Student Loan Acceptance At Gonzaga University

If you're looking to accept a student loan to attend Gonzaga University, there are a few steps you need to take. Firstly, it is recommended that you complete a FAFSA (Free Application for Federal Student Aid) to determine your eligibility for federal loans. Federal Direct Loans are available to eligible students regardless of financial need, and the current annual limit is $20,500. If you require additional funding, you can consider private or alternative loans, but be aware that these are based on creditworthiness and may require a creditworthy cosigner. To help you navigate the process, Gonzaga University offers various resources, including a Financial Aid Office and financial aid counselling services. They also provide webinars and virtual events to help accepted students understand their financial aid options and how to access them. Remember to carefully consider your financial aid package and explore all available options before making a decision.

Federal Direct Loans

There are two types of Federal Direct Loans: Direct Subsidized Loans and Direct Unsubsidized Loans. The Federal Direct Subsidized Loan is a need-based loan awarded based on the information given on the FAFSA. The federal government pays the interest during certain times, such as while the student is enrolled in school. The current interest rate for the Federal Direct Subsidized Loan is 1.057% (for loans disbursed prior to October 1, 2024), with a net fee per disbursement of 1.057%.

On the other hand, the Federal Direct Unsubsidized Loan is not contingent upon financial need, and the borrower is responsible for the interest that accrues on the loan while in school. The current interest rate for the Federal Direct Unsubsidized Loan is 5.50% fixed for undergraduates and 7.05% fixed for graduates, with a net fee per disbursement of 1.057% (for loans disbursed prior to October 1, 2024).

To apply for Federal Direct Loans, eligible students must file a Free Application for Federal Aid (FAFSA) and submit it to Gonzaga University (school code 003778). The current annual limit for Federal Direct Loans is $20,500, and loans are typically disbursed at the beginning of the fall and spring semesters.

Federal Graduate PLUS Loan Program

The Federal Graduate PLUS Loan Program is a loan program offered by the US Department of Education that allows graduate students to borrow long-term, low-interest funds to help meet their education expenses. This loan program is available to students who are fully admitted as matriculated graduate students, enrolled at least half-time (3 credits), and have no negative credit history. The maximum PLUS loan amount is calculated by subtracting the total aid awarded to the student from the cost of attendance (COA).

To apply for the Federal Graduate PLUS Loan, students must complete the application and promissory note at StudentAid.gov. The interest rate for this loan program is currently fixed at 8.05% (effective July 1, 2023), with a net fee per disbursement of 4.228% for loans disbursed prior to October 1, 2024. Repayment on the loan begins 60 days after the loan is fully disbursed each year, with automatic deferment available for students enrolled at least half-time.

It is important to note that Federal Direct PLUS Loans must be applied for each year, as they are not automatically renewed. Additionally, borrowers must meet certain requirements, including being a US citizen or having legally approved residency status, not being in default on any federal student loans, and not having any federal government judgment liens on any property.

Before applying for the Federal Graduate PLUS Loan, it is recommended to explore other federal loan options, such as Federal Direct Loans, which have a lower interest rate and may be more suitable for your financial needs. It is always a good idea to compare different loan options and understand the terms and conditions before making a decision.

Private (Alternative) Loans

Gonzaga University recommends that you complete a FAFSA® Application to determine any Federal Loan eligibility first. If you need additional funding after considering all Federal Loan options, a private/alternative loan may be an option to explore. The university also recommends that you compare Federal Versus Private Loans before making a decision.

Gonzaga University has compiled a list of lenders who have disbursed at least one private loan to its students within the last three academic years. You may select any lender you wish, whether or not they are on the list, without penalty. The lenders on the list include:

• Affinity Plus Federal Credit Union
• Baxter Credit Union
• Custom Choice by Cognition
• Digital Credit Union
• Education Loan Finance (SouthEast Bank)
• Hawaii USA Federal Credit Union
• Iowa Student Loan Liquidity Corp
• MEFA (Massachusetts Educational Financing Authority)
• NHHEAF (New Hampshire Higher Education Assistance Foundation)
• PNC Financial Services Group
• RISLA (Rhode Island Student Loan Authority)
• Sallie Mae - Bellco Credit Union
• Sallie Mae - California Coast Credit Union
• Sallie Mae - Commerce Bank
• Sallie Mae - Numerica
• San Francisco Fire Credit Union
• Southland Credit Union
• Star One Credit Union
• Thrivent Credit Union
• Union Federal Savings Bank
• United Federal Credit Union
• Unitus Community Credit Union

It is important to note that Private (Alternative) Loans cannot be consolidated with any federal loans and do not qualify for public service forgiveness programs. Additionally, borrowing a private educational loan that does not require school certification may negatively impact your existing financial aid package. Therefore, it is crucial to contact the Gonzaga University Financial Aid Office before proceeding with such loans.

