George Washington had long argued for the creation of a university in the District of Columbia. In his will, he bequeathed fifty shares of the Potomac Company to support such an institution. He wrote, "I give and bequeath in perpetuity the fifty shares which I hold in the Potomac Company (under the aforesaid Acts of the Legislature of Virginia) towards the endowment of a University to be established within the limits of the District of Columbia, under the auspices of the General Government, if that Government should incline to extend a fostering hand towards it."[2] The shares turned out to not be worth very much, but Washington's idea for a university continued.

Undergraduate aid consists of two basic types-awards for academic achievement without reference to financial circumstances, and scholarships, grants, loans, and employment based on academic achievement and demonstrated financial need.

For the 2001-02 academic year, GW will provide in excess of $67 million in scholarship aid to its undergraduate population. More than 50 percent of the undergraduate students receive financial aid administered through the GW Office of Student Financial Assistance. The average financial aid need-based award is $18,801, of which GW provides an average award of $13,987. The total 65 percent of all aid funds are in the form of grant/scholarships.

For graduate students, GW offers assistantships, fellowships, traineeships, graduate scholarships, research appointments, part-time employment, and loans.

The George Washington University is Middle States accredited (Middle States Commission on Higher Education).