Loan Information

Washington and Lee meets 100% of financial need with a combination of grants and work-study. Students can borrow federal, private and/or institutional loans to meet their Expected Family Contribution (EFC). Students are not obligated to accept any loan(s) offered to them and may choose to borrow an amount that is less than what is listed in their financial aid notification.

Federal Loans

Washington and Lee processes all Federal Student Loans, Federal Parent PLUS Loans, and Federal Grad PLUS Loans through the William D. Ford Federal Direct Loan Program (referred to as the Direct Loan Program). This allows all students and parents to borrow their loans directly from the federal government.

Federal Loans for Undergraduate Students

Federal Loans for Law Students

Federal Parent Loans

Please visit the 2025-2026 Loan Calendar and Refund page for more information on loan periods, disbursement dates, and credit balance refunds.

Private Educational Loans

Private student loans are credit-based loans that can help students and families cover educational expenses not met by federal, state, or institutional aid. Students are strongly encouraged to explore all loan options before taking out a private loan. 

To help you compare options, W&L offers ELMSelect, a secure platform listing private loan choices from lenders that serve students and their parents.

Washington and Lee Loan

Students may be eligible for a Washington and Lee loan if the Office of Financial Aid determines they have no other remaining options to cover their cost of attendance. Eligible students will see the Washington and Lee Loan in their financial aid award letter and will need to fill out the required paperwork, including the federally mandated Private Education Loan Applicant Self-Certification Form.

For more information about the Washington and Lee Loan, please reach out to the Office of Financial Aid at financialaid@wlu.edu or 540-458-8717.