Federal Loans

Student loans are a vital component of the financial aid package. This form of aid may assist in paying for everything from books to tuition. There are various types of student loans, some of which you may be eligible for depending on your financial need.

In a typical, two-semester academic year, federal direct loans are disbursed in two installments. For only one semester, such as the summer, federal direct loans are disbursed once. Funds are not disbursed more than 10 days prior to the first day of class.

Eligibility: You must be an undergraduate student enrolled at least half time in a degree-seeking program in courses that apply towards your program’s completion requirements, demonstrate financial need, and maintain satisfactory academic progress. We use the information from your FAFSA in addition to institutional policies to calculate your financial need.

Applying: Submit the Free Application for Federal Student Aid (FAFSA) as part of your financial aid application. 

If you have accepted your Federal Direct Loans in MyAccess and are a first-time borrower at Georgetown, you will need to complete the following loan requirements on StudentAid.gov (new window) before loan funds are disbursed:

  • Master Promissory Note for a Subsidized/Unsubsidized Loan (MPN) – select “Complete A Master Promissory Note (MPN) – MPN For Undergraduates” under “Complete Aid Process” tab.
  • Entrance Counseling – select “Complete Entrance Counseling” under “Complete Aid Process” tab.

Exit Counseling: Students must complete exit counseling (new window) upon dropping below half-time status, taking a leave of absence, withdrawing, or graduating. 

Maximum Loan Amounts
First-year: $3,500
Sophomore: $4,500
Junior: $5,500
Senior: $5,500

Loan Information
In-school interest rate: 0%
Post-grace period interest rate 5.50%1 or 4.99%2
Origination fee: 1.057%3 or 1.059%4
Grace period: 6 months
Repayment period: Flexible
Does interest accrue when enrolled?: No

1For loans disbursed between 7/01/2023 to 06/30/2024
2For loans disbursed between 7/01/2022 to 06/30/2023
3For loans disbursed between 10/01/2020 to 10/01/2024
4For loans disbursed between 10/01/2019 to 10/01/2020

Eligibility: You must be a student enrolled at least half time in a degree-seeking program in courses that apply towards your program’s completion requirements and maintain satisfactory academic progress. Because the unsubsidized loan is a non-need-based loan, you do not need to demonstrate financial need to be eligible.

Applying: Submit the Free Application for Federal Student Aid (FAFSA (new window)) as part of your financial aid application. 

If you have accepted your Federal Direct Loans in MyAccess and are a first-time borrower at Georgetown, you will need to complete the following loan requirements on StudentAid.gov (new window) before loan funds are disbursed:

  • Master Promissory Note for a Subsidized/Unsubsidized Loan (MPN) – select “Complete a Master Promissory Note (MPN)” under “Complete Aid Process” tab.
  • Entrance Counseling – select the “Complete Entrance Counseling” under “Complete Aid Process” tab.

Exit Counseling: Students must complete exit counseling upon dropping below half-time status, taking a leave of absence, withdrawing, or graduating.

Maximum Loan Amounts

Dependent
First-Year: $5,500
Sophomore: $6,500
Junior: $7,500
Senior: $7,500
Graduate: N/A

Independent
First-Year: $9,500
Sophomore: $10,500
Junior: $12,500
Senior: $12,500
Graduate: $20,500

Loan Information
In-school interest rate:

  • 5.50% for loans disbursed between 7/01/23 – 6/30/24 (undergraduate)
  • 4.99% for loans disbursed between 7/01/22 – 6/30/23 (undergraduate)
  • 7.05% for loans disbursed between 7/01/23 – 6/30/24 (graduate)
  • 6.54% for loans disbursed between 7/01/22 – 6/30/23 (graduate)

Origination fee: 1.057%1 or 1.059%2
Grace period: 6 months
Repayment period: Flexible
Does interest accrue when enrolled?: Yes

1For loans disbursed between 10/01/2020 to 10/01/2024
2For loans disbursed between 10/01/2019 to 10/01/2020

Eligibility: The parent borrower must be a U.S. citizen or eligible non-citizen with a satisfactory credit rating. The student must be a dependent of the parent, a U.S. citizen or eligible noncitizen, and enrolled at least half time in courses that apply towards their program’s completion requirements.

Applying: You must submit the Free Application for Federal Student Aid (FAFSA) and complete the following loan requirements on StudentAid.gov (new window) before loan funds are disbursed:

  • Credit Application – – select “Apply for a PLUS Loan” under “Apply For Aid” tab. If your credit is denied, follow the instructions per the Department of Education regarding the potential for approval with a credit-worthy endorser
  • Master Promissory Note for a PLUS Loan (MPN) – select “Complete a Master Promissory Note (MPN) – MPN For Parents” under “Complete Aid Process” tab. 

Loan Information

Loan limit: Cost of attendance minus other financial aid.  
The amount borrowed may replace the expected family responsibility.
Interest rate: 8.05%1 or 7.54%2
Fees: 4.228%3 or 4.236%4
Grace Period: Typically 60 days after the final loan disbursement.5
Repayment Period: Varies
Does interest accrue when enrolled at least half time?: Yes

1 For loans disbursed between 7/01/2023 and 06/30/2024
2  For loans disbursed between 7/01/2022 and 06/30/2023
3 For loans disbursed between 10/01/2020 and 10/01/2024
4 For loans disbursed between 10/01/2019 and 10/01/2020
5  Parents may request an in-school deferment with the U.S. Department of Education.

