Office of Financial Aid
December 9 - Last Day to Request Fall Adjustments
All requests for budget and/or loan adjustments for the Fall semester should be submitted with all required supporting documentation by Monday, December 9. Please note that some students, including most students who borrowed loans during the Summer 2013 term, may not be able to adjust their Fall loans during the Spring semester and should plan accordingly.
Office Will Be Closed 1:00-2:00 on Thursday, December 12
The Office will be closed from 1:00-2:00 on Thursday, December 12, for a Law Center event. Thank you for your patience and understanding.
Federal Loan Interest Rate Changes Enacted
Pursuant to new legislation passed by Congress and signed by the President, the interest rates on most federal loans for the 2013-2014 academic year will decrease to 5.41% for graduate-student Stafford loans and 6.41% for Graduate PLUS loans.
The legislation, which is retroactive to July 1, 2013, changed the interest rates on new Stafford loans for graduate and professional students and new Graduate PLUS loans from 6.8% and 7.9%, respectively, to rates determined annually by recent 10-year Treasury bill yields plus 3.6 percentage points for graduate-student Stafford loans and 4.6 percentage points for Grad PLUS loans (with the resulting rates capped at 9.5% and 10.5%, respectively). Rates are fixed for the life of the loan.
Georgetown Law Quadruples Yellow Ribbon Support to Veterans
Because of the generous support from its donors, Georgetown Law is proud to dramatically expand its assistance to student-veterans. Beginning in the Fall 2013 semester, Georgetown Law will provide up to $10,000 per year to eligible degree-seeking veteran students as part of the VA's Yellow Ribbon program. This amount will be matched by the VA to total up to $20,000 per year and is in addition to other possible Post-9/11 GI Bill benefits for which our veteran students may be eligible. A typical, fully-eligible Georgetown Law veteran student is expected to receive through these programs up to approximately $38,000 per year in tuition reduction.
"Pay As Your Earn" Enrollment Now Open
Eligible borrowers may now begin enrolling in the "Pay As You Earn" repayment plan (an enhanced version of Income-Based Repayment or "IBR" in which borrowers pay 10% of discretionary income for no more than 20 years). Please contact your loan servicer for enrollment information.
A borrower is eligible for Pay As You Earn if, in addition to meeting all the requirements for IBR, he or she 1) did not borrow any federal student loans prior to October 1, 2007 or had entirely paid off all such loans as of that date and 2) had at least one federal Stafford or Graduate PLUS loan disburse on or after October 1, 2011 or applied for and completed a Federal Direct Consolidation loan on or after such date. A borrower who does not meet the first requirement may regain eligibility for future, otherwise-eligible federal student loans when and if he or she completely pays off all outstanding federal student loans regardless of when they were borrowed.
The Office of Financial Aid has created a guide to help you learn more about Pay As Your Earn, IBR and Public Service Loan Forgiveness and whether they're right for you. (For more information on LRAP, click here.) You should also feel free to contact the Office for more information.
Georgetown Law's Office of Financial Aid is proud to provide students, prospective students and alumni with the highest level of professional service and counseling. Our staff does more than just process loans and other aid -- we are available to help answer almost any financial-related question you may have.
Charles W. Pruett
Assistant Dean for Financial Aid