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Types of Aid
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Types of Financial Aid at Georgetown University Law Center
Need-Based Grant AssistanceDean's Tuition Grants are awarded to approximately 1/3 of the full-time J.D. class based on financial need. The Dean's Tuition Grant Program is funded by Georgetown Law's general funds and by generous contributions from alumni, firms, foundations and other friends of Georgetown Law. Only full-time J.D. students are eligible for need-based grant assistance. All applicants must meet the requirements to receive federal financial aid (e.g. valid citizenship, not in default on a prior loan) in addition to fully completing the Need Access application (or CSS Aid Profile) and an institutional application containing both the student's and the student's parents' data. To determine financial need, Georgetown Law uses this information to evaluate both student and parental financial strength. Federal income tax returns for the applicable year are used to verify the data provided on the Need Access/CSS Aid Profile forms for both the student and the parent(s). Awards are generally renewable at the same level for up to 2 additional years of full-time study at Georgetown Law (1 additional year for transfer students). Changes significantly affecting the financial situation of the student, student's spouse and/or student's parent(s) may affect the level or availability of grant assistance in future years. In addition, students earning significant pay through summer employment (e.g., working as law firm summer associates) are expected to use a portion of their earnings for their education and, accordingly, are likely to have their grant assistance reduced for the following year. In order to retain eligibility for grant assistance, recipients must demonstrate their financial need by, in part, annually borrowing their full eligibility for federal Stafford loans, at a minimum. Dean's Tuition Grants are awarded with the understanding that there is a moral obligation for the student to repay the funds received. By accepting the grant award, the student accepts his/her moral responsibility to contribute to Georgetown Law when financially able to do so. The fulfillment of this moral obligation will help to replenish the grant fund and ensures that Georgetown Law will be able to offer institutional aid to future students.
Federal Direct Stafford LoansThe Federal Direct Stafford loan program is the primary source of financial assistance to Georgetown Law students, both J.D. and LL.M. candidates. Students may apply for an annual maximum of $20,500 in Stafford loans. Based on a federally determined, need-based formula, up to $8,500 of the annual maximum may be borrowed as a "subsidized" loan on which the government pays the interest until the student is required to enter repayment. The remaining "unsubsidized" portion of the loan accumulates interest while the student is enrolled. The lender will allow the student's loan interest to accrue until the time he or she enters repayment, at which point it will capitalize (become part of the principal). Currently, Stafford loans have a fixed interest rate of 6.8%. Repayment on the loans generally begins six months after graduation, or six months after the borrower ceases to be enrolled at least on a half-time basis.
Federal Direct Graduate PLUS (Grad PLUS) LoansGrad PLUS loans are federal loans which supplement Stafford loans for most students. Currently, Grad PLUS loans have a fixed interest rate of 7.9%. The amount borrowed is limited to an amount equal to the student budget minus all other financial aid. Grad PLUS loans, unlike Stafford loans, require a minimal credit check. This check, however, does not evaluate borrowers' credit scores, only their current standing on required payments and significant past events, such as bankruptcy. Contact the Financial Aid Office for more information. The Financial Aid Office expects that the majority of students, including all students interested in Georgetown Law's LRAP program, will select Grad PLUS loans over the alternative commercial loan options, if a supplement to Stafford loans is necessary. More on Graduate PLUS Loans...
Commercial LoansCommercial loans are alternatives to federal loans. They are credit-based, have variable interest rates and are not eligible for the benefits associated with federal student loans. Students may apply for assistance through one or more commercial loan providers. The amount borrowed from any of these programs when combined with other forms of approved financial aid cannot exceed the student expense budget. Students who may seek a career in public interest or government work are advised NOT to choose commercial loans over Grad PLUS loans if a supplement to Stafford loans is necessary as commercial loans are not eligible for various, related federal programs and will not be covered by Georgetown Law's Loan Repayment Assistance Program for students who entered Georgetown Law in the 2009-2010 academic year or later.
Federal Work-StudyFederal Work-Study (FWS) jobs are in plentiful supply at Georgetown Law. If you've received FWS before, then you know it's a good way to offset some of your borrowing needs. FWS is part of your overall financial aid award and the amount you're eligible to earn through the program is designed to contribute to your academic expenses. A portion of your wages will be paid through federal financial aid funds allowing employers to hire students for positions that wouldn't otherwise be funded. During the first year, students are allowed to work up to 10 hours per week. Students may request FWS funds on their Georgetown Law Financial Aid application or by signing-up at our office once the academic year has begun. If you've been awarded FWS funds, you'll receive a FWS Authorization Form via e-mail around the time Fall semester begins. Hiring for first-year students doesn't begin until the week of orientation, so everyone can have a fair shot at the available jobs. Job announcements are posted in the Law Center's weekly "What's Happening" newsletter, or you can look for jobs by inquiring at a department that you think may be hiring. It may come as no surprise to you that the largest employer is the library. There are some administrative offices, such as Career Services and Public Safety, that also hire first-year students.
Perkins LoansPerkins loans are federal, need-based loans that are interest-free to students until they enter repayment following a nine-month grace period. During repayment, the loan accumulates interest at a fixed 5% rate. Because the funds that support the program are extremely limited and are federally subsidized, students may not apply for this loan. If awarded a Perkins loan, you will be notified by the Financial Aid Office. (It is expected that most recipients will be upper-class students.)
Loan Repayment Assistance Program (LRAP)Georgetown Law has a nationally recognized Loan Repayment Assistance Program for graduates who work in public interest law or law-related government employment. There are currently over 200 graduates participating in LRAP. Throughout your educational experience here at Georgetown Law you'll have lots of opportunities to learn more about this generous program through various presentations and workshops. In the meantime, we encourage you to learn more about how Georgetown Law can support your optimal career choice.
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