Federal Direct Loans
- Federal Direct loans are fixed-rate student loans (6.6%) for graduate candidates attending a college or university at least half time (3 hours).
- Candidates must enroll for at least 3 hours per term to receive a Direct Loan.
- Candidates can receive a loan totaling up to the cost of education. The cost of education includes both direct costs (your tuition and fees) and indirect costs (general allowances for housing, meals, etc.).
- Origination fees (1.062%) will be deducted by your lender for any amount that you borrow.
- The annual limit is $20,500. These Federal Direct Loans are not awarded based on financial need. Any eligible graduate candidate can borrow an Unsubsidized Direct Loan. You will be charged interest from the time the loan is disbursed, to the time the loan is repaid in full.
Payments are generally made over the course of ten years.
To apply for a Student Loan:
- File the FAFSA for the relevant academic year at least 3-4 weeks prior to the semester beginning.
- Check for your course registration (Spring, Summer, and Fall)
- Contact Student Financial Planning to let us know about your intent to borrow funds.
- For new Georgetown College borrowers only: Go to www.studentloans.gov and click on “Entrance Counseling” and proceed through the Entrance Interview steps. Then, click on “Sign Master Promissory Note” and follow through all steps. All graduate candidates must choose UNSUBSIDIZED for the loan type.
- After GC Student Financial Planning has all of your information on file, you will be able to view/accept your award online on your portal under the Finance tab.