Financial Aid for PC 2026
Financial Aid for PC 2026
When choosing which college will be the best fit for you academically, it is equally important to consider which college will be the best fit financially for you and your family. It is essential you have a clear understanding of the overall cost associated with attending Providence College, know what your net price is, and be aware of changes that could be made in your need-based financial aid award over four years. We strongly encourage you to consider all factors when weighing the strength of your offer before making a final enrollment decision. ”SANDRA J. OLIVEIRA
EXECUTIVE DIRECTOR OF FINANCIAL AID
Congratulations On Your Admission!
It will be helpful if you have your personalized financial aid offer nearby – found on the Admission Status Portal – as you review the information and links below. It will provide you with greater detail about the types of assistance, policies and office procedures you will need to know as a member of the Class of 2026.
Institutional Sources of Assistance
Merit-based scholarships range from approximately $20,000 to $30,000 per year with several levels offered in between. Scholarships are determined by the Office of Admission and a separate application is not required to apply. Scholarships are awarded to approximately 30% of admitted students and are done so solely based off academic performance. Those typically receiving a merit-based scholarship have exhausted the curriculum available at their school and maintained close to an A average (3.8 out of 4.0 unweighted and recalculated GPA). Merit-based aid is guaranteed funding, provided you continue to meet the criteria outlined in the contract associated with the scholarship offer.
Merit awards are offered only to first-year and transfer students at the time of admission. If you do not receive a merit scholarship as a first-year, you are not eligible to receive one in subsequent years as a returning student. In addition, if a student receives another source of funding that is designated solely for tuition, a merit-based award may be reduced since the combined total of these sources cannot exceed the tuition charge as determined on an annual basis. Please note, if you are offered a merit scholarship after you have received an initial offer of assistance, the additional award could reduce your need-based offer, not supplement it.
All athletic-based grants are based upon a student’s athletic ability and talent prior to and during attendance at the College. Decisions about awards, amounts and renew-ability are determined by the head coach and the Athletic Department. For scholarship specifics, please refer to your National Letter of Intent (NLI). While this source of funding is based upon athletic talent, it could impact other need-based eligibility. If you are offered an athletic scholarship after you have received an initial offer of assistance, the additional athletic award could reduce your original need-based offer, not supplement it.
All need-based awards are calculated by the Office of Financial Aid using the information provided to us on your FAFSA and CSS Profile (see ‘How we calculate your institutional EFC’ in the Understanding PC Policy section below). Examples of need-based institutional funding include: scholarships in our donor program, Providence College Grant, Friar Grant, O’Connell Grant, Cunningham Scholarship and Martin Luther King Scholarship. All need-based financial assistance at Providence College is renewable for all four undergraduate years provided a student adheres to published dates and deadlines, remains in good academic standing, and continues to demonstrate similar financial need each year.
Donor Scholarships are need-based, and scholarship recipients are selected by the Office of Financial Aid. While a student may be selected as a recipient for a donor scholarship, the funds will be used to replace and not supplement the original institutional grant awarded, since maximum institutional assistance was determined during our initial review. A separate application is not necessary, and all eligible students are considered for these funds.
Providence College Family Grants
Family Grants are available when two or more immediate family members attend the College at the same time as undergraduate students. The younger student(s) receives a grant of $1,000 that is applied towards tuition. If the younger family member is already receiving institutional money covering tuition in full, the Family Grant will be given to the older sibling, provided they are not receiving a full tuition scholarship/grant from Providence College. If you feel you are eligible for this grant and it is not reflected on your award, please contact our office.
Rentals of any textbooks required for courses in the 2022-2023 academic year will be provided to students free of charge through our partners at the campus bookstore. This source of funding will be displayed on your aid offer as “PC Book Award.”
Federal Sources of Assistance
Federal Pell and SEOG
Federal Pell and SEOG (Supplemental Educational Opportunity Grant) are forms of need-based assistance offered by the U.S. Department of Education that do not have to be repaid. For more information please visit our Federal Pell and SEOG webpage or visit the Type of Grant section within the Federal Student Aid site.
Federal Work Study (FWS)
FWS affords students the opportunity to earn funds throughout the academic year to support some of their educational-related expenses. Since this money is earned incrementally over the course of the academic year based on hours worked, the total FWS funding that appears on your aid offer is not applied as a payment on your bill.
Freshman and new transfer students who have been awarded FWS will be sent an email with additional information regarding the job search process mid-August. The job search process is competitive and students are responsible for securing their own employment. If you are offered FWS it does not guarantee you a job or the same job each year.
If you secure a job on campus you will need to provide two original forms of identification before you begin working – copies are not accepted. Visit our Student Employment webpage for more information.
William D. Ford Federal Direct Stafford
The U.S. Department of Education has created this program specifically for students who are attending post-secondary institutions. Colleges are responsible for determining eligibility using the FAFSA and current federal regulations. This loan program is administered by the Office of Financial Aid. Visit our William D. Ford Federal Direct Stafford Loan webpage or the Loan section at Federal Student Aid for information about interest rates, required paperwork, origination fee, and maximum thresholds.
