Federal Loan Counseling
The George Washington University Law School participates in the Federal Direct Loan Program. Direct Loans, including Unsubsidized Stafford and Graduate PLUS loans are made through the U.S. Department of Education. No private lenders or loan Guarantee Agencies are involved with these loans. These loans are managed, serviced and collected by various servicing agents contracted by the U.S. Department of Education called servicers. After your loans have disbursed your servicer will be assigned and will contact you according to the information you provided on your Master Promissory Note.
The George Washington University Law School awards the loans, electronically transmits loan records to the Department of Education’s contractor, Common Origination and Disbursement, and disburses loan money to students. Federal regulations require the University to counsel each loan recipient as to their Rights and Responsibilities as a borrower. This is completed through online counseling on the Department of Education’s main loan information website: www.studentloans.gov (in the Tools and Resources column click on Counseling Demos, now choose Entrance Counseling). Loan recipients must complete entrance counseling before the University can make the first loan disbursement to the borrower. Entrance counseling is required for Unsubsidized Stafford and Graduate PLUS loans.
Students who have borrowed through the Federal Direct Loan Program (Subsidized, Unsubsidized or Graduate PLUS) while at the George Washington University Law School are required by law to participate in exit counseling if they are graduating, withdrawing, or dropping below half-time enrollment. To satisfy the on-line exit counseling requirement please go to www.studentloans.gov (in the Tools and Resources column click on Counseling Demos, now choose Exit Counseling).
The topics covered in on-line exit counseling are:
- Summary of total federally guaranteed student loan indebtedness including: Federal Direct Student loan indebtedness, Federal Family Education Loan Program (FFEL) indebtedness and Campus Based Loan Program indebtedness (Perkins loans) which can also be found at www.nslds.ed.gov.
- Interest Rates
- Information about entering repayment
- Repayment Plan Options
- Making Payments
- Choice of monthly payment date
- Consequences of Default
- Loan Consolidation
- Loan Discharge
- Information on how to contact the Direct Loan Servicing and Loan Consolidation centers
- Information on the Direct Loan Web Site
In order for the George Washington University Financial Aid Office to be notified that you have completed on-line exit counseling, be sure the George Washington University Law School (E00196 or 001444) is listed as your current school of attendance. You will be asked this question after you have completed and passed the exit counseling quiz.
Financial Awareness Counseling
Financial Awareness Counseling is not required, but it is strongly suggested that all students visit this counseling module throughout their careers as law students and as alumni. This site will allow you to input budget information to see how your repayment options will be affected. It is a great tool to help you decide how the salary described by one job offer may have a different outcome in the choice of federal loan income sensitive repayment plans than another. It will allow you to compare options and make good decisions. This site is found at: www.studentloans.gov (in the Tools and Resources column click on Counseling Demos, now choose Financial Awareness Counseling).