Family Financing

continuing students

IMPORTANT DETAILS FOR NEED BASED & MERIT RECIPIENTS 2009-2010

Federal Parent Loan for Undergraduate Students (PLUS)

If you are an undergraduate student in good academic standing and enrolled at least half-time, your parents can apply for the PLUS. The annual loan limit is the financial aid budget for the cost of attending GW (tuition, fees, room and board, books and supplies, transportation, and certain other education expenses) minus financial aid (including the amount of a subsidized or unsubsidized Federal Stafford Loan borrowed by the student). Need is not a factor, but the lender is required to perform a credit check and a good credit history is needed for approval.

The interest rate for the PLUS is set at 8.5%. The PLUS loans are subject to an origination fee of up to 3% and a default prevention fee of up to 1%; all fees are deducted proportionately from each disbursement.  Refer to the Choosing your Lender link on the left for helpful information regarding lender selection for PLUS Loan. Federal regulations require multiple disbursements; normally, half of the loan proceeds are paid at the beginning of each of the fall and spring semesters. Funds arrive by Electronic Funds Transfer (EFT) or by check co-payable to the school and the parent borrower. When the University receives a PLUS check, we forward it to the parent for endorsement; when the parent returns the check to us, GW endorses it and applies the funds to the student’s account. If the check is not returned, we will cancel the loan certification with the lender/guarantor. The PLUS repayment begins 60 days after the last disbursement (for the current academic year) by the lender and there is no grace period. The repayment period is up to 10 years; prepayment is permitted at any time without penalty. If a parent is not approved for the PLUS, the student then has the ability to seek additional loan funds in the unsubsidized Federal Stafford Loan program.  Refer to the unsubsidized Stafford Loan section. 

Renewal PLUS borrowers who completed the Master Promissory Note (MPN) for the 2008-2009 academic year need only submit the PLUS Loan Data Form when applying for a 2009-2010 loan.  You will indicate on the form the amount you wish to borrow and return it to this office. 

Parents of continuing students who did not have a PLUS Loan for the 2008-2009 academic year should review 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 PLUS loan. 

All forms can be obtained from the Office of Student Financial Assistance (OSFA).

Alternative Loan Options

Other Family Options