Types of Financial Aid at Georgetown University Law Center
Law Center Grant Aid
Institutional aid awards to students through the Dean's
Tuition Assistance Grant Program are funded by the Law
Center's General Fund and by contributions from alumni,
firms, foundations and other friends of the Law Center.
Dean's Tuition Assistance 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 the Law Center when financially able
to do so. The fulfillment of this moral obligation will
help to replenish the grant fund and ensures that the
Law Center will be able to offer institutional aid to
future students.
Information Requirements
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 parent(s) data. To determine financial
need, the Law Center 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 made for three years subject to
compliance with certain guidelines. For this reason,
the initial analysis is as thorough as possible.
The renewal aid application is a streamlined process.
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Federal Stafford Loans
There are many lenders offering loans to students (both federal and private). The Financial Aid Office maintains a lender comparison chart for students to review as part of their selection process. Students are NOT REQUIRED to select a lender from the chart and may use any lender that they wish.
The Federal Stafford loan programs are a large
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 the loans. Based on federally determined need-based
formula, up to $8,500 of the annual maximum may be borrowed
as the "Subsidized" portion where the government pays
the interest on the loan until the student is required
to enter repayment. The "Unsubsidized" portion of the
loan is determined by using the annual maximum less
the amount of the subsidized amount, and accumulates
interest for which the student is responsible while
enrolled.
Students are encouraged to pay the interest on this
loan while they are in school if they can afford to
do so, unless the student is borrowing additional loans. Lenders will allow the student's loan
interest to accrue until the time they enter repayment. at which point it will capitalize (become part of the principal).
Currently, all federal 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
time basis.
Federal Stafford Loans and other Federal
Loans such as the Perkins Loan may be consolidated into
one larger loan with a longer (up to 30 year) repayment
period. Consolidation is not always a good option and
due to market conditions, may be better some times than
others. Contact the Financial Aid Office to speak with
a counselor and see if consolidation is right for you.
[ More
on Federal Stafford Loans ]
Graduate PLUS Loans (GradPLUS)
Many students may choose the GradPLUS as an alternative to a commercial loan for their attendance at the Law Center, especially those likely to enter government or non-profit work. There is no single answer for all students as to which program is best, since some commercial loans may be cheaper
The Financial Aid Office expects that the majority of students will select the Grad PLUS, but there are valid reasons for choosing a commercial loan. We have distilled the available data and compiled the information below for your consideration. Please review this information before making your borrowing choice for 2008-09.
[ More on Graduate Plus Loans ]
Commercial Loans
Students may apply for assistance through one or more
of the commercial loan providers on our lender comparison chart.
Other lenders may also approve a graduate
degree level commercial loan. The amount borrowed from any of these programs
when combined with other forms of approved financial
aid cannot exceed the student expense budget.
The national credit bureaus make credit
scores available to consumers. All students are advised
to find out their current credit score and to check
the status of their credit reports annually. If you
have any doubts about your credit, you should obtain
a copy
of your report prior to applying for commercial loans.
The credit score (depending on credit bureau) runs
from approximately 350 to 850 and it is reported that
the general cut-off for a commercial loan to be approved
is 670. For more information about credit scoring on
reports, go to myfico.com and myvesta.org. See Georgetown Law's
Guidebook to Financial Aid (Chapter 9: Credit Cards
and Credit History) for information on how to contact
the credit bureaus.
[More
on commercial loans...]
Work Study
Federal Work-Study (FWS) jobs are in plentiful supply
at the Law Center. If you've received FWS before, then
you know it's a good way to offset some of your loan
debt. 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 email.
The Authorization Form serves as documentation
for potential employers that you can be paid through
FWS dollars. Hiring for first year students doesn't
begin until the week of orientation, so everyone can
have a fair shot at the available jobs.
It may come as no surprise to you that the largest
employer is the library. 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. There are some administrative
offices, such as Career Services and Public Safety that
also hire first year students. In addition, Georgetown Law has
agreements with a number of off-campus community service
agencies that also hire students through the FWS program.
[More
on Federal Work Study...]
Perkins Loans
For full-time J.D. students, two additional types of
institutional loans are available based on need. The
awards given to qualified applicants through these programs
are offered using Federal Perkins loan funds. The loan
funds 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,
there are specific "need" qualifications that a student
must meet before this program can be awarded.
Self-Support Loan
For full-time J.D. institutional aid applicants who
are able to document their financial independence for
a minimum specified amount of time from their parent(s)
with federal tax records (both student and parent),
this loan may be approved to replace the lesser of either
the calculated parent contribution, or the annual maximum
of $6,000. In addition, applicants must fill out the self-support loan application.
Qualified students should note that the loan must be
reapplied for each year and is not automatically approved.
The loans are contingent upon the availability of funds.
Summer Savings
Replacement Loan
For full-time J.D. students who worked in a legal
capacity and earned less than $5,000 in a non-profit
organization or government agency for at least 10 weeks
during the summer months, this loan may be approved
to replace the expected summer savings contribution.
Qualified students should apply for this loan in late
August/early September following the summer in which
they were employed in this capacity. The amount of the
approved loan may be no more than the set summer savings
expectation. Students who are already approved for Federal
Perkins loan funds cannot exceed the total annual maximum
of $6,000 in an academic year.
Loan Repayment Assistance Program
(LRAP)
Georgetown University Law Center has a nationally recognized
Loan Repayment Assistance Program for graduates
who work in public interest law or law-related government
employment. There are approximately 130 graduates participating
at any given time.
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.
[More on LRAP...]
Revised Aug. 6, 2003 (FCP)
