Sans security courses: How are self study courses certified?

If i were to take the course http://ift.tt/1bhFepF as a self study course over 4 months, how is it eventually graded? Is it an exam at the end? I've been reading around the SANS site and can't really find what I'm looking for.

"Students in the SelfStudy Program receive:

• SANS printed course books and CD (CD not applicable to certain courses)


• Two GIAC Practice Tests for each exam required for certification (GIAC Certification students only)


• Four-month online access to MP3 files of the course taught by the world's best instructors"

Is the GIAC test the actual certification? How does this differ to attending the live video lectures over the course of a week? My immediate thought is that I'd prefer the self taught version but I'm not totally clear what the differences are.