Eligibility: Undergraduate and graduate students who are enrolled at least half-time, demonstrate exceptional financial need, and are not in default on a federal loan may be eligible for the Federal Perkins Loan. Funding is limited, and eligibility is determined from information on the FAFSA and by institutional policies.

Entrance Counseling and MPN: You must complete entrance counseling and the Master Promissory Note before funds are disbursed. You will be notified of by email when they become available.

Exit Counseling: You must complete exit counseling when you drop below half-time status, take a leave of absence, withdraw, or graduate. You will also be notified of this by email. 

Maximum Loan Amounts

Annually: $5,500
Cumulatively: $27,500

Loan Information
Interest rate: 5%
Grace period: 9 months
Repayment period:10 years
Does interest accrue when enrolled? No

Eligibility: You must be a U.S. citizen or eligible noncitizen enrolled at least half time in courses that apply towards their program’s completion requirements. You must have a satisfactory credit rating, not be in default on a prior loan, and not owe a refund on any federal student aid program.

Applying: You must submit the Free Application for Federal Student Aid (FAFSA). After receiving your award notification and accepting or reducing your award, you must complete the following requirements on StudentAid.gov (new window) before loan funds are disbursed:

  • Credit Application – select “Apply for a Grad PLUS Loan” under “Apply For Aid” tab. If your credit is denied, follow the instructions per the Department of Education regarding the potential for approval with a credit-worthy endorser
  • Master Promissory Note for a PLUS Loan (MPN) – select “Complete a Master Promissory Note (MPN) – MPN for Graduate/Professional Students” under “Complete Aid Process” tab. 
  • Entrance Counseling-  select “Complete Entrance Counseling” under “Complete Aid Process” tab. 

Exit Counseling: You must complete exit counseling when you drop below half-time status, take a leave of absence, withdraw, or graduate. You will also be notified of this by email. 

Maximum Loan Amount

Cost of attendance minus other financial aid

Loan Information
Interest rate: 8.05%1 or 7.54%2
Fees: 4.228%3 or 4.236%4
Grace period: 6 months after graduation or enrollment below half-time
Repayment period: Varies
Does interest accrue when enrolled? Yes

1For loans disbursed between 7/01/2023 and 06/30/2024
2For loans disbursed between 7/01/2022 and 06/30/2023
3For loans disbursed between 10/01/2020 and before 10/01/2024
4For loans disbursed between 10/01/2019 and 10/01/2020 

Eligibility: Undergraduate students who are enrolled at least half-time, demonstrate exceptional financial need, and are not in default on a federal loan may be eligible for the Nursing Student Loan.  Eligibility is determined from information on the FAFSA and by institutional policies.

Entrance Counseling and MPN: You must complete entrance counseling, Truth in Lending Disclosures, and the Master Promissory Note before funds are disbursed. You will be notified by email when they become available.

Exit Counseling: You must complete exit counseling when you drop below half-time status, take a leave of absence, withdraw, or graduate. You will also be notified of this by email.

Maximum Loan Amount
First and second-year nursing students: $3,300
Eligible third and fourth-year nursing school students: $5,200 Cumulative borrowing: may not exceed $17,000

Loan Information
Interest rate: 5%
Grace period: 9 months
Repayment period: 10 years
Does interest accrue when enrolled? No

Eligibility: You must be a Doctor of Nursing Practice (DNP) student committed to becoming Nurse Faculty. You must be a U.S. citizen or permanent resident, be enrolled for at least five or more credits, maintain a minimum cumulative GPA of 3.0, and maintain enrollment for a minimum of two consecutive terms/semesters during an academic year while receiving a Nurse Faculty Loan program support. You must also complete two (2) nursing education courses and not be in default on any federal debt, which Georgetown verifies with your FAFSA. Eligibility does not guarantee funding. Students enrolled in the master’s, post master’s certificate program, or in the clinical nurse leader (CNL) program are not eligible.

Commitment:

  1. You must commit to stay in the Nurse Faculty Loan program for the duration of your academic program and graduate.
  2. You are expected to find and obtain full-time employment as a nurse educator in a school/college of nursing within one year of graduation (Georgetown does not offer job placement for nurse educators nor is there any guarantees that you will find full-time employment as a nurse educator).
  3. You have twelve months from your graduation date to find employment as a full-time nursing faculty and to submit employment verification, or you will not be eligible for loan forgiveness.

Entrance Counseling and MPN: You must complete entrance counseling, Truth in Lending Disclosures, and the Master Promissory Note before funds are disbursed. You will be notified by email when they become available.

Exit Counseling: You must complete exit counseling when you drop below half-time status, take a leave of absence, withdraw, or graduate. You will also be notified of this by email.

Cumulative Maximum Loan Amount
$35,500

Loan Forgiveness
Years one, two, and three: 20%
Year four: 25%
4 years as a full-time faculty member at an accredited school of nursing: 85%

Loan Information
Interest Rate: 3%1
Grace Period: 9 months
Repayment Period: 10 years
Does interest accrue when enrolled at least half time? No

1Interest begins to accrue 3 months after graduation from the program or employment as full-time faculty. Failure to complete the program or establish full-time employment as a faculty member, interest will then accrue at the prevailing market rate.

Student Loan Calculators: 

  • StudentAid.gov: (new window) StudentAid.gov uses your real-time federal student loan data to assist you in estimating your monthly payments. Sign in with your Federal Student Aid ID (FSA ID) to access your data and get an early look at which plans you may be eligible for and compare monthly payments.
  • Mapping Your Future: (new window) Mapping Your Future is another way for students to estimate student loan payments. Mapping Your Future is a nonprofit organization committed to helping students, families, and schools navigate the higher education and student loan processes.