All institutional need-based grant monies are awarded to undergraduate students on the basis of financial need. An example of need-based institutional funding would be Providence College Grants.
For institutional need-based aid, the College subscribes to the Institutional Methodology (IM) which is a more comprehensive analysis of a family's ability to contribute. The information provided on the College Scholarship Service (CSS) PROFILE application allows the college to utilize a more systematic and objective measurement of a family's financial situation to determine the amount of financial assistance a family truly needs in order to successfully finance their student’s education. When determining a student's financial assistance under an IM model, the College includes a broader scope of information that is not collected on the FAFSA. 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.
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. Students must reapply for federal financial assistance each year by completing the FAFSA. Students must reapply for institutional need-based assistance each year by completing the CSS PROFILE. Please note, students only interested in renewing their federal assistance only need to complete a FAFSA.
Depending upon your calculated need in subsequent years, your aid award may vary. The principle factors used in computing your need are the same every year. These factors include such things as family income, assets, household size and number of family members in college. The award that you receive for your first year usually provides a rough indication of the level and type of aid that you may expect to receive in subsequent years if you continue to demonstrate similar financial need.
Family Grants are available when two or more immediate family members attend the college at the same time in the undergraduate program. The tuition of the younger student(s) is reduced by $1,000. Effective July 2007, if the younger family member is already receiving institutional money covering tuition in full then the Family Grant would be given to the older sibling provided they are not receiving a full tuition scholarship/grant from Providence College.