Understanding Financial Aid
Throughout the admission process, we know college costs are rising and the question of how to pay for college can be stressful and challenging. At Gonzaga, we work closely with students and their families to find resources and opportunities to better help understand their overall financial aid award package. The Office of Admission has compiled a helpful breakdown of the information in a student’s award letter.
Scholarships:
Included in a student’s financial aid award letter are scholarships. This is free funding that students can utilize to help pay for their education without the expectation of repayment.
At Gonzaga, 99% of incoming students earn scholarships or grants. Academic merit scholarships are “need-blind” (only based on the merit of the applicant, not family income) and awarded based on the application for admission, evaluated on the following factors:
- Grades and grade trends
- Curriculum (Honors/AP/IB/Cambridge courses (or similar) in all four years of high school)
- Extracurricular activities
- Quality of writing on the Common Application essay and Gonzaga short answer question
- Character - demonstrated by the teacher recommendation and school report
- SAT or ACT scores - it is important to note that Gonzaga is test-optional, so students do not need to submit test scores and will still be reviewed for all scholarships
Special Programs:
Selected Gonzaga students may also see several awards with special designations associated with them. These programs are the Gonzaga Access Pledge (GAP) and the Unity Scholars Program:
- The Gonzaga Access Pledge is a full-tuition commitment for eligible students from Washington State for the entirety of their undergraduate program.
- The Unity Scholars program is a complete full-ride program offered to select Gonzaga students from Washington State based on review of their Unity Scholars application, FAFSA/WAFSA application, demonstrated financial need, eligibility for Gonzaga admission requirements, and other holistic factors.
Grants:
A grant is a form of federal aid that provides an amount of money that can help pay for a student’s education. It is generally funding that does not need to be repaid upon a student’s graduation. They may come from either the university or the federal government.Loans:
As part of the financial aid award letter, students may see loans that are awarded. Loans have special conditions in which students are required to begin repaying the amount of money six months after graduation. Furthermore, loans come in various categories, so it’s important to note which one is which is which.
- Interest is additional money that you’ll have to pay on top of your balance (the amount of your loan).
- Direct Unsubsidized Loans: Interest will start building up the moment students begin using the funding
- Direct Subsidized Loans: Interest will not build up while a student is in school, or while their six-month grace period is active.
- Parent Plus Loans: Extra funding charged to eligible parents to help pay for their student’s education.
If you are seeking additional resources, we would encourage you to consider the student loans you were offered, as well as possibly pursuing an alternative or Parent PLUS Loan. In the past few years, a negative stigma has been placed on student loans, but here are some things to consider:
- Higher education should be viewed as an investment, and Gonzaga prides itself on its value. Recognized as one of the best universities in the nation, our retention and graduation rates are well above the national average. Nearly all of those who borrow loans at Gonzaga are able to successfully repay their loans at a rate well above the national average.
- Within six months of graduation, 95% of Gonzaga students are employed, in a long-term volunteer program (e.g., Peace Corps, Jesuit Volunteer Corps, Teach for America), or pursuing graduate education.
- Gonzaga’s Financial Aid Office is well staffed with many years of financial aid experience. Each month, they help dozens of former students request loan deferments, understand loan repayment options, and work with their lender.
Our Financial Aid Office is dedicated to helping students and families in pursuit of their educational goals by providing excellent service in a professional, individualized manner. The financial aid team is experienced, well-staffed, and eager to help. For those admitted to Gonzaga in our Early Action pool who have filed the FAFSA, students can expect their financial aid award package in early March. In partnership with the Office of Admission, Student Financial Services will also be hosting an “Understanding Your Financial Aid Offer” webinar on Wednesday, March 19th for prospective students and families!
As a future first-year student, understanding how financial aid works can help tremendously in the college application process. Again, we always recommend students contact the Office of Admission or their admission counselors with questions or concerns. As always, we wish students all the best in the college decision process!