Financial Aid

By Emily Wirth

There is no better investment than a college education. Unfortunately, covering the expenses of this investment can be difficult. We in financial aid have seen families discover creative ways to help lessen the financial burden that can be caused from attending a four-year university.

Payment in full each semester is the ideal way to cover the entire balance if you are paying with cash, a 529 plan, or have a third-party sponsor covering your costs. The payment deadline for fall semester is Aug. 6, and for spring semester Jan. 3, 2011.

For those who do not have the option of paying in full each semester, Student Accounts has two payment plan options. Both are interest-free with reduced payments due on the first of each month. The 10-Month Note has an application fee of $65, which must be received by June 1. Payments for this plan start July 1. The 8-Month Note has an application fee of $100 due Aug. 2, and payments begin Sept. 1. To apply for a payment plan, visit www.gonzaga.edu/studentaccounts; click on the “Payment Plans” tab, then select “Payment Plan Application.” These payment arrangements are coordinated with the amount and type of verified financial assistance you may receive, excluding work study.

Scholarships are an excellent way to fund an education. Applications for the upcoming academic year begin early, so make sure to check the scholarship binder in the financial aid office and search online for opportunities as early as November.

Any student who has filed a FAFSA may borrow Stafford Loans. To complete the Stafford Loan application process, the student must login to www.studentloans.gov and complete a Master Promissory Note. A limited amount of Stafford Loans can be borrowed each year, so families may cover additional expenses with the Parent PLUS Loan. Parents can apply for this loan by logging into www.studentloans.gov using their SSN and FAFSA PIN. Private loans through a bank or credit union are another option.

We encourage families to be smart about these investment tools. Web sites that charge for your information should be avoided. Parents and students should know all terms and conditions of any loan for which they apply, and should borrow a manageable amount that can be maintained by the family’s income.  Our Out-of-Pocket Worksheet can help you calculate exactly how much you will owe Gonzaga after the financial aid you have been awarded.