Frequently Asked Questions & Financial Aid Timeline

Financial Aid Timeline

Frequently Asked Questions

1 . When will I receive my financial aid award?^

Students who have applied on time, and who have filed their FAFSAs by the February 1st priority filing deadline, will have financial aid awards mailed to them in April. For students who file a FAFSA after the priority deadline, financial aid awards are completed and mailed on a weekly basis as the FAFSAs are received.

2 . How long do I have to decide whether or not I will accept my financial aid award?^

You generally have 30 days from when you receive your Award Notice to accept or decline your financial aid offer.

3 . Can my financial aid award change?^

Yes. Your initial financial aid award offer is based on the FAFSA information we have at the time the award is created. After that time, we complete the verification process by checking your FAFSA information against tax documents and other information, like family size, number in college, etc. Any discrepancies may cause a change to your financial aid award. Therefore, it is to your advantage to make sure the information on your FAFSA is as accurate as possible. Additionally, if you filed your FAFSA based on estimated income tax information, it is important to make corrections to your FAFSA as soon as you file your tax return.

4 . What happens to my financial aid if I receive an outside scholarship?^

Gonzaga University believes that you deserve to be recognized for your work in obtaining outside scholarships, and that you deserve the financial reward that comes with it. Therefore, we will not reduce your Gonzaga scholarships or grants unless the combination of your Gonzaga scholarships/grants and your outside scholarships exceed the cost of attendance. According to federal regulations, your total financial aid package cannot exceed the cost of attendance. Do be aware that outside scholarships can affect some loan or work study eligibility.

5 . What if my family is experiencing unusual financial circumstances?^

Unfortunately, there are times when a parent loses a job, there is a death or divorce in the family, your house is damaged by an earthquake, or some other out-of-the-ordinary event occurs. Gonzaga Univerisity believes there are some circumstances that warrant further investigation and review. If you have unusual family circumstances, please feel free to contact the Financial Aid Office to determine what kind of ddocumentation we will need to assess your situation. You might also check the Special Conditions Appeal Form to see if this tool fits your needs.

6 . What is the verification process, and how do I know if I need to complete it?^

The verification process is a federal requirement which mandates financial aid offices to confirm the information provided on your FAFSA. We ask for documentation, such as income tax returns and verification of items you claimed on your FAFSA, such as family size, number of people in your family attending college, asset information, income exclusions, etc. We match this information with that on the FAFSA and revise financial aid awards if necessary. Approximately 30% of all financial aid applicants are randomly chosen for this review process. Gonzaga University will notify you of any documents we will need from you. In order to finalize your financial aid award, you do need to return those documents to us in a timely manner. Remember, until the verification process has been completed, your financial aid award can change. The more accurate your initial FAFSA information is, the fewer adjustments we will need to make to your award later.

7 . What is the average student loan debt for a Gonzaga University graduate?^

For students who graduated in 2000, their average student loan debt was $21,357. (A lot less than a new mid-size vehicle!) Gonzaga’s current Stafford Loan cohort default rate is 1.1 percent and the Perkins Loan cohort default rate is 1.77 percent. (National average is 5.6 percent.) We are pleased to be among the lowest default rates in the country.

8 . What happens if I (or my parents) do not file a tax return by the deadline?^

For those students (or parents) who do not file a tax return by the time classes begin in the Fall, your aid can be held up. If you receive any Federal aid, such as a Stafford loan, Pell grant, etc., your funds will not be released to your account until verification is complete.