will electronically transmit information from the Federal Student Aid Program for Pell Grant-eligible students. Awards may vary from $400 to $4,731. Some students who are awarded a Pell Grant may also qualify for the Academic Competitiveness Grant and the SMART (Science and Mathematics to Retain Talent) Grant.
Federal Supplemental Educational Opportunity Grants are funded by the federal government and awarded by the College to undergraduate students with exceptional financial need. Awards range from $200 to $4,000.
Federal guidelines require that Pell Grant recipients with exceptional financial need receive preference for Federal SEOG awards.
Army ROTC Scholarships
The U.S. Department of the Army ROTC scholarship program provides aid to qualified students at both the high school and college levels. For more information, please see the military science Web page by going to www.providence.edu > Academics > Undergraduate Studies > Areas of Study.
State scholarships and grants are available from some states to students with financial need. Appropriate application materials must be submitted to state scholarship agencies within specified deadlines. Students are required to apply for state funds, when available.
Local scholarships and awards are available through social, civic, religious, business, and labor organizations in your local area. High school guidance offices have information and applications.
Providence College Scholarships and Grants
The Providence College scholarships and grants listed below are College resources and are not available for transfer to other institutions. Students who wish to participate in the Study Abroad Program and/or programs at other institutions should arrange alternative financing for those programs.
Providence College merit-based scholarships are awarded to entering freshmen regardless of financial need. Merit-based scholarships are offered to a select group of students admitted to the Liberal Arts Honors Program who have achieved academic distinction at the highest level in high school. The St. Dominic Scholarship, formerly known as the Presidential Scholarship, is equal to the value of full tuition. Beginning with the Class of 2012, students may receive either the St. Thomas Aquinas Scholarship, an award equal to the value of 75% of tuition, or the St. Catherine of Siena Scholarship, an award equal to half tuition. (Students admitted prior to fall 2008 may have been awarded a Dean’s Scholarship. This partial-tuition award was offered to students who had an outstanding record of academic achievement in high school.)
All merit-based scholarships are guaranteed for all four years as long as the student meets the terms listed on the College’s merit-based scholarship agreement form. As noted on the scholarship agreement form, the recipient must successfully complete the normal semester course load (4 courses/14 credits during the freshman and sophomore years, 5 courses/15 credits during the junior and senior years) each semester, and maintain a 3.0 semester GPA during their freshman year, and a 3.25 GPA for each subsequent semester. All freshman candidates filing an application for admission are automatically considered for the Liberal Arts Honors Program.
Dominican Grants reflect the contributions of services and earnings to Providence College by the Dominican Friars and are awarded to students with exceptional financial need.
Providence College Grants, including the St. Joseph Scholarship and the St. Martin de Porres Scholarship, are awarded to undergraduate students on the basis of need. Grants are renewed providing the student is making satisfactory progress toward a degree and the student’s need has not diminished.
Providence College Family Grants are available when two or more members of a family attend the College’s undergraduate program at the same time. The tuition of the younger student(s) is reduced by $1,000. This award is determined during the review of the financial aid application. Students who believe they may be eligible, but whose awards do not reflect this grant, should contact the Office of Financial Aid. The Family Grant is not applicable when both family members are already receiving institutional money covering tuition in full.
The Martin Luther King Scholarship assists undergraduate racial and ethnic minority students and others who demonstrate a desire and ability to contribute to the College’s diversity. Financial need and academic potential are also considered. Interested students should contact the Multicultural Scholarship Programs director at 401.865.2288.
The Cunningham Scholarship assists undergraduate racial and ethnic minority students and others who demonstrate a desire and ability to contribute to the College’s diversity and who currently reside in the Greater Providence area. Financial need and academic potential are also considered. Interested students should contact the Multicultural Scholarship Programs director at 401.865.2288.
The St. Juan Macias Scholarship, originally established in 1988 under a different name, is awarded to racial and ethnic minority students and others who demonstrate a desire and ability to contribute to the College’s diversity and who demonstrate outstanding academic achievement. The scholarship is granted for the full amount of first-year tuition, room, and board. Renewal of this award is contingent upon excellent academic performance.
Individuals, foundations, and corporations generously contribute endowed and restricted scholarships to Providence College to support the educational opportunity of deserving students.
