Loans
Federal Perkins Loan
The Federal Perkins Loan is offered directly by GW with funds provided by the federal government. To qualify for the Federal Perkins Loan, a student must demonstrate financial need (as determined by the information submitted on the Profile and FAFSA). Currently, the maximum Federal Perkins loan amount a student can qualify for at GW is no more than $2,200. The student will be notified if they are eligible for the Perkins Loan on their Award Notification.
Federal Stafford Loan
The Federal Stafford Loan is a guaranteed loan program through the federal government. Depending on a family's financial situation, a student's Federal Stafford Loan will be either subsidized or unsubsidized. Interest accruing on a subsidized Stafford Loan will be paid by the government if the student is enrolled at least half-time. Interest accruing on an unsubsidized Stafford Loan is the responsibility of the student. All students who wish to receive a Stafford Loan must first complete the FAFSA. Stafford Loan amounts increase each year as the student successfully matriculates.
|
Grade
Level
|
Maximum Subsidized
|
Maximum Unsubsidized
|
Total
|
|
Freshmen
|
$3,500
|
$2,000
|
$5,500
|
|
Sophomore
|
$4,500
|
$2,000
|
$6,500
|
|
Junior
|
$5,500
|
$2,000
|
$7,500
|
|
Senior
|
$5,500
|
$2,000
|
$7,500
|
An additional amount of Unsubsidized Stafford Loan is made available
to an independent undergraduate student or dependent student whose parent is
ineligible for a PLUS Loan, resulting in the following eligibility limits.
|
Grade
Level
|
Maximum Subsidized
|
Maximum Unsubsidized
|
Total
|
|
Freshmen
|
$3,500
|
$6,000
|
$9,500
|
|
Sophomore
|
$4,500
|
$6,000
|
$10,500
|
|
Junior
|
$5,500
|
$7,000
|
$12,500
|
|
Senior
|
$5,500
|
$7,000
|
$12,500
|
Renewal Federal Stafford Loan Borrowers
If you have previously borrowed a Federal Stafford Loan at GW, and are not switching lenders, all that you need to submit is the Federal Stafford Loan Data Form, available online here, and complete your FAFSA.
First Time Federal Stafford Loan Borrowers
Students who have yet to borrow a Federal Stafford Loan at GW should review and follow the instructions in the section for New Undergraduate Students. Refer to the Choosing your Lender link on the left for helpful information regarding lender selection for the Federal Stafford Loan. Remember that all students who wish to receive the Federal Stafford Loan must first complete a FAFSA, and that an Entrance Interview is required to be completed before these funds can pay to your account.
Federal PLUS Loan
Renewal PLUS Borrowers
The Office of Student Financial Assistance will send a letter to all parents who borrowed from the PLUS Loan Program for the 2008-2009 Academic Year outlining the process for applying for the 2009-2010 PLUS Loan. The 2009-2010 Federal PLUS Loan Data Form is available online here. You will indicate on the form the amount you wish to borrow for 2009-2010 and return the completed form to our office.
First Time PLUS Borrowers
Parents of continuing students who did not have a PLUS Loan for the 2008/2009 Academic Year should review the instructions the section for New Undergraduate Students. Refer to the Choosing your Lender link on the left for helpful information regarding lender selection for the PLUS Loan.
Private Alternative Loan Options
Private alternative loans are non-federal, private credit based loan products offered by various lending institutions. The loans generally require school certification of enrollment and eligibility information, and are in the student's name. They can be used like a PLUS loan to borrow up to the cost of attendance less any financial aid. Refer to the Choosing your lender link on the left for helpful information regarding product selection for an alternative loan.
Entrance/Exit Counseling
All first-time borrowers at GW must complete an entrance interview regarding their rights and responsibilities as Federal Stafford Loan borrowers. Entrance counseling can be completed in person at Colonial Central or on-line.
Federal regulations further require all borrowers to complete Exit loan counseling before they graudate, withdraw, or drop below half-time enrollment. Exit loan counseling can be completed in person at Colonial Central or on-line.
