Financial Aid FAQ
How many Providence students receive financial aid?
Currently 100% of our students receive some form of financial aid.
What types of financial aid does Providence offer?
What is a scholarship?
A scholarship is money awarded to applicants based upon their merit. These monies are a gift and do not need to be paid back to the college. Scholarships are also typically renewable each year the student attends Providence based upon the student’s continued academic and leadership performance.
What scholarships does Providence offer?
What is a grant?
A grant is money awarded to applicants based on their meeting specific criteria. These monies are a gift and do not need to be paid back to the college. Grants are typically renewable at Providence assuming the students continue to meet the criteria of the grants.
What grants does Providence offer?
Providence offers a variety of grants such as the Cal Grant, the College Aid Grant, the Reformed Church Grant, the Supporting Church Grant, the Travel Grant, the Christian Ministry Grant, and the Refer-A-Friend Grant. Details for these can be found on our grants page.
What is a loan?
A loan is money awarded to applicants based upon their demonstrated financial need. Loans vary in amount, depending upon the student’s need and are renewable each year assuming financial need. Loan monies do need to be paid back at the end of the student’s attendance at Providence.
What loans does Providence offer?
Providence offers Federal Direct subsidized and unsubsidized loans, as well as the Federal Direct unsubsidized PLUS loan.
Is there a fee for this loan?
Yes. The Department of Education takes a loan fee of 2% of the principal amount of each Direct Subsidized and Unsubsidized loan that you borrow. The loan fee for the PLUS parent loan is 4%. This fee reduces the cost of making these low-interest loans and is deducted before you receive any loan money. For example, if you borrow a $5500 direct loan, you will receive $5390 after the loan fee is taken by the Department of Education.
What is the FAFSA?
FAFSA stands for the Free Application for Federal Student Aid. Providence uses the FAFSA to determine your EFC (Estimated Family Contribution). Prior to completing the FAFSA, you will need to have you (or your parents) tax returns in hand. It is recommended that you complete the FAFSA form online as it greatly expedites the process.
What is the EFC?
EFC stands for Estimated Family Contribution. This number is calculated by FAFSA and is assumed to be the amount of money you and your family can contribute towards your education at Providence. Your financial aid package will be based on your EFC number. The EFC can be found on the Student Aid Report generated by the FAFSA (you should allow one to three weeks for the results to be tabulated and sent to you).
What is the COA?
COA stands for Cost of Attendance. This number is calculated by adding the tuition, room, board, books, and travel expenses a student will incur while attending Providence for an academic year.
What is Providence’s School Code number?
Providence’s school code is #041539.
Do I need to complete the FAFSA form?
No. However, if you desire to qualify for need-based grants and loans, you MUST complete the FAFSA form. The Office of Financial Aid will assume that you can pay the full Cost of Attendance (COA) and figure your financial aid package accordingly if you do not complete the FAFSA. If you decline to complete the FAFSA, please print the FAFSA Declination Form and submit it to the Office of Financial Aid at Providence.
Do I have to reapply for the FAFSA each year?
If a student wants to continue receiving need based financial aid, he/she must reapply each year.
How do I apply for financial aid?
You can learn more about applying for financial aid by visiting our financial aid page.
How does Providence fund its financial aid program?
Through hundreds of generous donors, Providence is able to offer students very competitive financial aid packages each year. We have made a commitment to our students to make a Providence education affordable; our constituency shares this commitment and we praise God for their generous support of the college and our students. If you would like to learn more about donating to the Providence financial aid program please visit our giving page.