On July 4, 2025, HR 1 – Public Law No. 119–21, known as the “Big Beautiful Bill,” was signed into law. This legislation introduced changes to how students and families pay for higher education. While the Department of Education continues to release regulations and provide more context for students and families, information regarding these changes can be found on our Recent Changes to Financial Aid webpage.
Private Alternative Loans
Private alternative loans are available to:
- Undergraduate students
- Parents of dependent undergraduate students
- Graduate students requiring more than the annual maximum for their degree type available from the Federal Direct Unsubsidized Loan program
- International students
- Certificate program students who are not eligible for Federal Direct Subsidized, Unsubsidized or PLUS loans
Borrowing Amounts
Most private alternative loans will allow the applicant to borrow up to the student's cost of attendance minus any other aid, and generally requires school certification of enrollment and eligibility information. In most cases the lender will forward this request to the school after the student completes the initial application, the disclosures, and the self-certification form with the lender. Students must ensure that their loan program lender has received all required information, and has GW’s contact information on record.
Lender Requirements
Each private alternative loan product has specific enrollment level requirements and prior balance coverage standards. Review our Private Student Loan Counseling Checklist for helpful information.
When applying, students should make sure the products’ enrollment requirements and other standards meet their specific needs. Also, students should be aware that the final approval and disbursement decision rests with the lender. School certification of the eligible amount is not a guarantee of fund delivery.
Choosing a Lender
Students are encouraged to research different lenders and products to find the loan option that best suits their needs. To kickstart this process, GW has partnered with ELM Select, a free, lender-neutral tool that allows students and their families to compare loan options, interest rates, and more in a single, user-friendly space. Once launched, students can search for George Washington University, select their program, be presented with private loan options and compare what works best for them.
ELM Select will be available to students in April 2026.
Applying for a Private Alternative Loan
Learn how to apply for private alternative loans at GW.