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Washington College is committed to providing educational excellence and equity for all students. The policies and principles of financial aid are based on the belief that all qualified students regardless of their race, sex or economic status should have the opportunity to experience a Washington College education. The College supports the principle that the purpose of financial aid is to provide monetary assistance to students who can benefit from a Washington College education, but who, without such assistance, would be unable to attend. Access to such assistance is considered a privilege, not a right.

Washington College does not offer College-sponsored graduate financial aid, or federal campus-based funds for graduate study. The only form of financial aid available to graduate students is the federal Stafford loan. The financial aid process for graduate students is predicated upon the precept that students will assume primary responsibility for their educational expenses. Since an education is an investment that should yield lifelong dividends, a student should be prepared to contribute to it both before entering and while in graduate school. Federal loan funds are intended to complement student financial resources and offered only after all other sources of funding have been exhausted. Students must make arrangements for payment of their semester bill by the billing due date. Loan applications will be processed and funds requested and disbursed once 60% of the semester has been completed.

Application Procedures for Graduate Students

Applicants should file the FAFSA at least 6 weeks prior to the start of classes. To be considered for need-based student loan assistance at Washington College, there are two items that must be submitted:

  • The Free Application for Federal Student Aid (FAFSA)
  • Student's Federal Income Tax Return, W2 forms, and all schedules filed

The FAFSA is used to collect financial information needed to determine a student�s eligibility for the Federal William D. Ford Direct Loan Program. All students who wish to be considered for need-based loan funds are required to provide the College with a signed copy of their federal tax return from the most recent tax year. Colleges and universities are required by law to use the signed federal tax return to verify data submitted on FAFSA. Loan requests cannot be finalized prior to receipt of the signed federal tax return. Financial aid recipients are required to reapply for need-based loan funds each year. All requirements pertaining to the aid application process apply to returning students.

Satisfactory Academic Progress (SAP) Policies

Updated July 1, 2011 Download Here    

Federal William D. Ford Direct Loan Program (Subsidized)

Federal William D. Ford Direct Loan Program (Subsidized) allows students who demonstrate federal financial need and who are enrolled for at least six credits each term to borrow up to $3,500 for the first year of undergraduate study, $4,500 for the second year, and $5,500 per year for subsequent undergraduate study. The interest rate is fixed at 5.6%. Interest does not accrue nor does repayment begin on subsidized Direct Loans until termination of college enrollment on at least a half-time basis. Interest accrued during in school and the grace period is paid by the federal government. The standard repayment period is up to ten years. Subsidized Direct Loans carry a 1.5% federal origination fee and an up-front interest rebate equal to 1.0% of the loan amount. Net proceeds will equal approximately 99.5% of the loan amount. New borrowers must complete a Federal Direct Loan electronic master promissory note and complete an on-line Entrance Counseling Session to borrow funds through this program.

For more information and to apply, visit the Federal Direct Loan Program Web site.

Federal William D. Ford Direct Loan Program (Unsubsidized)

Federal William D. Ford Direct Loan Program (Unsubsidized) allows all students regardless of federal financial need and who are enrolled for at least six credits per term to borrow up to $5,500 for the first year of undergraduate study, $6,500 for the second year, and $7,500 per year for subsequent undergraduate study less the amount of any subsidized Direct Loan received by the student. New borrowers must complete a Federal Direct Loan electronic master promissory note to borrow funds through this program. The interest rate is fixed at 6.8% and the origination fee is the same as specified above under the description of the subsidized Direct Loan Program, however, interest accrual begins immediately during in-school and deferment periods. Interest accruing during these periods may be paid or capitalized.

Independent students may borrow up to an additional $6,000 per year for the first and second years of undergraduate study and up to an additional $7,000 per year for subsequent undergraduate study through the unsubsidized Direct Loan Program. Dependent students may borrow up to the same additional amounts through this program but only if the student's parent is denied eligibility to borrow funds through the Federal PLUS Loan Program.

For more information and to apply, visit the Federal Direct Loan Program Web site.