Other Sources of Assistance
It is possible that state grants may not appear on your offer of assistance. While many state agencies begin notifying you in the spring, that information may not reach us until the summer months.
Please keep in mind when/if you receive a state grant award, agencies often determine eligibility without information from the school (i.e. final enrollment, other sources of assistance and final tax review). Therefore, it is possible your original state grant offer could change once we communicate that information back to your state agency. This review typically takes place during the month of September.
Notification of awards and scholarships from high schools, agencies, parent employers, etc., are typically made during the months of March and April. If you receive a scholarship notice, you must notify us as soon as possible, since we may need to adjust our original offer. Keep in mind that federal regulations stipulate that outside scholarship(s) cannot be used to reduce your family contribution, nor can a family receive need-based funding in excess of their calculated institutional need or eligibility. Visit our Outside Scholarship webpage for information, scholarship search tips, and how the College may adjust your aid when an outside resources is received.
Your net price
Your most recent aid offer (available in the Admission Status Portal) will display your estimated net price. Remember, your net price is direct costs minus your offer of assistance from the College. Please note, the direct costs outlined on your aid offer are estimated. Costs will be finalized in early Spring 2022.
Managing your net price
There is no one “right” way to finance your education, and ultimately, the financing option you choose is up to you and your family. The appeal and benefit of the many alternative options will be influenced by your individual family financial circumstances, comfort level and need. Also, keep in mind that you are financing on a yearly basis (both Fall and Spring semesters). Whichever option you choose this year can be changed in future years if you are unhappy with the initial product you have selected or your needs change from one year to the next. Visit our Understanding Your Options webpage for more information.
How do I finalize my award?
The information provided on your application was most likely estimated; therefore, your award is not finalized until we collect tax returns and/or complete verification on applications selected by the U.S. Department of Education. There is a possibility that your award could change after the deposit deadline if the estimated information on your FAFSA and CSS Profile changes. Your award could increase or decrease if the information provided differs from your final tax documents. Here is a quick guide of what you need to know about Finalizing Your Financial Aid.
Your award also takes into consideration your housing status (i.e. living on campus vs. living with parent). Your aid offer will display either ‘resident’ or ‘commuter’ – see upper right hand corner of your aid offer. If you are considering changing your status from resident to commuter or commuter to resident, please notify our office. Your need-based assistance could be affected even after your final tax information was reviewed.
All incoming students and parents must submit their 2020 Federal 1040 including all schedules and W2 statements. Incoming students who are also selected for verification will additionally need to submit IRS tax transcripts and/or an IRS confirmation statement of non-filing and a verification worksheet. If you were not required to file or you did not work, please submit this statement to us in writing.
Requests for this additional information will be made after May 1. If a family forwards all required tax documents for a final review before that date, every attempt will be made to review the information. However, we do not guarantee finalized awards prior to May 1. Also, while the College utilizes the College Board’s CSS Profile, we do not participate in their IDOC program. Therefore, please send all requested tax documents directly to PC, adhering to published deadlines.
Can I appeal my aid if something extraordinary has happened since I completed my applications?
If an extraordinary situation (job loss, unexpected medical expenses, etc.) has occurred since completing the FAFSA and CSS Profile, you may complete our Appeal Forms to request a reevaluation. While we will review your request as soon as possible, we may not be able to process appeal requests until after the deposit deadline.
Our appeal forms will help guide you on how to best communicate a change in circumstance to the office, as well as what documentation is needed. In most cases, a family will need to submit their 2020 Federal 1040 including all schedules and W2 statements, in addition to documents that support your extraordinary situation. If selected for verification, IRS tax transcripts and a verification worksheet must accompany this form, so that we can process your request.
How will the office communicate information to me and my family?
The Office of Financial Aid will upload new/revised information to your Admission Status Portal until you enroll and receive your PIN to your CyberFriar account. Once you have access to PC’s online self-service account, all communication from the Office of Financial Aid will be electronic. In accordance with FERPA laws, we will communicate with only the student, who can then relay the information to his or her parents or guardians.
To keep our parents in the loop, the Office of Financial Aid has created an official Facebook page in order to communicate important and timely aid related information such as dates and deadlines. We hope this tool will assist our parents and other community members in staying informed of office happenings.
How do I renew my need-based award next year?
All need-based financial assistance is renewable for four years, provided a student adheres to published dates and deadlines, remains in good academic standing, and continues to demonstrate similar financial need each year. Students must reapply for federal financial assistance each year by completing the FAFSA. Students must also reapply for institutional need-based assistance by completing the CSS Profile. Please note, students who are only interested in renewing their merit-based offer are not required to complete these applications in a future year. Also, students who are only interested in renewing their federal assistance only need to complete a FAFSA. If the information provided on the FAFSA or CSS Profile forms indicates a change (see How was my EFC calculated question below) in the family situation, it is possible that award types and amounts could change.
