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Parent Loans • Supplemental Loans

Parent Loans (Top)

Federal Direct Parent PLUS (Parent Loan for Undergraduate Students). Federal Direct Parent PLUS loans are federally guaranteed loans available to parents of undergraduates.  There is no financial need requirement to receive these loans.  You do not need to contact a lender; these loans are made directly with the U.S. Department of Education.

Student Eligibility:

Borrower Eligibility:

Credit Review:

Borrowing Eligibility:

Loan Terms and Disbursement:

Repayment:

To apply for a Federal Direct Parent PLUS Loan:

On this site, be sure to click on the appropriate link for the Federal Direct Parent PLUS Loan. You will see several links on the lefhand side of the page. The link called "MPN for Student Loans or Parent PLUS Loans Find out here" is an information only page. To sign your MPN for your Parent PLUS Loan, click on the link that says "Complete New MPN for Parent PLUS Loans". DO NOT click on the link that says "Complete New MPN for Student Loans". Once you are on the Complete New MPN for Parent PLUS page, click on the "Proceed to PIN Site Registration" EVEN IF YOU ALREADY HAVE A PIN. This takes you to the authentication site for you to enter your personal information and PIN before continuing to the page to actually sign the MPN.

A PIN is assigned to an individual and may not be used by another individual. When completing the FAFSA, the student signs with his or her PIN and one parent signs with the PIN assigned to that parent. If a different parent borrowes a Federal Direct Parent PLUS Loan, that parent may not use the PIN assigned to the other parent but must obtain his or her own PIN.

The borrower will be contacted by JHU and the Direct Loan Servicing Center once the loan has been processed.

Federal Parent PLUS with a private lender. If a borrower has a Parent PLUS from a previous year at JHU with a private lender and wants to continue with that private lender, JHU will continue to process those loans with private lenders. The borrower should contact the lender directly to apply for the 2008-2009 academic year.

Supplemental Student Loans (Top)

Some states offer educational loan programs to residents of that state with interest rates and repayment terms that are equal to or better than the federal student and parent loans. We recommend that students and parents check with their state higher education agencies about the availability of these loans.

Private banks also offer loan programs for educational costs. For most of these loans, the student is the borrower with the parent as a cosigner. Interest rates generally are variable. Johns Hopkins University recommends that students exhaust their eligibility for federal loans before considering private loan programs. If you are uncertain about your eligibility for federal loans, please contact the financial aid office prior to initiating a private loan application.

For state or private loans, the borrowing limit is the total cost of education for the academic year (as defined by Johns Hopkins University) less any financial aid.

As a service to students and their families, Johns Hopkins University makes available this link to the Simple Tuition website which assists in comparing private loans and in identifying potential lenders. The Simple Tuition website is one of many tools that may be helpful when selecting a private loan lender. The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. Students and their families have the right to select the educational loan provider of their choice. Additional information on factors to consider when securing a private loan is available below.

Questions to ask a Private Lender (Top)

• What is your lowest interest rate and fee combination and how can I get it? Is the rate only for a limited period or is it for the life of the loan?
• For variable rate loans, is there a limit on how high the variable rate can go? How often is the interest rate adjusted, and how is it determined?
• What interest rate can I get on a fixed-rate loan?
• How long will I be repaying the loan? Is there any penalty for paying it off early?
• When do I have to start making payments? How long can I defer payments while I'm in school? If I go to graduate school and defer payments, how much will I owe when I do start making them?
• Will I lose my discount for paying on time if I have only one late payment or if I ask for a change in the payment schedule?
• What proportion of your borrowers get the discounts you offer? Are your discounts guaranteed or are they subject to change later?
• Would you allow me to defer or reduce my payments temporarily because of economic hardship? Under what circumstances and for how long?

-- From the Project on Student Debt (see website below)

Consumer Information on Student Loans (Top)

For more information on comparing lender benefits, see the following website:

http://projectonstudentdebt.org/loandiscounts.vp.html

For questions to ask when considering a private loan, see the following website:

http://projectonstudentdebt.org/private_loan_questions.vp.html