FAFSA Application

To accept your student loan at Gonzaga University, you must first complete the Free Application for Federal Student Aid (FAFSA) form. This is the first step to obtaining federal student aid to help pay for your college or career school. Here is a step-by-step guide on how to complete the FAFSA Application:

Step 1: Create an FSA ID

You will need an FSA ID to sign the FAFSA form online. This is your account username and password. If you don't already have one, you can create one online. It takes about 10 minutes to create an FSA ID. If you are a parent filling out the FAFSA form for your child, you will need to create your own FSA ID. Make sure you do not mix up your FSA IDs, as this is one of the most common errors.

Step 2: Start the FAFSA form

Go to fafsa.gov to start your FAFSA form. You should complete the form as soon as possible, as some states and schools have limited funds. Select whether you are the student or the parent on the first page. Choose the correct FAFSA form for the academic year you will be attending college. If you are a returning applicant, you can choose the "renewal" FAFSA form option, which will save you time.

Step 3: Fill out the Student Demographics section

This section includes your name, date of birth, etc. Make sure to enter your personal information exactly as it appears on your Social Security card. If you have completed the FAFSA form in previous years, most of your information will pre-populate.

Step 4: List the schools you are considering

In the School Selection section, add every school you are considering, even if you haven't sent your application or received an acceptance letter. You can add up to 10 schools at a time.

Step 5: Answer the dependency status questions

Respond to the series of specific questions to determine whether you are a dependent or independent student. This will determine whether you need to provide parent information on the FAFSA form. The dependency guidelines are set by the U.S. Congress and are different from the guidelines used by the IRS.

Step 6: Fill out the Parent Demographics section

If you are a dependent student, your parent(s) will need to provide basic demographic information. This is the case even if you don't live with your parent(s).

Step 7: Provide your financial information

You and your parent(s) (if applicable) will provide financial information. The easiest way to do this is by using the IRS Data Retrieval Tool (DRT), which allows you to import your tax information into the FAFSA form with just a few clicks.

Step 8: Sign and submit the FAFSA form

Make sure to sign and submit the FAFSA form once you have completed all the steps. The quickest and easiest way to do this is online with your FSA ID. If you are a dependent student, remember that your parent will also need to sign the form before you can submit it.

Completing the FAFSA form is the first step to obtaining federal student aid for your education at Gonzaga University. For further assistance, you can contact Gonzaga University's Financial Aid Office at finaid@gonzaga.edu or 509.313.6582.

Student Financial Services

At Gonzaga University, we understand that financing your education can be daunting. Our Student Financial Services team is dedicated to helping students and their families navigate the financial opportunities available to them. We want to ensure that finances don't become a barrier to your Gonzaga education.

Our Student Financial Services include Financial Aid, Student Accounts, and Student Employment services, all working to support you and connect you with the resources you need to continue your degree. We can help you explore the various forms of financial aid, including grants, scholarships, loans, and student employment, as well as GET and payment plans.

To get started, you can schedule an appointment with a member of the Student Accounts, Student Employment, or Financial Aid Office. Our contact information is as follows:

• Address: 502 E. Boone Ave Spokane, WA 99258
• Email: finaid@gonzaga.edu
• Phone: 509.313.6582

Our office hours are Monday through Friday from 10:00 am – 3:30 pm, and we are always happy to answer any questions or concerns you may have about financial aid.

Additionally, we offer various webinars and events to help students and their families understand the financial aid process, such as the Understanding Your Financial Aid Offer Webinar and the Paying for School: Billing and Payments Webinar. These webinars cover topics like billing timelines, setting up family members to view and pay bills, and understanding your financial aid package.

We recommend that all students complete a FAFSA (Free Application for Federal Student Aid) to determine eligibility for federal loans and other financial aid. The FAFSA is used to determine aid eligibility for all federal, state, and need-based institutional aid.

For those seeking additional funding beyond federal loans, private/alternative loans may be an option. A variety of private lenders offer these types of loans, and it is important to compare loan options and understand the potential impact on your existing financial aid package.

At Gonzaga University, we are committed to helping you access the resources you need to achieve your educational goals. We believe that money should never stand in the way of a qualified student's education, and we will work with you to make your Gonzaga education a reality.

Frequently asked questions