Federal Loans for Law Students

Accepting Your Student Loans

If you have received your financial aid offer and would like to accept/apply for the federal student loan(s) you are eligible for, follow the steps below. 

Step 1: Review your Financial Aid Notification online and accept the loan(s) you would like to borrow.

Step 2: Fill out the Master Promissory Note on the Federal Student Aid website for each type of loan you would like to take out – Unsubsidized and/or Grad PLUS. 

Step 3: Complete your Entrance Loan Counseling on the Federal Student Aid website for each type of loan you would like to take out – Unsubsidized and/or Grad PLUS.

Step 4 (Grad PLUS only): Grad PLUS borrowers must submit a PLUS Loan Application on the Federal Student Aid website.

You do not need to borrow the full amount that is offered to you. Loan amounts can be adjusted directly in your Financial Aid Notification letter. Please note that student loan borrowing, combined with any other aid a student receives, cannot exceed the Cost of Attendance at Washington and Lee. 

Please review the information about Unsubsidized and Grad PLUS loans below.

Federal Unsubsidized Student Loan

• All students meeting federal eligibility requirements qualify for the Unsubsidized Stafford loan regardless of demonstrated need.
• You must submit the FAFSA application to determine eligibility.
• Current information on Interest Rates and Origination Fees is available on the FSA website.
• No payments are required while the student is enrolled in college at least half-time.
• Interest begins accruing as soon as the loan is disbursed. You are not required to make payments on the interest, but doing so will save you money over the life of the loan.  If you choose not to pay the interest while in school, the interest will be added to the principal balance when the loan enters repayment.
• Loan amounts are limited to $20,500 per year for current and returning students. New students who borrow after June 20, 2026, will have a $50,000 cap.
• Repayment begins six months (grace period) after graduation or withdrawal from W&L.
• Students borrowing a Federal Unsubsidized Student Loan should familiarize themselves with their Borrower’s Rights and Responsibilities.

Grad PLUS Loan

• Students requesting to borrow a Grad PLUS Loan for the first time starting July 1, 2026, will be deemed ineligible due to recent federal changes.
• All law students meeting federal eligibility requirements qualify for the Grad PLUS loan regardless of demonstrated need.
• You must submit the FAFSA application to determine eligibility.
• A modest credit check is required for the student who is borrowing the loan. 
• Current information on Interest Rates and Origination Fees is available on the FSA website.
• Interest begins accruing as soon as the loan is disbursed. The accrued interest is added to the principal balance when the loan enters repayment. A post-enrollment deferment can be requested after the loan has fully disbursed.
• Payments can be deferred while you are in school.
• Students borrowing a Federal Grad PLUS Loan should familiarize themselves with their Borrower’s Rights and Responsibilities.

Exit Counseling and NSLDS Reporting

Students who take out federal loans are required to complete Exit Counseling when they leave W&L. This process outlines your student loan responsibilities and what to expect during repayment.

Information about your federal student loans will be reported to the National Student Loan Data System (NSLDS). The information submitted will be accessible to authorized users, including federal and state agencies, lenders, and guaranty agencies, for purposes related to the administration of federal student aid programs.

For more information about Federal Student Loans, please reach out to the Office of Financial Aid at financialaid@wlu.edu or 540-458-8717.