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Graduate Students FAQ

 

Questions Frequently Asked by Graduate Students

    Applying for Aid
  1. What is Georgetown University's Title IV code?
  2. I will not complete my federal tax returns before the priority deadline for filing the FAFSA. Should I wait until my tax forms are finished before I complete my financial aid forms?
  3. Should I report the total accumulated in IRA and Keogh plans on the FAFSA?


    4. Financial Aid Awards
  4. My award notice says I'm eligible for a Stafford Loan. How do I get that loan?
  5. What is a Federal Perkins Loan and how do I apply for one?
  6. If I take a leave of absence, do I have to begin repayment of my loans?
  7. What is student loan consolidation?
  8. Why is Federal Work-Study considered financial aid? Don't I have to earn this money?
  9. I was awarded a scholarship from a private outside organization. Do I need to inform my Student Financial Services Counselor?
  10. Will my eligibility for financial aid change if I change my enrollment status?
  11. Will I be eligible for less financial aid if I drop from full-time to half-time?


    12. Billing & Payment & Taxes 
  12. When will I receive a bill from Georgetown and when do I have to pay?
  13. What is the difference between Student Financial Services and Student Accounts?
  14. When will I receive the financial aid I have been offered?
  15. What is an estimated credit on my Statement of Student Account?
  16. What should I do if my financial aid won't cover all of my expenses?
  17. Is my scholarship taxable?

1. What is Georgetown University's Title IV code?
You should list Georgetown University's Main Campus Title IV code, 001445, on the FAFSA.

2. I will not complete my federal tax returns before the priority deadline for filing the FAFSA. Should I wait until my tax forms are finished before I complete my financial aid forms?
No. You may complete the FAFSA using reasonable estimates of your prior year income. However, you will later need to submit copies of your federal tax returns to the Office of Student Financial Services so that we can verify that the information you reported on your aid applications was accurate and recalculate your eligibility, if necessary.

3. Should I report the total accumulated in IRA and Keogh plans on the FAFSA?
No. You do not have to include retirement plan accumulations when totaling the value of assets. However, annual contributions must be reported since they are discretionary payments that reflect your ability to pay for college.

4. My award notice says I'm eligible for a Federal Stafford Loan. How do I get that loan?
You may apply for a Federal Stafford Loan using the online application on this website. Federal Stafford Loan Master Promissory Notes (MPNs) are also available from participating lending institutions.

5. What is a Federal Perkins Loan and how do I apply for one?
Federal Perkins Loans are low interest loans awarded to undergraduate and graduate students who demonstrate exceptional financial need. All graduate students who complete the required financial aid applications are automatically considered for Federal Perkins Loans available from Georgetown.

6. If I take a leave of absence, do I have to begin repayment of my loans?
Not immediately. The Federal Stafford Loan has a grace period of six months and the Federal Perkins Loan has a grace period of nine months before repayment begins. Therefore, when you take a leave of absence, you will not have to begin to repay your loan until the end of the grace period. Students taking a leave of absence are encouraged to contact their lender regarding the status of their loans.

7. What is student loan consolidation?
Loan consolidation allows students to combine all of their existing federal student loans into one loan. There are several advantages of loan consolidation. It simplifies repayment by having multiple loans under a single loan holder, reduces the required minimum monthly payments by extending the repayment period from the standard 10 years to a maximum of 30 years and uses a graduated repayment schedule. The disadvantages to loan consolidation are that students end up paying more interest and they are no longer eligible for many types of deferments.

8. Why is Federal Work-Study considered financial aid? Don't I have to earn this money?
Yes, you will receive a paycheck for hours you work at the wage rate offered by your employer. However, for students participating in the Federal Work-Study program 60% of their wages are paid by the federal government. Since employers only have to pay the remaining 40% of each Work-Study student's salary, they are more likely to hire students who are eligible for this federal support. This makes it much easier for you to find employment, if you so desire.

9. I was awarded a scholarship from a private outside organization. Do I need to inform my Student Financial Services Counselor?
Yes. If you let us know about your outside aid we can help you determine the effect on your eligibility for other need-based financial aid funds. It's helpful to know this early in the process. If we find out about the outside aid when the sponsor sends your money to Georgetown, it may cause budgeting problems, especially if we have to cancel need-based aid you are no longer eligible to receive.

10. Will my eligibility for financial aid change if I change my enrollment status?
Yes, if you withdraw from Georgetown or change the number of credit hours for which you are enrolled. You should contact your student financial services counselor in our office to discuss how it may affect your eligibility for financial aid.

11. Will I be eligible for less financial aid if I drop from full-time to half-time?
If you drop from full-time to half-time your tuition costs will be reduced and you may be eligible for less financial aid. If you enroll less than half-time, which is defined as taking less than five credit hours in one semester (with the exception of thesis research and continuous registration), you will not be eligible for federal financial aid programs.

12. When will I receive a Billing Statement from Georgetown and when do I have to pay?
You will receive Billing Statement for the Fall semester in early July. Another Billing Statement for the Spring semester will arrive in mid-December. If our office determines that you are eligible to receive a Federal Stafford or Federal Perkins Loan, or has been notified of an award for you from an outside scholarship sponsor, these amounts will appear on your Billing Statement as estimated credits until actual funds are received. These reported awards will reduce the amount you must pay immediately to Georgetown. Once all requirements for the disbursement of your financial aid funds have been met, these estimated credits will become actual credits on your student account.

13. What is the difference between The Office of Student Financial Services and The Office of Student Accounts?
The two offices have separate administrative functions. The Office of Student Financial Services, located in G-19 Healy, determines eligibility for scholarships, loans, and work-study. The Office of Student Accounts, located in the Ryan Administration building, is responsible for billing and collecting payments from students for university charges.

14. When will I receive the financial aid I have been offered?
To obtain the funds offered in your financial aid award notice you must (1) accept the award and follow all instructions in the award notice (2) complete all applicable sections on the reverse side of your award notice and return the signed copy to Georgetown (3) complete other documents as needed to obtain funds offered, e.g., a loan application, loan entrance counseling, or Work-Study job application. It can take up to six weeks to receive disbursements under some financial aid programs. Please plan ahead and enroll with sufficient funds to cover tuition and at least your first two months' living expenses.

15. What is an estimated credit on my Statement of Student Account?
If the Office of Student Financial Services determines that you are eligible to receive a state grant, Federal Stafford or Federak Perkins loan, or outside scholarship, these will appear on your bill as estimated credits until actual funds are received. Once you complete all necessary paperwork and/or funds are received, these estimated credits will become actual credits on your bill.

16. What should I do if my financial aid won't cover all of my expenses?
Discuss your concerns with your counselor in the Office of Student Financial Services, and consider borrowing additional funds through a private educational loan program.

17. Is my scholarship taxable?
Some forms of financial aid may be considered taxable by the Internal Revenue Service.  Under current federal law, the amount of a student's total scholarships/fellowships that exceed the cost of tuition, fees, books, supplies, and equipment is generally considered by the IRS to be taxable income.  Information about what to report to the IRS and how to report it can be found at  the IRS website and in the IRS tax topic #421.