Receiving Loans
When to Apply for Loans
Accepting loans on Banweb is only one step in the application process; you must complete federal loan counseling and sign Master Promissory Notes (MPNs).
Newly Admitted JD, Transfer JD, and LLM Students
Once you have accepted your financial aid package on Banweb, and have paid your final admissions deposit, complete the remaining requirements for loan application on www.studentaid.gov.
- Go through the federal loan entrance counseling session
- Sign your MPNs for each loan you accepted
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Please Note: By accepting the Direct Grad PLUS Loan, your credit will be checked when the loan file is transmitted to the Department of Education. If you are unsure whether or not you will be approved, you can Request a Direct PLUS Loan at www.studentaid.gov. Credit checks are good for 180 days.
GW must receive confirmation of these federal requirements electronically from COD, the Common Origination and Disbursement division of DirectLoans at the Department of Education. Final loan approval will reach you in the form of federal loan disclosure statements from DirectLoans. Disclosures indicate loan terms, disbursement dates/amounts, fees deducted, and interest rates.
Continuing Juris Doctor and LLM
You may request loans as late as the last week of classes of the academic period for which loans are desired. However, if you wish your loan funds to arrive promptly at the start of the each semester of the loan period, you should apply as early as possible. This includes filing your FAFSA and GW Law Financial Aid Request form, as well as accepting the aid package on Banweb. If you are also requesting consideration for grants, you should file the CSS Profile with parental information.
Once you have accepted your financial aid package on Banweb, you do not need to redo MPNs and federal loan entrance counseling on www.studentaid.gov. (unless this is your first time borrowing loans). Please Note: By accepting the Direct Grad PLUS Loan, your credit will be checked when the loan file is transmitted to the Department of Education. If you are unsure whether or not you will be approved, you can Request a Direct PLUS Loan at www.studentaid.gov. Credit checks are good for 180 days.
GW must receive confirmation of any new federal requirements electronically from COD, the Common Origination and Disbursement module of DirectLoans at the Department of Education. Your prior-year MPNs and counseling will carry over to the current award year. Receipt of your federal loan disclosure statements from DirectLoans signals your loans have been approved.
NOTE: If your GradPLUS credit request is denied and then approved upon appeal, you (and your endorser, if applicable) must sign new MPNs, and you must complete a new, specific GradPLUS counseling session on studentaid.gov.
Transmission of Loans to COD
Your acceptance of loans on Banweb constitutes your “application” for the loans. GW begins transmitting Banweb-accepted loans to COD in mid-July. Once regular transmissions occur, as new loans are sent (“originated”) to the Department of Education, confirmation of your completed studentaid.gov tasks (i.e. signed MPNs, approved credit, completed counseling) is uploaded into Banweb.
Disbursement: When and How Loan Funds Arrive
In most cases, Federal Direct loans are issued in two equal disbursements, divided between the fall and spring semesters of the academic year. They are deposited electronically into your GW student account at the beginning of each semester. If you apply for a loan for one semester only (e.g., because you are graduating at the end of the fall semester), your funds will be fully disbursed at the beginning of that semester.
If you do not receive a disclosure statement for your loan(s), contact the Law Financial Aid Office for advice. Chances are a requirement hasn’t been satisfied on www.studentaid.gov, you have not accepted a loan on Banweb, or you have an expired MPN or credit decision.
Electronic Funds
Loan funds are deposited directly into your GW Student Account from COD. Federal regulations 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, or are registered, but not for the appropriate number of credits, or are missing any document required for admission or certification, your loan may be delayed in paying into your GW Student Account. If you are supposed to be a full-time JD student, then your account must show you billed as a full-time student, taking a minimum of 12 credits; if you are supposed to be a part-time student, then you should be registered for the same number of hours you indicated you would take on your GW Law Financial Aid Request form. You are responsible for informing Law Financial Aid of any enrollment change as soon as possible, so that your financial aid may be re-evaluated and adjusted, if necessary.
Billing
To save resources, GW semester bills are only posted on the Banweb system; no paper bills are prepared. Billing notices are sent to your GW email account, not your GW Law email account. You are expected to review your semester charges online and to understand them. Verify that the charges are correct: this is especially important for you if you are in the part-time JD, LLM, a joint-degree, or the SJD program. If your particular program of study charges any extra fees besides tuition, make sure it shows up on the bill. Check to be sure that any advance payments you expect to see there are actually credited to the account. If it appears aid is missing, contact Law Financial Aid.
Notification
The University notifies you by e-mail of your loan funds’ arrival each semester. If you do not receive notification, check your student account on Banweb, or don’t hesitate to contact your Law Financial Aid counselor to check your status.
Student Account e-Refund of Excess Funds
Financial aid award funds are disbursed to your GW Law student account at the beginning of each semester. If the awards you have accepted exceed the amount owed on the GW Student Account e-Bill system, you will receive a refund to assist with your external educational expenses, such as books, housing, meals, etc. To receive a refund automatically into your own bank account, you need to set up your direct deposit e-refund account. Register online through Student Account eBill.
Throughout the fall and spring semesters, GW Student Accounts automatically processes pending refunds on Mondays, Wednesdays, and Fridays (except on the last day of every month, when the office closes for reconciliation of accounts). If your credit balance is due to a loan disbursement or GW aid, you should automatically receive your refund by direct deposit. If you expect a refund due to some other form of payment, or external aid, you should apply for a refund on Banweb.
New JD and LLM students, note: If you paid admissions deposits prior to your matriculation at the law school, they will be credited entirely to your first semester GW student account. However, your financial aid is split evenly between the fall and spring semester. Therefore your first semester refund will be inflated by the deposits you paid compared to your subsequent semester refunds.
No financial aid funds are available prior to the first day of classes in any semester.
Return and Refund Policies of Title IV Funds and Institutional Aid
Includes merit scholarships and GW Law need-based grants
The law school Financial Aid Office is required by regulation to calculate a Refund of Fees and a Return of Title IV Funds amount for all financial aid recipients who withdraw, are dismissed, or who take a Leave of Absence during a semester. The policy applies to financial aid recipients who discontinue enrollment in all classes, on or after the first day of the first day of the semester. The Return of Title IV Funds is the amount of unearned aid you received at the beginning of the semester that must be returned to the federal aid programs. Any aid received in excess of the earned amount is considered unearned. The earned portion is calculated on a daily basis using calendar days from the first day of instruction. The Law Financial Aid office will also pro-rate or revoke institutional aid depending on the timing of a change in your enrollment status. Contact your financial aid counselor for more details.
No application will be processed unless all required forms have been received by the Law School Financial Aid Office. We usually begin originating loans to the Department of Education starting in early July. You can check your GW file completion by viewing "My Loan Eligibility Requirements" on Banweb, and your federal file completion by viewing your account on www.studentaid.gov. Please contact GW Law Financial Aid if you have questions.