Types of Aid
Federal Stafford Loans
Federal Stafford Loan terms at a glance:
- Fixed interest rate of 6.8%
- Fees of up to 4% may be charged on Stafford, depending on the lender; these are included in the academic year cost of education budget
- Maximum $20,500 per year
- Aggregate maximum of $138,500 graduate and undergraduate Federal Stafford Loans
- Payable after graduation over a ten-year period, unless payments are extended due to loan consolidation
- Federal Stafford Loans may be consolidated with Federal Perkins Loans and Federal Graduate PLUS Loans into one loan, repayable over a longer period of time
- The federal government pays the interest on the subsidized portion of the loan while you are in school at least half-time, during a specified grace period, and during approved periods of deferment of repayment; repayment begins six months after you graduate or drop below half-time enrollment status
- If you reduce your enrollment status, withdraw, or take a leave of absence from the Law School, you may enter repayment sooner and have to begin loan repayment.
Eligibility
In order to receive a Federal Stafford 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 Federal Stafford Loan
You will undergo a government designed need analysis to determine your expected family contribution. Since you will be a graduate student, no parental data is used, only your and your spouse’s (if applicable).
Applying for Federal Stafford 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 filing your FAFSA. Check the instructions upon receipt and promptly resolve any problems noted on the form. They will let you know if your file was selected for verification. If you selected, you will need to submit tax returns.
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.
Your lender will record all application information and you will electronically sign a preprinted master promissory note. Should you borrow from a lender with whom the Law School does not do business electronically, you will need to submit a signed copy of your paper from the lender to Financial Aid.
3. Should your file be selected for verification by FAFSA, you must submit a copy of your and your spouse’s (if applicable) federal tax return for the previous tax year. Submit signed copies of all pages and schedules of your individual, partnership, and corporate returns. If you did not file a federal tax return, you will need to file a verification form which Financial Aid will send you. Always use the tax return you will file the April before the academic year for which you are requesting loans.
Note: if you are also applying for GW Need-Based aid, you must submit tax returns regardless of being selected for verification by the government for loan purposes.
4. You must complete federal loan entrance counseling online when applying for the Federal Stafford 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]must 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 Stafford Loans
Admitted J.D. and LL.M. students: Apply for Federal 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 transferable school to school.) Allow at least 6-8 weeks for processing once all forms are received by Financial Aid.
Continuing J. D. 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 (J.D. 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 Financial Aid office. We usually begin processing loans for 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 Stafford Funds Arrive?
Federal Stafford 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 Stafford 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 most frequently used lenders are deposited directly into your GW Student Account by electronic funds transfer each semester. Federal regulations mandate that electronically transmitted loan funds not used within three days of disbursement be returned to the lender. If you are not registered, do not have 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 and subject to return to the lender until such time as all filing requirements have been satisfied.
Paper Loan Checks
Lenders with whom the Law School does not have an electronic business relationship may send their loan funds by paper check. In this case, the loan checks are payable to you and to GW; 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 of Funds
You will be notified of the arrival of loan funds each semester. If you do not receive notification when you expect it, contact 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 remaining 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.