Scholarship recipients for Endowed/Donor Scholarships are selected by the Office of Financial Aid in accordance with the specific criteria for each scholarship and are distributed by the Office of Financial Aid. The endowed scholarship funds provide a vital and important supplement to the financial aid programs at Providence College. The overall amount of Providence College grant resources a student is awarded is determined by financial need.
If a student is selected as a recipient for an endowed scholarship, the funds will be used to replace and not supplement the original grant awarded. No separate application is necessary in order to be considered for these special funds. All eligible students will be considered for scholarships and will be notified by the Office of Financial Aid beginning in the summer and continuing throughout the academic year.
For more information, click on “Grants and Scholarships” on the College’s Web site at www.providence.edu/Admission/Undergraduate+Financial+Aid/.
The Federal Work-Study Program is a federally funded, part-time employment program that allows students with financial need to work both on- and off-campus during the academic year. Full-time summer employment is also available for eligible students. A listing of available jobs is available online by visiting the student employment section of the Financial Aid Web site.
Providence College is committed to providing opportunities for students who are eligible for federal work-study to perform community services off-campus as part of the employment experience. These services will contribute to both the quality of life for community residents and to the quality of the students’ educational experience here at Providence College.
The Providence College Student Employment Program is funded by the College and available to a limited number of students. Employment opportunities are available in various departments when federal work-study students are unable to fill each position. A listing of jobs is available online by visiting the student employment section of the Financial Aid Web site.
The Off-Campus Job Referral Service is available to all students interested in working for off-campus employers in the Greater Providence area. The Office of Financial Aid compiles, maintains, and lists all positions. Interested students should contact the Office of Financial Aid.
Federal Perkins Loans funded by the federal government are awarded by the Office of Financial Aid to students who demonstrate high levels of eligibility. They are available to both graduate and undergraduate students. Under current legislation, repayment at 5% interest is deferred until nine months after graduation. Repayment may extend up to 10 years. Perkins Loan recipients are required to apply for the Pell Grant.
The Federal Direct Loan Program is available to both undergraduate and graduate students. The conditions governing borrowing limits, interest rates, subsidies, deferments, and repayment are the same as the Stafford Student Loan Program. The loan application process, the distribution of promissory notes, and disbursement of funds are handled by Providence College. No banks or guarantee agencies will be involved in the process. Under current legislation, these loans have a fixed interest rate of 6.8%. Repayment is deferred until six months after graduation, and a variety of repayment options is available. Students who have borrowed from more than one program will be able to consolidate other federal student loans under a single Direct Loan repayment option. All Direct Loans are subject to a 2% origination fee and will be credited directly to the student’s account each semester.
Annual borrowing limits:
The full-time graduate student annual borrowing limit is $8,500 subsidized and $12,000 unsubsidized.
The Federal Direct Loan Program is available to all students regardless of family income. Students from higher-income families may be required to pay an in-school interest subsidy, but all other provisions of an unsubsidized loan—such as borrowing limits, repayment, etc.—are the same as a subsidized Direct Loan.
The Federal Direct PLUS Loan Program is available to parents who are interested in borrowing to meet educational costs. Since this program is a part of the Federal Direct Loan Program for students, all loan transactions will be handled by the Student Loan Office at Providence College. Parents may borrow up to the cost of education minus any financial aid and student Direct Loans. Interested parents may request a PLUS Loan application by calling the Student Loan Office at 401.865.2050. PLUS Loan borrowers are subject to a credit check, and a 4% origination fee is deducted from the loan amount.
Helpful Financial Aid Links
The U.S. Department of Education maintains a student portal (http://studentaid.ed.gov) that allows families to get all the information they need from just one place. At that site, you can access department publications such as the Student Guide and Funding Your Education, apply for a PIN, file the FAFSA on the Web, access the National Student Loan Data System (NSLDS), link to information about your state’s scholarship or grant program, link to searches for private scholarships, and much more.
Other helpful links are:
Filing The FAFSA Online
Filing the CSS Profile Online
Fast Web Scholarship Sources
Financial Aid Information Page
Yahoo Financial Aid Search
Peterson’s Education Center
Tuition Management Systems