The Federal Stafford (Subsidized & Unsubsidized) Loan Program is a large source of financial aid for Georgetown Law students. Important facts about the Federal Stafford Loan Program:

• Students may apply for up to $20,500 per year in the Federal Subsidized/Unsubsidized Stafford Loan Program.
• An aggregate limit of $138,500.
• Based on a federal formula, up to $8,500 can be borrowed as a Federal Subsidized Stafford Loan; the remainder may be borrowed as a Federal Unsubsidized Stafford Loan.
• Interest is not charged on the subsidized portion while the student is enrolled at least half-time, however, interest is charged on the unsubsidized portion and can either be paid by the student while in school or accrued and capitalized at repayment (six months after either graduation or after the student ceases to be enrolled at least half-time).
• The interest rate is fixed at 6.8%.
• These loans are generally disbursed in two installments, at the beginning of each semester.

 

Application Procedures

 To apply for Federal Subsidized/Unsubsidized Stafford loans, applicants are required to:

• Complete the Georgetown Law Student Aid Information Sheet. Green Sheet for all LL.M. and continuing J.D. applicants, Blue Sheet for incoming J.D. students.
• Complete the Free Application for Federal Student Aid (FAFSA).

  -The easiest and fastest way to obtain the FAFSA is on the Web at www.fafsa.ed.gov
  - The Georgetown Law school code is G21075.
  - FAFSA forms are also available from the Georgetown Law Financial Aid Office or from another school.
  - Students need only supply their own (and their spouse's) financial information on the FAFSA.
  - The recommended filing date for the FAFSA is March 1 for first year J.D. applicants and April 1 for all other applicants. Students are encouraged to complete the application as soon as possible so that Georgetown Law may receive valid results in a timely manner.

• If the FAFSA results indicate that a student is "selected for verification" then a complete, signed copy of your federal income tax returns is required.

Lender Options

Lenders appear on the Georgetown Law Lender Comparison Chart, however, students may utilize a different lender.

Arrival of Funds

Depending on your lender selection, commercial loan funds may arrive via Electronic Funds Transfer (EFT) or via paper check format.

• Proceeds lenders on the comparison chart arrive via EFT and are posted to the student's account.
• Other lenders send paper checks usually made payable to the student that can be claimed at the Georgetown Law Student Accounts Office.
• If account balance is paid in full, paper loan checks made payable to the student may be released directly to the student.
• If the student owes the Law Center, funds will be applied first to the outstanding account balance and the excess will be refunded though the Student Accounts Office.
  

Revised Mar. 07, 2007)