Awarding of Aid
Undergraduate Day Students
In determining aid packages for prospective undergraduate day students (including transfer applicants), Providence College distributes financial assistance consisting of work, loan, grants, and scholarships based on a number of factors, including federal policy, institutional policy, and the availability of resources. Since resources are limited, and in order to give some aid to the maximum number of individuals who qualify, your demonstrated need may not be met in full and not all of the previously mentioned types of assistance will appear your offer of financial assistance. Institutional need-based aid will only be offered for the equivalent of eight full-time semesters unless mitigating circumstances apply.
Providence College uses Federal Methodology (FM) required by the Higher Education Act (1965), as amended, to determine a student’s eligibility for all federal financial aid programs; therefore, based solely on the information provided on the Free Application for Federal Student Aid (FAFSA), federal financial aid is distributed by the College to eligible students.
When awarding institutional funds for need-based aid, the College uses Institutional Methodology (IM), to determine a student’s eligibility for institutional aid programs; therefore, based on the information provided on the College Scholarship Service (CSS) Profile and FAFSA applications, institutional aid is distributed by the College to eligible students. In order to determine the amount of institutional aid truly needed, the College carefully reviews the information provided on the CSS Profile because it provides a systematic, objective measurement of a family’s financial situation. Among the most common factors that are considered for the determination of the family contribution using IM are the inclusion of home equity and family owned business as an asset, the consideration of business and real estate losses, and the exclusion in number in college for household members in graduate school.
Furthermore, all awards are conditional and subject to verification of your financial aid application. If the financial information originally provided on your applications was based on estimated data or was incorrect, adjustments may be made to your file, which could result in a reevaluation of aid before or after your deposit is made.
Parental Contribution
Since the primary responsibility for the education of a student belongs to the individual and his or her parents (if applicable), 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 discontinue their support for reasons other than ability to pay, Providence College cannot assume parental 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.
Student Contribution
The student, just like their parents (if applicable), will make the maximum effort to contribute towards their undergraduate education. Students income and assets are also taken into consideration in the needs analysis process and factored into the family’s ability to contribute.
Late Freshman/Transfer Applications
Funding will be subject to availability for those who do not comply with the published deadlines regardless of current need level in the first year (see late policies). However, in subsequent years applications can be considered on time if the renewal deadline is met.
School of Continuing Education & Graduate Students
In determining aid packages for Graduate & SCE students, Providence College distributes financial assistance based on a number of factors, including federal policy, institutional policy and the availability of resources.
Providence College uses Federal Methodology (FM) required by the Higher Education Act (1965), as amended, to determine a student’s eligibility for federal, state and institutional funding. Using the information provided on the Free Application for Federal Student Aid (FAFSA) allows the college to distribute federal financial aid to eligible students in accordance with federal guidelines.
The Office of Financial Aid constructs award packages consisting of loan and grant. Since resources are limited, and in order to give some aid to the maximum number of individuals who qualify, your demonstrated need may not be met in full and not all of the previously mentioned types of assistance will appear in your CyberFriar account. Please note, students enrolled in SCE are not eligible for on-campus student employment positions and students enrolled in Graduate programs are only eligible to apply for assistantships.
Further, all awards are conditional and subject to verification of your financial aid application. If the financial information originally provided on your application was based on estimated data or was incorrect, adjustments may be made to your file, which could result in a reevaluation after the start of classes.
