Types of Aid
Graduate PLUS Loans
The Graduate PLUS loan (GradPLUS) is a new federal loan program established to meet costs of education less any other aid. Students usually use this loan to cover what remains of their expenses after GW aid and Federal Stafford Loans have been used up.
GradPlus Loans Terms at a Glance
- Fixed interest rate of 8.5%
- Same payment deferment and forbearance options as the Federal Stafford Loan (e.g. hardship, unemployment, and in-school)
- Up to 4% in fees may be charged on this loan, depending on the lender. GW will add 4% in fees to your academic cost, unless you specify otherwise.
- Loan eligibility is based on the federal standard (no adverse credit, e.g., no past-due payments, charge-offs, collections in the past 90 days) as opposed to your credit score
- May be consolidated with other federal loans
Eligibility
In order to receive a Federal GradPlus Loan, you must be:
- A citizen or permanent resident of the United States
- Enrolled at least half-time (6 credits per semester for J.D., 5 credits per semester for LL.M. students) in a degree program for each semester for which loans are received
- Not delinquent or in default on any educational loans borrowed prior to attendance at the Law School
If you are in default or in a late payment status on any of your student loans, aid for attendance at GW Law will be jeopardized. If you have defaulted on student loans, contact your lender/guarantee agency immediately to inquire about their policy for reinstatement of Title IV federal loan eligibility.
Need Analysis Required for the GradPlus Loan
You will undergo a government-designed need analysis to determine your expected family contribution (EFC). Since you will be a graduate student, no parental data is used, only your and your spouse’s (if applicable).
Note: You do not actually have to borrow a Federal Stafford Loan in order to borrow the GradPLUS, but you must have your need determined for a Federal Stafford Loan to receive GradPLUS. Since the Stafford Loan has a lower interest rate, you will want to borrow it first and then GradPLUS. If you have borrowed your aggregate limit on Federal Stafford Loans ($138,500), then the Federal GradPLUS would be the next likely loan for you to borrow, although commercial loans are also available.
Applying for Federal GradPlus Loans
1. File a Free Application for Federal Student Aid (FAFSA) using GW Law’s code: E00196. This form may be filed after January 1. Only you and your spouse, if applicable, need file this form.
If you have previously filed a FAFSA, you may submit a renewal application online. If you need a new PIN or have forgotten it, go to www.pin.ed.gov. Use of the PIN eliminates the need to send a signature page to the FAFSA processor.
The federal FAFSA processor will send you a Student Aid Report, in response to your filing FAFSA. Check the instructions upon receipt and promptly resolve any problems noted on the form. They will also let you know if your file was selected for verification. If you are selected, you will need to submit tax returns (see item 3 on this list).
2. Choose a lender and apply for the loan. You may apply using one of the Law School’s preferred lenders, or select a loan provider of your own choosing. You have the right and ability to select the education loan provider of your choice, are not required to use a lender on this list, and will suffer no penalty for choosing a lender that is not identified on this site. The lenders listed here were chosen because of their competitive interest rates, repayment benefits for students, and quality of customer service.
If you are borrowing a Federal GradPLUS Loan for the first time, and are using the online process with one of our preferred lenders, you need to apply on the lender's website. The lender will record all application information and you will electronically sign a preprinted master promissory note (MPN) online. Should you borrow from a lender with whom the Law School does not do business electronically, you will need to submit a copy of your paper MPN from the lender to Financial Aid. You will not need to submit subsequent GradPLUS requests online for your remaining years of study.
3. Should your file be selected for verification by FAFSA, then you need to submit a copy of your and your spouse’s (if applicable) federal tax return for the previous tax year. Submit a signed copy of all pages and schedules of your individual, partnership, and corporate returns. If you (and/or your spouse, if married) did not file a federal tax return, you will need to file a verification form. Always use the tax return you will file the April before the academic year for which you are requesting loans.
Note: if you also are applying for GW Need-Based aid, you must submit tax returns regardless of being selected for verification by the government.
4. You must complete federal loan entrance counseling online when applying for the Federal GradPLUS Loan. Once you graduate, or drop to less than half-time enrollment, federal loan exit counseling is required.
5. A GW Student Financial Aid Supplement [pdf] needs to be completed.
Besides providing basic identifying information and your intended enrollment plans, this is where you tell the Law School exactly which loans you are borrowing, in what amounts, and from which lender. Without this form, Financial Aid does not know you have loan applications awaiting completion.
When to Apply for Federal GradPLUS Loans
Newly admitted Juris Doctor and LL.M. students: Apply for Federal (and other) loans after you have paid at least your first tuition deposit and have made your decision to attend GW Law School. Loan forms are not transferrable school to school. Allow at least 6-8 weeks for processing once all forms are received by Financial Aid.
Continuing Juris Doctor and LL.M. students: You may apply in mid-spring semester for the following academic year. If you are applying for GW Need-Based aid (Juris Doctor students only), you will need to have completed the loan application process by the time of the GW Need-Based aid deadline, usually April 15.
You may apply for loans through April of the academic year for which loans are desired, but if you wish the funds to arrive in time for the start of the fall semester, you should apply as early as possible.
No application will be processed unless all required forms have been received by the Law School Financial Aid Office. We usually begin processing loans for the continuing students in late May. Processing time depends on volume. You will be notified periodically if your file is incomplete, but please feel free to contact Financial Aid if in any doubt.
When and How do Federal GradPLUS Funds Arrive?
Federal GradPLUS Loans are issued in two equal portions, divided over the fall and spring semesters of the loan period, and arriving at the beginning of each semester. Students applying for the GradPLUS loan for one semester only (usually due to needing only one semester of course work prior to graduation in an academic year) may receive their funds in one disbursement at the beginning of the semester.
Electronic Funds
Loan funds from our preferred lenders (GW/Citibank, Access Group, Total Higher Education, and Sallie Mae) are deposited directly into your GW Student Account by electronic funds transfer each semester. Federal regulations now mandate that electronically transmitted loan funds not used within three days of disbursement be returned by the school to the lender. If you are not registered, registered but not for the appropriate number of credits, or are missing some document required for admission or certification, your loan may be delayed in paying into your GW Student Account.
Paper Check
Lenders with whom the Law School does not have an electronic set up may send their loan funds by paper check. These are payable to you and to GW University. You must sign a paper check before the University can deposit it. Checks not deposited within ten days of issue are required to be returned to the lender.
Notification
You will be notified of the arrival of loan funds each semester. If you do not receive notification when you expect it, always contact Law Financial Aid to check your status.
Refunds
After the first day of classes and once your loan funds have been deposited into your GW student account, if a credit balance is available after tuition and fees have been fully paid for the semester, you may receive a refund check from the University. In absolutely no case are loan funds available to you prior to the first day of classes in any semester.