Page 26 - 2017-2018 Academic Catalog

Canadian Exchange Rate Grant
This grant is available to students and families who earn wages in Canadian dollars. A grant of $1000-$3000 will be awarded to Canadian students based on the current status of the Canadian dollar compared to the US dollar and the results of the Canadian Financial Aid Form.
STATE GRANTS CAL GRANTS
Providence students are eligible to receive the Cal Grant, depending on need and merit. For exact details on the Cal Grant stipulations and deadline information, please visit: http://www.calgrants.org/
The deadline for submission is March 2.
LOANS
Providence participates in the Federal Direct Loan Program. This program offers both subsidized and unsubsidized loans. There are two categories of a Federal Direct loan: subsidized and unsubsidized. With a subsidized loan, the government pays the interest while the student is in college. With an unsubsidized loan, the student is responsible for interest while in college. Payments for Federal Direct loans begin six months after the student drops below six credit hours or after graduation.
Direct Loan limits are as follows: Freshman: $5500
Sophomores: $6500 Juniors/Seniors: $7500
Please note: Independent freshmen and sophomores may qualify for an additional $4000 in unsubsidized loans. Juniors and seniors may qualify for an additional $5000 in unsubsidized loans. Student loans as well as Parent PLUS loans are available.
These loans are called “‘direct” because the student and/or parent are borrowing directly from the US Department of Education. In order to see if you qualify to receive any of these loans you will need to complete the FAFSA (Free Application for Student Aid) as well as the VFAO (Virtual Financial Aid Office) application. To be eligible for Direct Loans, you must be enrolled in school at least half- time and meet general eligibility requirements for the Federal Student Aid programs. New borrowers must complete a Federal Direct Loan electronic master promissory note to borrow funds through this program.
If a student obtains a loan to pay for an educational program, the student will have the responsibility to repay the full amount of the loan plus interest, less the amount of any refund. If the student has received federal student financial aid funds, the student is entitled to a refund of the moneys not paid from federal student financial aid program funds.
Subsidized Loan
The subsidized loan provides for students with financial need as determined by federal regulations. This subsidized loan will not accrue interest while the student in enrolled in school at least half time, or during the student’s grace and deferment periods.
Unsubsidized loan
The unsubsidized loans are disbursed to students without concern for need. These loans accrue interest during all periods.
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