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.

Direct Subsidized Loan

Eligibility: You must be an undergraduate student enrolled at least half time in a degree-seeking program, demonstrate significant 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 www.studentloans.gov before loan funds are disbursed:

  • Loan Agreement for a Subsidized/Unsubsidized Loan (MPN) - select "Complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)" under "Undergraduate Students" tab.
  • Entrance Counseling - select "Complete Entrance Counseling" under "Undergraduate Students" 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
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 4.45%1
3.76%2
Origination fee 1.066%3
1.069%4
Grace period 6 months
Repayment period Flexible
Does interest accrue when enrolled? No

1For loans disbursed between 7/1/17 to 6/30/18
2For loans disbursed between 7/1/16 to 6/30/17
3For loans disbursed between 10/1/17 to 9/30/18
4 For loans disbursed between 10/1/16 to 9/30/17

Direct Unsubsidized Loan

Eligibility: You must be enrolled at least half time in a degree-seeking program 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) 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 www.studentloans.gov before loan funds are disbursed:

  • Loan Agreement for a Subsidized/Unsubsidized Loan (MPN) - select "Complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)" under "Undergraduate Students" tab.
  • Entrance Counseling - select the "Complete Entrance Counseling" under "Undergraduate Students" 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
Year Dependent Independent
First year $5,500 $9,500
Sophomore $6,500 $10,500
Junior  $7,500 $12,500
Senior $7,500 $12,500
Graduate N/A $20,500
Loan Information
Interest rate

4.45% For loans disbursed between 07/01/17 - 06/30/18 (undergraduate)
3.76% For loans disbursed between 07/01/16 - 06/30/17  (undergraduate)
6.00%  For loans disbursed between 07/01/17 - 06/30/18 (graduate)
5.31%  For loans disbursed between 07/01/16 - 06/30/17 (graduate)

Origination fee

1.066%1
1.069%2

Grace period 6 months
Repayment period Flexible
Does interest accrue when enrolled? Yes

1For loans disbursed between 10/1/17 to 9/30/18
2For loans disbursed between 10/1/16 to 9/30/17

Direct Parent PLUS Loan

Eligibility: The parent borrower must be a U.S. citizen or eligible noncitizen 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. 

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

  • Credit Application - - select "Apply for a PLUS Loan" under "Parent Borrowers" tab. If your credit is denied, follow the instructions per the Department of Education regarding the potential for approval with a credit-worthy endorser
  • Loan Agreement for a PLUS Loan (MPN) - select "Complete Loan Agreement for a PLUS Loan (MPN)" under "Parent Borrowers" tab. 
Loan Information
Loan limit

Cost of attendance minus other financial aid.  
The amount borrowed may replace the expected family responsibility.

Interest rate

7.00%1
6.31%2

Fees

4.264%3 
4.276%4

Grace Period

Typically 60 days after the final loan disbursement.5

Repayment Period Varies
Does interest accrue when enrolled at least half time? No

For loans disbursed between 7/1/17 and 6/30/18 
2  For loans disbursed between 7/1/16 and 6/30/17
For loans disbursed between 10/1/17 and 9/30/18
For loans disbursed between 10/1/16 and 9/30/17
5  Parents may request an in-school deferment with the U.S. Department of Education.

Perkins Loan

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
Undergraduate students

$5,500 annually
$27,500 cumulatively

 

 

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

Direct Graduate Plus Loan

Eligibility: You must be a U.S. citizen or eligible noncitizen enrolled at least half time. 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 receiveing your award notification and accepting or reducing your award, you must complete the following requirements on www.studentLoans.gov before loan funds are disbursed:

  • Credit Application - select "Apply for a PLUS Loan" under "Graduate/Professional Students" tab. If your credit is denied, follow the instructions per the Department of Education regarding the potential for approval with a credit-worthy endorser
  • Loan Agreement for a PLUS Loan (MPN) - select "Complete Loan Agreement for a PLUS Loan (MPN)" under "Graduate /Professional Students" tab. 
  • Entrance Counseling-  select "Complete Entrance Counseling" under "Graduate /Professional Students" 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. 

Loan Information
Maximum loan amount Cost of attendance minus other financial aid
Interest rate 7.00%1
6.31%2
Fees

4.264%3
4.276%4

Grace Period

 6 months after graduation or enrollment below half-time

Repayment Period Varies
Does interest accrue when enrolled at least half time? Yes

1For loans disbursed between 7/1/17 and 6/30/18 
2For loans disbursed between 7/1/16 and 6/30/17 
3For loans disbursed between 10/1/17 and 9/30/18
4For loans disbursed between 10/1/16 and 9/30/17
 

Nursing Student Loan

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 Amounts
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 at least half time? No

Nursing Faculty Loan

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 full-time faculty member at 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.