Georgetown University School of Medicine participates in the William D. Ford Federal Direct Student Loan Program. The loans offered through the Federal Direct Student Loan Program are the Unsubsidized Direct Stafford and Direct Graduate PLUS. Under the Federal Direct Student Loan Program, the federal government is the lender so it is not necessary for student borrowers to choose a specific lending institution as the provider of their Direct Stafford and/or Direct Grad PLUS Loan(s).  The general terms, and application instructions, for both Direct Stafford and Grad PLUS are listed below:

Federal Direct Stafford Loan (Unsubsidized)

  • Origination fee of 1.069%
  • Annual loan maximum of: $42,722 (M1 and M2), $47,167 (M3) or $44,944 (M4)
  • Interest accrues from the date of disbursement until the loan has been paid in full. Interest payments are not required while in school; any unpaid interest is capitalized at repayment
  • 6-month grace period following graduation or when enrollment drops below half-time
  • Fixed interest rate of 5.31% (the current interest rate is effective for loans borrowed between July 1, 2016 and June 30, 2017)
  • Deferment and/or forbearance is available during residency*

*Borrowers must apply and meet eligibility criteria established by the federal government for both deferment and forbearance.

 

Federal Direct Graduate PLUS Loan

 

  • Origination fee of 4.276%
  • Annual loan amounts are limited to a student’s total cost of attendance less other financial aid received
  • Option to defer payments while in school
  • 6-month grace period following graduation or when enrollment drops below half-time
  • Fixed interest rate of 6.31% (the current interest rate is effective for loans borrowed between July 1, 2016 and June 30, 2017)
  • Deferment and/or forbearance is available during residency*

*Borrowers must apply and meet eligibility criteria established by the federal government for both deferment and forbearance.

 

Federal Direct Student Loan Quick Instructions

(for detailed instructions on completing the Federal Direct Student Loan documents, please click HERE):
          
1. Go to the Direct Student Loan web site.
2. FEDERAL DIRECT STAFFORD LOAN: Complete the Stafford Loan master promissory note.
3. FEDERAL DIRECT GRAD PLUS LOAN: Complete both the Grad PLUS Loan master promissory note and Grad PLUS Loan request.
4. Complete entrance counseling (required for all first-time borrowers)

Once you have completed the master promissory note and entrance counseling, we will receive electronic confirmation from the Department of Education. We recommend that you print and retain a copy of the master promissory note for your records. Please contact our office with any questions concerning the Direct Loan application process.