Financial Aid
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 Federal Stafford Loans. 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.
The Federal Stafford Loan Program
The Federal Stafford Loan Program enables students to borrow directly from a participating lender. This loan is guaranteed by a state or private nonprofit agency and by the federal government. To be eligible for Federal Stafford loan funds, graduate students must be officially admitted to a graduate program, and enrolled for at least 6 credits (two courses) per semester which is designated as more than half time status (12 credits is considered full time graduate study). Washington College graduate programs are designed as part-time, evening programs, thereby allowing graduate students to maintain regular daytime employment. Because of the nature of the graduate program, and as a debt management strategy for our graduate students, it is the policy of Washington College to limit Federal Stafford loan funds to the total direct costs per semester (tuition, fees and books). All borrowers must complete a FAFSA. The amount of the loan is based on demonstrated financial need, up to the actual direct charges per semester. The Federal Stafford loan has a variable interest rate. The rate is adjusted each year. Students must make arrangements for payment of their semester bill by the billing due date. Loan funds will be requested and disbursed once 60% of the semester has been completed.
Repayment of subsidized Stafford Loans begins six months after leaving school, and borrowers may be allowed up to ten years to repay the loan. Students borrowing funds through the Unsubsidized Stafford Loan program are responsible for monthly interest payments while enrolled. Principal payment is deferred until six months after graduation. Consolidation programs, which may allow a longer repayment period, are also available. Information and application forms are available in the Financial Aid Office.