|
How
to Apply
What
Does it Cost?
Paying Your
Bill
FAQ's
Calendar
Scholarships
Loans
Work Opportunities
Forms
Site Map
|
Loans | Part-Time Students
Federal Loan Programs (Top)
|
Federal Perkins Loan
The Federal Perkins Loan program is available to students who demonstrate substantial financial need. No separate application is required. The maximum annual loan amount is $6,000 (usually, the award does not exceed $3,000), with a cumulative total amount not to exceed $40,000 including undergraduate borrowing amounts. The interest rate for the Perkins Loan is fixed at 5 percent. Interest does not accrue until the loan goes into repayment. Repayment begins nine months after completion of studies or the student drops below half-time status. Deferment, cancellation, and repayment information is sent to all borrowers.
Federal Direct Student Loan (also known as Federal Stafford Loan)
Hopkins participates in the Federal Direct Student Loan Program. Eligibility is determined by review of your FAFSA data and federal tax return. The U.S. Department of Education makes these loans, through Hopkins, directly to the student for educational expenses.
The interest subsidized Direct Loan is available to students who demonstrate financial need. The maximum subsidized loan for a graduate student is $8,500 per academic year. The aggregate loan limit (undergraduate combined with graduate) is $138,500 (subsidized and unsubsidized). An origination fee of 1% is deducted from the gross amount of the loan. The interest rate is fixed at 6.8%. The federal government pays the interest on the loan as long as the student is enrolled at least half-time, and for a six-month grace period after leaving school. Flexible repayment options are available, including longer repayment periods as well as income-sensitive payment schedules.
Students who do not qualify for the need-based subsidized Direct Student Loan may borrow from the unsubsidized Direct Student Loan program. Graduate students may borrow up to a maximum total of $20,500 per academic year. This total includes both subsidized and unsubsidized loans. (For example, graduate students who obtain the maximum subsidized loan of $8,500 have the option to borrow up to $12,000 unsubsidized per academic year). Interest accrues immediately on the unsubsidized loan, and must either be paid during the in-school and grace periods or capitalized. All other terms of the loan are the same as for the subsidized program.
|
Students are not required to complete a separate loan application from a bank or other lender. If you are offered a Direct Student Loan as a part of your aid package and you accept it and you are a first-time borrower at Johns Hopkins, you will receive instructions to sign a master promissory note
online. The website is http://www.dlenote.ed.gov.
On this site, be sure to click on the appropriate link for the Federal Direct Student 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 student loan, click on the link that says "Complete New MPN for Student Loans". DO NOT click on the link that says "Complete New MPN for Parent PLUS Loans". Once you are on the Complete New MPN for Student Loans page, be sure to select the correct loan type. If you have a subsidized only, unsubsidized only, or combined subsidized/unsubsidized Federal Direct Student Loan, click on the Subsidized/Unsubsidized button. Once you are on the Complete New MPN for Student Loans 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. If you also have a Graduate PLUS Loan in addition to the Federal Direct subsidized/unsubsidized loan, you will need to repeat the process again and sign a separate MPN for your Graduate PLUS Loan.
For assistance with signing the Direct Loan Electronic Master Promissory Note, call Applicant Services at 800-557-7394. The master promissory note is valid for 10 years of consecutive borrowing at JHU. The loan proceeds will be credited to your student account 10 days prior to the start of the semester. Students who signed a Direct Loan master promissory note in a previous year are not required to sign a new note.
The Direct Student Loan Program simplifies the application process for students and provides quicker access to loan funds. The loan repayment allows more options for repaying the loan through extended, graduated, and income contingent plans. Loan repayment information will be sent with the promissory note and at the time of repayment. Loan repayment information as well as interactive calculators are available on the web at http://www.ed.gov/offices/OSFAP/DirectLoan.
Additional information regarding Federal Direct Loans:
Federal
Graduate PLUS Loan
Graduate students may borrow under the Federal Graduate PLUS Loan program up to the full cost of attendance after all other aid (including full eligibility for Federal Direct Student Loan subsidized and unsubsidized are offered). Lenders are private banks participating in this federal program. Students must complete the Free Application for Federal Student Aid (FAFSA) and provide all required documentation for a complete application. In addition, the JHU Office of Student Financial Services must first determine the student's eligibility for the Federal Direct Student Loan program (subsidized and unsubsidized) before certifying a Graduate PLUS loan.
Students who have been provisionally admitted to a graduate program are not eligible to borrow under the Graduate PLUS program.
Interest is fixed at 8.5%. An origination fee of 3% is deducted from the gross amount of the loan. Repayment may be deferred while the student is enrolled at least half-time. |
Supplemental Loans (Top)
Private loans are available to assist students in financing
educational costs (as defined by Johns Hopkins University) less any financial aid. For most of these loans, the student is the borrower with the parent as a cosigner. Interest rates generally are variable.
Eligibility requirements for the private loans vary for each private loan program. Some private loan programs may require that a student be enrolled at least half-time (at least two courses). Be sure to check with the lender about enrollment requirements.
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 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 is a service that assists in identifying potential lenders and comparing proviate loans. The University does not endorse or recommend any lender identified through the service, nor does the University have any financial interest in any lending institution. The University does not maintain a preferred lender list, and it has not screened, verified, or contributed in any way to information about the lenders contained on this website. Students and their parents have the right to select the education loan provider of their choice. The Certified Private Loans website provides information about lenders, and so it may be a helpful tool in the selection process. However, parents and students are not required to use it or to select a lender from information contained on the website.
|
Questions to ask a Graduate PLUS or 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 og 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 |
|