Renewal information will be sent electronically to the student’s PC email address from the Office of Financial Aid in the months leading up to the renewal deadline. The deadline for completing a renewal FAFSA and CSS Profile in subsequent years is April 15th.
What happens if my applications were late?
If your application was submitted after the deadline, your initial offer of assistance will be limited to federal aid. Decisions about need-based institutional aid for late applicants will most likely be made after our deposit deadline of May 1. You may need to make a deposit decision solely based upon your federal eligibility. Please note that if you applied late in the first year, it does not exclude you from reapplying on time in subsequent years. Visit our Late Policy for Prospective/Transfer Students for more for more information.
How was my EFC calculated?
In determining aid offers 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
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. An IM model considers family owned businesses and home equity as an asset. An IM model can also ignore business and real estate losses and excludes any sibling in the household that may be in a graduate program.
It is important to emphasize that financial awards heavily consider the number of students in the same family attending college as undergraduate students. For this reason, need-based eligibility can fluctuate greatly when one student graduates from an undergraduate or enters a graduate program. Please be aware that when a family experiences a number in college change, it can greatly impact the amount and type of assistance received in future years especially if coupled with other changes (income, etc.).
Satisfactory Academic Progress
Students must meet Satisfactory Academic Progress standards in order to receive or continue to receive financial aid funded by the federal government, state, or the College. Students must complete 67% of attempted coursework and maintain the required G.P.A. as published in the College catalog. If you were awarded a merit-based scholarship, please refer to your scholarship contract for the minimum academic standards necessary. Visit our Satisfactory Academic Progress webpage for more information.
Leave of Absence or Withdrawing from the College
If the student takes a leave of absence or withdraws from the College, the aid offer may be adjusted in accordance with federal, state and institutional policy. We strongly recommend that a student contact a financial aid counselor BEFORE making a final decision regarding any such change. Visit our Withdrawal/Leave of Absence webpage for more information.
Financial Aid Communication
The Office of Financial Aid will send information through your Admission Status Portal until you enroll and receive your PIN to your CyberFriar account. Once you have access to PC’s online self-service account, all communication from the Office of Financial Aid will be electronic. In accordance with FERPA laws, we will communicate only with the student, who can then relay information to his or her parents or guardians.
Merit-Based Scholarships vs. Need-based Aid
Merit-based aid is an academic scholarship awarded to students who have demonstrated exceptional academic talent. It is a four-year renewable scholarship provided you continue to meet the criteria outlined in the contract associated with the scholarship offer.
Need-based aid is financial assistance based on demonstrated financial need. Eligibility is recalculated yearly based on the information provided to us on the FAFSA, CSS Profile, and other supporting documents requested, and may differ from year to year.
Siblings in College
Financial awards are always based on the number of siblings in the household attending college as undergraduate students. For this reason, need-based eligibility can fluctuate greatly when one student graduates from an undergraduate institution or enters a graduate program. Please be aware of the possibility that need-based eligibility could decrease by half or diminish completely, especially if coupled with other changes (income, etc.).
The information reported by you and your applications may not be confirmed at the time we are reviewing information; therefore, your award is not finalized until we collect final copies of 2020 tax returns and W2s and/or complete verification on applications selected by the U.S. Department of Education. There is a possibility that your award could change after the deposit deadline if the information originally provided differs from your final tax documents. It is important to understand that sometimes information submitted can be incomplete, misreported, or unintentionally omitted. We recommend that families use the IRS Data Retrieval Tool (DRT) when completing the FAFSA, to minimize the impact of any changes. Providence College does not participate in IDOC. Please send all requested tax documents directly to PC, adhering to all published deadlines.
Resident vs. Commuter
Resident student offers are based on the costs associated with living on campus, while commuter student offers are based on the lower expenses associated with commuting/remoting. If you are considering changing your resident status to commuter (living with parent), your need-based assistance could be affected.
If your application was submitted after the deadline, your initial offer of assistance will be limited to federal aid. Decisions about need-based institutional aid for late applicants will most likely be made after our deposit deadline of May 1. You may need to make a deposit decision solely based upon your federal eligibility. Please note that if you applied late in the first year, it does not exclude you from reapplying on time in subsequent years.
While we do everything possible to help our families meet the cost of a college education, we cannot always meet 100 percent of a student’s demonstrated institutional need. Therefore, our initial award is the best and most competitive we can offer.
If an extraordinary situation has occurred since completing the FAFSA and CSS Profile, you may complete one of our appeal forms to request a reevaluation. While we will review your request as soon as possible, we may not be able to process appeal requests until after the deposit deadline.
Apply Yearly for Need-Based Aid
All need-based financial assistance is renewable for four years provided a student adheres to published dates and deadlines, remains in good academic standing, and continues to demonstrate similar financial need each year. If the information provided on the FAFSA or CSS Profile forms indicates a change in the family situation, it is possible that award types and amounts could change.
All colleges are unique in the way they award financial aid offers. It is important to be familiar with policies, procedures, and requirements for each institution as they may not be applicable to Providence College. Please look through our website to learn more about our policies and procedures.