Washington banks, which stopped making low-interest college loans almost two years ago announced yesterday that they would begin accepting applications for loans for the 1978 fall semester Thursday.

Officials of the bankers' committee making arrangements for the federally insured loans program stresses in an interview that applications would be processed on a first-come, first-served basis, that the procedures established for applications must be followed carefully by students and that improperly prepared applications will be returned for correction and that the student would lose his or her place in line for processing.

Harry Sipe, an officer of National Savings and Trust Co. and chairman of the D.C. Bankers Association student loan policy committee, said he expected a "crush" of applications for the $5 million that will be available for loans.

Students may obtain applications from their schools, Sipe said. He said students should be sure to use the proper form, "Federal Insured Student Loan Application Office of Education Form No. 1154/7-77.

Completed forms should be mailed to the D. C. Federally Insured Student Loan Consortium Program, Post Office Box No. 57035, Washington. D.C. 20037. Forms postmarked before Thursday will not be accepted.

Students living in the District of Columbia for 18 months or more and attending school in the District, Maryland or Virginia who are U.S. citizens, permanent residents or have refugee status are eligible. In addition, students who received loans under the former D.C. Loan Program are eligible.

Loans will be available in amounts ranging from $1,000 to $2,500 at 7 percent interest repayable over 10 years. Of the $5 million available for the 1978-79 academic year, $1 million is for new applicants and the remainder for students who previously received loans.