Students who were awarded Federal Work-Study (“FWS”) for the 2008-2009 academic year but who did not receive a FWS authorization form via e-mail should pick up an authorization form in the Financial Aid Office. This form will verify your eligibility for FWS employment and must be presented to your employer and payroll.
As you may have seen in media reports, there is an ongoing fund availability (liquidity) issue with student lending. On May 7, HR 5715 was enacted to ensure stability in the student federal loan markets for the 2008-09 academic year.
Over the past three months, the Department of Education has slowly developed the operational plan for the program. The fact that the program is now operating is good news, but due to the delays in implementation, some lenders may not be able to disburse funds on the scheduled date.
Georgetown Law students that have completed their application(s) for loans are protected regardless of the situation with their lender. Additional information is available.
The Financial Aid Office has prepared an updated Loan Application Checklist for all 08-09 students.
Also, the SIXTH edition of the Lender Comparison Chart is now available. An automatic one-week grace period is available for those students desiring more time to make the lending decision.
The financial aid application for incoming JD students is available by logging into the Admitted Student web site. If you cannot access the Admitted Student web site, please contact the Office of Admissions by email at OnlineAppHelp@law.georgetown.edu or by phone at 202-662-9010.
Students receiving financial aid (Law Center grants and scholarships, federal and private loans through the Financial Aid Office) may deduct the approved amounts from their July billing statement. For more info regarding your bill, see the Student Accounts section of our FAQ.
The priority filing date for summer classes starting after June 15 and fall/spring 2008-09 applications has been moved to June 2. This new timeframe will allow Georgetown Law students to make a better decision regarding their lender selection. Continuing students NOT wishing to wait may apply now.
You may have heard recently about the continuing uncertainty in the student loan market.
Although we do not know how long this situation will continue, we are advising students to wait on selecting a lender and applying for loans for the 2008-2009 academic year. As soon as Georgetown Law Financial Aid has additional information and advice concerning this situation, we will contact you about next steps for loan applications for 2008-2009.
Students will have options for funding for this lending season, we just want to be able to give you the best advice and options available. All deadlines to apply for student loans will be flexible.
What Does the Mortgage Mess have to do with Student Loans?
In many cases, the funds available for federal and private student loans are derived from the sale of bonds by student lending organizations. In short, lenders borrow money from investors to provide loans to students. Student loans, like mortgages, are long-term debts and are “packaged” in the bond markets similarly. With the current unease in the credit markets, the costs for most bond issues have increased and the interest paid by the lending organizations on their current bonds has increased as well.
For the time being, it may be necessary for lenders to halt benefit programs until the markets normalize. The media has started to pick up on the situation and various portions of the federal government are examining options to ensure liquidity in the student loan market.
With the current uncertainty, lenders will likely delay publishing terms for the 2008-09 academic year. The Financial Aid Office will continue to monitor the situation and will provide flexibility with filing deadlines, as appropriate.
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