A Guide to Student Loans
Federal loan eligibility for graduate students varies according to whether a student has borrowed previously (current or returning law students only) or has not borrowed previously (new or transfer student). Students who submit a FAFSA and are eligible for federal aid will have federal loans added to the aid package based on their status as a current or new student. Current students will have eligibility for Unsubsidized Stafford loan and Grad PLUS. New students will have a higher Stafford loan eligibility but no Grad PLUS eligibility. The Stafford and Grad PLUS require online documentation to be completed for processing. All online documents including Entrance Counseling, Master Promissory Note and PLUS Loan Application are completed at studentaid.gov (FAFSA site). Details about federal loans can be found at studentaid.gov or below:
Federal Unsubsidized Stafford Loan
The Federal Unsubsidized Stafford loan accrues interest at the point of disbursement and is capped at $20,500 per year (current and returning students only). New students who borrow after June 20, 2026 will have a $50,000 cap. Required documents for processing and disbursing the federal unsubsidized loan to the student account include:
Federal Direct PLUS Loan (Grad PLUS)
The Federal Grad PLUS loan accrues interest at the point of disbursement and the amount of the loan is limited by the Cost of Attendance and any other aid the student has received (current and returning students only). New students who borrow starting after June 30, 2026 are not eligible to receive Grad PLUS. Required documents for processing and disbursing the federal Grad PLUS loan to the student account include:
Federal Loan Interest Rates and Fees (25-26 Academic Year)
Unsubsidized Stafford Loan Grad PLUS Loan
Interest: 7.94% Interest: 8.94%
Origination Fee: 1.057% Origination Fee: 4.228%
Private Loans
Private educational loans may be a viable option in conjunction with, or as a replacement for, federal loans. To aid in this process, W&L provides a secure private loan comparison platform: ELMSelect. ELMSelect offers a list of private loan options from lenders specifically offering loans for students in professional programs. Law students considering private loans are encouraged to carefully review and compare the terms of all available loan options and to contact lenders directly for detailed information about specific loan products.
Please note that student loan borrowing, combined with any other aid a student receives, cannot exceed the Cost of Attendance at Washington and Lee.