About Your Award

What makes up a financial aid award?

Your Financial Aid Award lists:

  1. Your estimated Cost of Attendance. You can receive financial aid up to this amount.
  2. The amount and types of financial aid for which you are eligible.

What is the Cost of Attendance?

Cost of attendance (COA) is sometimes called your financial aid budget and includes both direct and indirect costs. Direct costs are billed by the University and include tuition, fees, housing and meal plan charges if applicable. The budget or COA for students who do not live on campus may include an estimate for living expenses while they are in school. This includes both direct and indirect costs. You may be able to use some types of financial aid to cover personal and other indirect costs while you are enrolled.

What determines a financial aid package?

The expected family contribution (EFC) is the amount determined by Federal calculations that your family can contribute toward your Cost of Attendance. This amount is calculated through needs analysis using the information you submitted on your Free Application for Federal Student Aid (FASFA). Your EFC can be found on the Student Aid Report (SAR). Your Financial Need is the Cost of Attendance minus the EFC. This amount determines the types and amount of Federal and institutional financial aid for which you may be eligible.

Financial Aid, excluding Federal Work-Study, is credited to your student account at the beginning of each semester.

Federal Work-Study funds are paid directly to you each month for the hours you work.

What is the Parent PLUS option listed on my award letter?

A PLUS Loan is a federal loan that the parent may borrow for the student. If you accept the PLUS Loan, your parent must complete a Loan Request form and a Master Promissory note.

What if I am awarded Federal Work-Study?

The Federal Work-Study Program allows you to obtain a Work-Study job, for which you will be paid monthly. If you are awarded Work-Study and do not wish to accept this award, reject the award on the on-line financial aid award notification. Work-Study is not deducted from your institutional charges.

If you were not awarded Work-Study and are interested in receiving it, contact the Financial Aid Office. If you are eligible, you may be placed on a waiting list for Work-Study funding. This list is reviewed on a first come, first served basis after each semester (Fall/Spring) begins.

What if the information on my award letter is inaccurate?

Your award is based on factors as indicated on the FASFA you completed. Unless otherwise indicated, it has been assumed that you will be enrolled full time for fall and spring semesters. If this assumption is not correct, or if you find other inaccurate information, please notify our office immediately.

How will I receive my loan funds?

Federal Perkins Loans are electronically transferred from the Financial Aid Office to the Student Accounts Office on the first day of classes. Federal Direct and PLUS Loan are transferred through an electronic funds transfer (EFT) process where your proceeds are sent to the college and deposited directly into your student account and credited to your outstanding charges. Any credit balance remaining will be available for you to pick up in the Business Office.

What if my financial aid does not cover my bill?

You must pay any institutional charges not covered by your financial aid by the payment due date. Payment arrangements can be made with the Student Accounts Office.

What if my financial aid is more than my bill?

If your Federal Financial Aid is more than your institutional charges, you will receive these funds to help with living expenses. If there are any funds remaining after the institutional charges are applied, a refund will be available for pick up at the Student Accounts Office.

Questions regarding processing of refund checks should be directed to the Student Accounts Office at(406) 791-5202.

What if I receive resources from an outside source after I am packaged and it is not listed on my financial aid award?

Any outside educational funding must be reported to the Financial Aid Office as soon as possible. Prompt reporting of additional funding could prevent having to repay a portion of your federal financial aid.

Will my award ever change?

Your award may be affected by many factors, including changes in Federal, State, or institutional aid, or the number of credits for which you enroll.

The Office of Financial Aid will notify you of any changes to your award by sending you a postcard informing you of your revised financial aid package that can be viewed on-line.

What if my financial aid situation changes dramatically during the year?

If your financial situation changes dramatically during the academic year, such as loss of job, you may be eligible for a special circumstance consideration. To determine eligibility please contact the Financial Aid Office at finaid@uprovidence.edu or (406) 791-5202.

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