Cost of Attendance: The estimated cost of attendance includes direct costs (expenses paid directly to the institution) and indirect costs (expenses incurred as a result of attendance that the student/family may pay to a third party (landlord, etc.) other than the institution. Learn more about Governors State University's Cost of Attendance.

Expected Family Contribution (EFC): The EFC is a measure of the family's financial strength and is calculated using information reported on the Free Application for Federal Student Aid (FAFSA). The EFC is used to determine federal financial aid eligibility and it helps institutions determine how much financial aid to award.  

Federal Direct Student Loan: Loan funds provided to the student by the U.S. Department of Education through the institution. Repayment of principal begins six months after the borrower ceases to be a student at least half-time. The Free Application for Federal Student Aid (FAFSA) is the annual application. There are two types of Federal Student Direct Loans: subsidized and unsubsidized. Students with financial need can qualify for a subsidized loan and the government pays the interest on the loan while the student remains enrolled at least half time. Students who don't demonstrate financial need qualify for an unsubsidized loan and interest accrues while the student is in school. The student must complete Entrance Counseling and the Master Promissory Note to receive disbursements.

Federal Grad PLUS Loan: Loan funds provided to graduate students by the U.S. Department of Education through the institution. This federal program allows graduate students with no adverse credit history to apply for up to their Cost of Attendance each year, less any financial aid. To be eligible, the student must be enrolled at least half time in an eligible program of study and first borrow the maximum allowable amount through the Federal Direct Student Loan program. Repayment of principal and interest begins 30 to 60 days after the loan is fully disbursed with deferment and forbearance options available.

Federal Parent Loan (PLUS): A federal loan program that allows parents who have no adverse credit history to apply for up to the Cost of Attendance each year, less any financial aid. PLUS loans must be repaid with interest.

Federal Pell Grant: A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need and have an Expected Family Contribution (EFC) below a threshold designated annually by the U.S. Department of Education, based on the amount of program funds appropriated by Congress. Completed FAFSA required annually for renewal consideration.

Federal Supplemental Educational Opportunity Grant (FSEOG): A grant provided by the federal government to qualified undergraduate students who demonstrate exceptional financial need. Priority is given to Pell Grant recipients and funds must be offered by the school in lowest Expected Family Contribution (EFC) order. Awarding is contingent upon funding and may not be renewed year to year.

Federal Work-Study (FWS): A program that provides part-time employment to students attending institutions of higher education who need the earnings to help meet their costs of postsecondary education. Encourages students receiving FWS assistance to participate in community service activities. FWS is contingent upon funding and may not be renewed year to year.

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 aid. Gift aid includes awards such as grants, scholarships, remissions, waivers, etc. Gift aid can be awarded based upon many factors, including (but not limited to) financial need, academic excellence, athletic, musical and theatrical talent, affiliation with various groups, or career aspirations.

Net cost: Amount of direct and indirect costs 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.

Remaining need: Difference between the institution's Cost of Attendance and the student's Expected Family Contribution (EFC).

Satisfactory Academic Progress (SAP): To be eligible for federal funds (Pell, FSEOG, Direct Loans, etc.) students must make satisfactory academic progress, meaning students are continuing to complete courses and maintain a required GPA based on their credit level.

Scholarship: A type of gift aid awarded to students that does not need to be repaid. Scholarship awards are typically based on merit or a combination of merit and need, such as academic excellence, talent, affiliation with various groups, or career aspirations. To be eligible for renewal of certain scholarships, students may be required to maintain a specific Grade Point Average (GPA) or enrollment status.

Self-help aid: Financial aid in the form of loans or student employment. Loans can be used to pay the remaining net costs after gift aid is deducted. Student employment earnings (including Federal Work-Study awards) are generally not deducted from billed costs but can be used to help cover indirect costs and are paid in the form of wages to students.

State grant: State-funded program provides grant from state to residents who demonstrate the highest level of financial need as determined by the results of the FAFSA. Amount varies and is based on enrollment status.