Glossary of Terms
Financial Aid Terms that will help familiarize you with the basic concepts of financial aid.
Alternative Loan or Private Loan: A non-need based loan borrowed from a private lender, such as a bank.
Cost of Attendance: The total cost to attend school for one academic year, usually calculated from August to May. This includes tuition, fees, room, meals, books, personal expenses, and other related expenses.
Entrance Interview or Entrance Counseling for Stafford Loan: A session prior to the first disbursement of your Stafford Loan to explain your rights and responsibilities as a borrower under this loan program. This may be completed online at www.studentloans.gov. Entrance counseling must be completed every time you borrow under a new loan program.
Entrance Interview or Entrance Counseling for Grad PLUS Loan: A session prior to the first disbursement of your Grad PLUS Loan to explain your rights and responsibilities under this loan program. Contact Gonzaga's Financial Aid Office with questions. This may be completed online at www.studentloans.gov. Entrance counseling must be completed every time you borrow under a new loan program.
Entrance Interview or Entrance Counseling for Federal Perkins Loan: A session prior to the first disbursement of your Perkins Loan to explain your rights and responsibilities under this loan program. This will be completed in group sessions scheduled by the Student Loans Office (we will contact you regarding times before the school year begins). Entrance counseling must be completed every time you borrow under a new loan program.
EFC: Expected Family Contribution, the number generated by the US Department of Education after information is submitted on your FAFSA application. This number is used as a tool to help determine eligibility for federal, state, and institutional aid.
Exit Interview or Exit Counseling: A debt management session prior to graduation or withdrawal from Gonzaga, designed to review the terms and obligations of your various student loans. Group sessions are scheduled by the Financial Aid Office every semester before the end of the term.
FAFSA: Free Application for Federal Student Aid. A standard federal application, which is used to determine your eligibility for most forms of financial aid. The FAFSA takes many things into consideration, including family income, student income, assets, and family size. The FAFSA should be completed every year between January 1st and February 1st to qualify for aid in the upcoming school year.
Federal Methodology: The formula used in determining a student's EFC from their FAFSA information for federal, state, and institutional financial aid assistance.
Financial Aid: Any form of assistance including scholarships, federal and state grants, loans, and work study employment.
Gift Aid: Grants, scholarships, or awards that do not have to be paid back.
Gonzaga Guarantee: Gonzaga guarantees your funded scholarships and grants will not decrease if you maintain satisfactory academic standing, as defined in the Gonzaga Catalog, during your continuous full-time undergraduate enrollment. The Gonzaga Guarantee does not cover Federal or State Work Study, Pell Grants, Supplemental Educational Opportunity Grants, Washington State Need Grants (or other state grant programs), ROTC Scholarships, room waivers, outside scholarships, or student loans--these types of funding are based on financial need and are determined each year by the results of the FAFSA.
Loans: Money that is borrowed from a lender and must be paid back. Know your rights and responsibilities for all loans you borrow.
Offer: Your Financial Aid package of all awards for which you are eligible.
Private Loan or Alternative Loan: A non-need based loan borrowed from a private lender, such as a bank.
SAR: Student Aid Report. A document generated from a family's information provided on the FAFSA. It is a summary of the financial aid that a student is eligible for based on his or her individual circumstances. If an email address if provided on the FAFSA, the SAR is available online. If an email address is not provided, the SAR is mailed to the permanent address listed on the FAFSA. The SAR provides the applicant an opportunity to make any changes if some of his or her information is incorrect, or if new tax information has been received. Corrections to the FAFSA can be made online at www.fafsa.ed.gov.
Satisfactory Academic Progress (SAP): To be eligible for federal student aid you must maintain satisfactory academic progress toward a degree or certificate. Your must meet your school's written standard of satisfactory progress. View Gonzaga's SAP Policy.
Special Circumstance: Visit our Special Financial Circumstances page for information about what is considered a special circumstance.
Subsidized Loan: A loan on which the government pays the interest for you while you are in school, as well as six months after you leave school or drop below half time status. You must be enrolled at least half time to qualify for a subsidized loan.
Unsubsidized Loan: Non-need based loan. In addition to the rights and responsibilities of the loan, the borrower must pay the interest accruing on this loan while enrolled.
Verification: A process that confirms the accuracy of the information you (student and parent when applicable) submitted on your FAFSA. Signed tax forms from the previous year must also be submitted. Verification could result in an adjustment to the financial aid you were previously offered.
Work Study: Provides part time employment for students who need income to help meet educational costs.
ZagWeb: A password protected site which allows Gonzaga students to view their financial aid status, student account, registration information, etc.