Types of Federal Student Loans
If you have made your first seat deposit and are committed to attending GW Law, now is the time to apply for your student loans.
Federal Stafford Loan
All students who are US citizens or permanent residents may borrow up to $20,500 each year in the federal Stafford Loan regardless of credit-worthiness. Of this $20,500, up to $8,500 per year may be subsidized, which means that interest does not begin to accrue on this amount until six months after completion of your course of study or after you discontinue at least half-time enrollment. The determination of whether you qualify for this maximum $8,500 subsidized portion of the Stafford Loan is based upon financial need as determined from the information you provide in your FAFSA. Currently, the interest rate on the federal Stafford Loan is fixed at 6.8%. The standard repayment period for a Federal Stafford loan is ten years.
Federal GradPLUS Loan
All students who are US citizens or permanent residents and who do not have “bad credit” in the past 90 days may borrow the federal GradPLUS loan in an amount up to the total cost of attendance less all other financial aid, including merit and outside scholarships. Currently, the interest rate on the federal GradPLUS Loan is fixed at 8.5%. The standard repayment period for a Federal GradPLUS loan is ten years.
Private Loans
Students may choose to borrow private loans through any lender of their choice. Your financial aid counselor will work with you and your chosen lender to facilitate certification and disbursement of any private loans you choose to borrow.
Disbursement of Your Financial Aid
All financial aid awarded to you and/or certified for you by the GW Law Financial Aid Office (merit scholarship awards, need-based grants, Federal Stafford and GradPLUS Loans, Federal Perkins Loans, any private loans, and other GW Law institutional awards) will be disbursed to your GWU student account – ½ at the start of the fall semester and ½ at the start of the spring semester. These funds will be used first to cover the tuition cost each semester and any housing cost if you are living in GWU housing. If amounts remain in your student account after payment of tuition and any GWU housing expense, these funds will be refunded to you in the form of a check. Generally, students are able to pick up refund checks at GWU Colonial Central (in the Marvin Center) by the second week of each semester.
Please note: If the lender you choose does not disburse your loan funds electronically but disburses in the form of a paper check, you may be required to endorse each loan disbursement check before it can be deposited into your GWU student account. This may result in a delay in the processing of any refund for you.
Please be sure that you plan ahead. Because you will not receive a refund of funds remaining in your student account until after classes have begun each semester, you must be sure that you have sufficient funds on hand at the start of each semester to pay your expenses while you wait for your refund check to become available and to clear (you will have to deposit your refund check into your personal bank account and allow for it to clear). Be sure that you have money on hand to pay your August 2009 and January 2010 rent, buy food, books, etc.