Understanding Your Award Offer
Your financial aid offer is based on the information submitted on the Free Application for Federal Student Aid (FAFSA). Click the terms below to be taken to an in-depth definition. Learn more about Xavier University's Financial Aid Process here.
Cost of Attendance: The estimated yearly cost of attendance includes the institution’s direct costs (expenses paid directly to the college such as tuition, fees, room and board), and indirect costs (expenses incurred as a result of attendance that the student/family may pay to a third party other than the college such as off-campus rent, transportation costs, and personal expenses). A student’s financial aid, from all combined sources, cannot exceed their established Cost of Attendance for the academic year.
Expected Family Contribution (EFC): The Expected Family Contribution (EFC) is a measure of the financial strength of the student’s family and is calculated according to a formula established by law. The information reported on the Free Application for Federal Student Aid (FAFSA) is used to calculate the EFC. Taxed and untaxed income, assets, and certain benefits are all considered in the formula. Also considered are family size and the number of family members who will attend college during the year. Schools use the EFC to determine a student’s federal student aid eligibility and financial aid award. Note: Your EFC is not the amount of money your family will have to pay for college nor is it the amount of federal student aid you will receive. It is a number used by your school to calculate your aid eligibility.
Financial Need: The difference between the institution’s Cost of Attendance and the student’s Expected Family Contribution (EFC).
Net Cost: Amount of direct and indirect cost remaining after all gift aid (scholarships and grants) is subtracted.
Remaining Cost: Amount of direct and indirect costs remaining after all gift aid (scholarships and grants) and self-help aid (loans and federal work-study) or other funding sources are subtracted.
Gift Aid: Funds awarded to the student that do not have to be repaid, unless the student fails to meet certain terms, such as a service requirement, specified as a condition of the award. Gift aid includes awards with titles such as grants, scholarships, remissions, waivers, etc.
Scholarship: Aid awarded to the student by the institution or an outside entity that does not have to be repaid. Scholarship awards are typically based on merit (academic or talent-based), or a combination of merit and need. To be eligible for renewal of certain scholarships, the student may be required to maintain a specific cumulative Grade Point Average (GPA) or enrollment status.
Federal Pell Grant: Federal grant program for qualified undergraduate students who demonstrate exceptional financial need. The amount of the grant is set by Congress each year, and varies depending on the student’s Expected Family Contribution (EFC) and enrollment status. Students must complete the FAFSA annually for renewal consideration. The Pell Grant does not have to be repaid. You can learn more about this here.
Federal Supplemental Educational Opportunity Grant (FSEOG): Federal grant program for qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients. Awarding is contingent upon funding and may not be renewed year to year. Students must complete the FAFSA annually for renewal consideration. The FSEOG does not have to be repaid. You can learn more about this here.
Self Help Aid: Financial aid in the form of loans or student employment. Student employment earnings (including Work-Study awards) may be deducted from billed costs or can be used to help cover indirect costs in the form of a paycheck to students. Loans can be used to pay the remaining net cost after gift aid is deducted. Loans must be repaid according to the terms of the Loan Agreement/Master Promissory Note.
Federal Work-Study (FWS): Federal program that provides part-time employment to students attending institutions of higher education. Earnings may help meet the costs of postsecondary education and encourage students to participate in community service activities. Federal Work Study funds are earned over the course of the academic year through work and paid to the student in the form of a paycheck or deducted from the balance due at the University. Awarding is contingent upon funding and may not be renewed year to year.
Federal Direct Subsidized/Unsubsidized Loans: Federal loan program for students enrolled at least half-time in an eligible program of study. Loan funds are provided to the student by the U.S. Department of Education and disbursed directly to the school. Repayment of principal begins six months after the borrower graduates or ceases to be a student on at least half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Direct Loans for students: subsidized and unsubsidized. Undergraduate students with financial need may qualify for a subsidized loan (the federal government pays the interest on the loan while the student remains enrolled at least half-time). Students who do not demonstrate financial need, or are enrolled at the graduate level, may qualify for an unsubsidized loan (interest accrues while the student is enrolled). Students must first complete Entrance Counseling and the Loan Agreement/Master Promissory Note here to receive disbursements. There are yearly and aggregate borrowing limits placed on subsidized/unsubsidized loans. The interest rate is set by the federal government each year. A loan origination fee, which represents a percentage of the loan amount, is proportionately deducted from each loan disbursement. Loans must be repaid. You can learn more about this here.
Federal Direct Parent PLUS Loan: Federal loan program for parents of dependent undergraduate students. Loan funds are provided by the U.S. Department of Education and disbursed directly to the student’s account at the school. Approval for this loan is contingent upon completion of an application and a credit check. Parents may apply for a loan amount up to the Cost of Attendance each year, less any other financial aid awarded. Repayment of principal can be deferred until six months after the student graduates or ceases to be a student on at least a half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. To be eligible, the student must be enrolled at least half-time in an eligible program of study. Students whose parents are denied a PLUS loan may be eligible for an additional $4000 or $5000 (depending on grade level) of unsubsidized loan. Parents must complete the PLUS application and PLUS Loan Agreement/ Master Promissory Note here. The interest rate is set by the federal government each year. A loan origination fee, which represents a percentage of the loan amount, is proportionately deducted from each loan disbursement. Loans must be repaid. You can learn more about this here.
Federal Direct Grad PLUS Loan: Federal loan program for graduate students only. Loan funds are provided to students by the U.S. Department of Education and disbursed directly to the school. Approval for this loan is contingent upon an application and a credit check. Students may apply for a loan amount up to the Cost of Attendance each year, less any other financial aid awarded. Repayment of principal can be deferred until six months after the student graduates or ceases to be a student on at least a half-time basis. The Free Application for Federal Student Aid (FAFSA) is the annual application. To be eligible, the student must be enrolled at least half-time in an eligible program of study and have already borrowed the maximum amount allowable through the Federal Direct Loan Program. Students must complete the Grad PLUS application and PLUS Loan Agreement/Master Promissory Note here. The interest rate is set by the federal government each year. A loan origination fee, which represents a percentage of the loan amount, is proportionately deducted from each loan disbursement. Loans must be repaid. You can learn more about this here.
Private Education Loan: Non-federal student loan obtained through a third-party lender; interest rates vary. The FAFSA is not required. Students may apply for an amount up to the Cost of Attendance each year, less any other financial aid awarded. Funds disburse directly to the school. Private loans are in the student’s name and usually require the student to have a credit-worthy co-signer. Some lenders are now also offering private parent loans to the parents of dependent students. Repayment can be deferred until six months after student graduates or ceases to be a student. Students and parents must apply online directly with the lender of their choice. You can learn more about this here.
Satisfactory Academic Progress (SAP): To be eligible for federal student aid funds (Pell, FSEOG, Direct Loans, etc.) students must meet the standards of Satisfactory Academic Progress. SAP requires that student aid recipients complete at least two-thirds of all credit hours attempted, and maintain a minimum cumulative GPA of 2.0 (a 1.75 is permitted for freshman). Students who do not meet these academic requirements will have their federal student aid suspended. Students have access to an appeal process. You can learn more about this here.