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Loans
| Part-Time Students

Federal Direct Student Loan Federal Direct Graduate PLUS Loan Federal Perkins Loan
Alternative Student Loans

Loan Adjustment Form. If you want to cancel a loan already offered to you or request an increase to a loan already offered to you, please complete the Loan Adjustment Form.

If you borrow from one or more of the Federal loan programs, information regarding your Federal loans will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guarantee agencies, lenders and institutions determined to be authorized users of the data system.

Federal Direct Student Loan (Top)

Hopkins participates in the Federal Direct Student Loan Program. The U.S. Department of Education makes these loans, through Hopkins, directly to the student for educational expenses.

Eligibility is determined by review of your FAFSA data. See Eligibility Criteria information to determine if you are eligible to borrow a Federal Direct Student Loan.

Federal Direct Unsubsidized Loan:

Eligible graduate students may borrow up to a maximum total of $20,500 per academic year from the unsubsidized Direct Student Loan program. An origination fee of 1.051% is deducted from the gross amount of the loan. Interest accrues immediately on the unsubsidized loan at a fixed rate of 5.41%.

The Direct Loan Servicing Center sends out statements twice a year, after January 1 and after July 1. The borrower will not receive a statement of interest accrued until after the loan is fully disbursed (for example, after the spring disbursement if the loan is scheduled for both a fall and spring disbursement). The statement indicates the amount of interest that has accrued. The borrower may pay all, part, or no interest at all. If the borrower chooses to make partial interest payments or no interest payments, the unpaid interest is added to the principal of the loan which makes the loan more costly. We encourage students to make interest payments while in school, if possible. If you wish to know more about how much interest has accrued on your loan at any time during the life of your loan, you may access your account online using your Federal PIN at the Federal Loan Servicing website. You may also make interest payments online. If you have additional questions or concerns, you may contact the Direct Loan Servicing Center at 1-800-848-0979.

NOTE: The origination fee for the Federal Direct Student Loans increased for loans disbursed on or after March 1, 2013 based on Sequestration. The origination fee may change depending on Congressional legislation.

First-Time Borrowers:

If you choose to accept a Direct Student Loan offered as a part of your aid package and you are a first-time borrower at Johns Hopkins, you will receive instructions to sign a master promissory note online at www.studentloans.gov.

  • Sign in with your PIN and other identifying information. *If you do not have a valid PIN, you must go to the Department of Education's PIN site.
  • Select the "Complete Master Promissory Note" option.
  • Select Loan Type 'Subsidized/Unsubsidized'.
  • Be sure to select JOHNS HOPKINS UNIV - ASEN when asked to provide the name of your school.

Follow the instructions, and remember to print a copy of the promissory note for your records. 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.

Repayment and More:

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.

Additional information regarding Federal Direct Loans:

Estimate monthly payments on student loans

Information about Public Service Loan Forgiveness

Deferments & Forbearances

Consolidating your Federal Direct Loans

• Access your student loan history on-line through the National Student Loan Database

• Contact the U.S. Department of Education's Student Loan Ombudsman to informally resolve loan disputes and problems.

 

Federal Direct Graduate PLUS Loan (Top)

This credit-based loan program is available to graduate students whose maximum federal loan eligibility is not sufficient to cover their educational costs. Before applying for a Grad PLUS Loan, the student must complete and submit the FAFSA. The Office of Student Financial Services must first determine their eligibility for the maximum annual Federal Direct Loan amount. Grad PLUS loan eligibility is based upon the student's credit-worthiness, along with the eligibility criteria for all federal student loans.

After your Federal Direct loan eligibility has been determined, you may apply for the Graduate PLUS loan by completing and submiting the Federal Direct Graduate PLUS Request Form for the appropriate year.


Credit Review:

Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, you must not have any of the following items on your credit report:

  • Any current delinquency of 90 days or more
  • Any of the following items within the preceding five years of the date of the credit report: Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt; Open Collection

A PLUS loan applicant may qualify for a PLUS loan based on extenuating circumstances if the applicant:

  • Has been or is delinquent for 180 days or less on mortgage loan payments, or on medical bill payments for the applicant or the applicant's family, and
  • Does not otherwise have an adverse credit history as determined in accordance with the federal regulations that apply to PLUS loan applicants

Credit Approval:

Credit approval is valid for 90 days. Your credit is evaluated every time you request a new loan unless you have had a credit decision within the preceding 90 days.

If you think you may have one or more of the items outlined in the credit requirements listed above you may want to obtain your credit report in advance. You may be able to fix an item such as delinquency by simply making a payment and bringing your delinquency to less than 90 days. If you have had a situation with a discharge or collection item for example, you may be able to obtain a "settled in full" status if you work with the entity to reach a satisfactory arrangement. If you are able to fix an item, it is no longer considered in the credit evaluation and it may result in your credit being approved.

Credit Denial Options:

  • Apply with an endorser
  • Correct any invalid information on your creidt report that may have led to the denial
  • Appeal the denial
  • Contact the financial aid office to explore your options. We will review your award to make sure you are taking advantage of all loan and college work-study options.

Correspondance will be sent to Direct PLUS Loan applicants who receive an adverse credit determination. Information will include instructions to appeal the denial of a Direct PLUS Loan application.

Borrowing Eligibility:

  • Borrowers apply for the Graduate PLUS for each academic year that they wish to borrow. Multi-year loans may be consolidated.
  • Borrowers are encouraged to apply for the amount needed for the academic year (not semester by semester).
  • The loan amount may not exceed the cost of attendance for the academic year less any financial aid the student is eligible to receive. Students must be considered for their full eligibility under the Federal Direct Loan program before a Graduate PLUS will be certified.

Loan Terms & Disbursement:

  • The interest rate for the Grad PLUS is fixed at 6.41%.
  • The origination/default fee for the Grad PLUS is 4.204%. This fee is deducted from each disbursement of the loan.
  • Disbursements are scheduled at the beginning of each semester and are deposited directly in the student's account.

Repayment:

  • In school deferment is available for Grad PLUS borrowers. Interest will accrue while the loan is in deferment.
  • Grad PLUS loans do not have a grace period, but you may request a forbearance from your lender to align repayment with your subsidized/unsubsidized loans.
  • If in school deferment is not requested, repayment begins 60 days after the loan is fully disbursed. Fully disbursed means that all installments (fall and spring) have been paid. Interest begins accruing after the first disbursement.
  • There is no pre-payment penalty.
  • Consolidation options and extended or graduated repayments plans are available.

First-Time PLUS Loan Borrowers:

New PLUS borrowers will need to sign a promissory note online at www.studentloans.gov.

  • Sign in with your PIN and other identifying information. *If you do not have a valid PIN, you must go to the Department of Education's PIN site.
  • Select the "Complete Master Promissory Note" option.
  • Select Loan Type 'Grad PLUS'.
  • Be sure to select JOHNS HOPKINS UNIV - ASEN when asked to provide the name of your school. .

Follow the instructions, and remember to print a copy of the promissory note for your records.The borrower will be contacted by JHU and the Direct Loan Servicing Center once the loan has been processed.

Applicant Services for PLUS Loan Borrowers:

PLUS Loan borrowers can contact Applicant Services for:
- Credit Appeal Overrides
- Endorser Application Questions

  • 800-557-7394 - 8am to 8pm (ET), Monday-Friday
  • 877-461-7010 - Telecommunication Device for the Deaf (TDD)

Federal Perkins Loan

The Federal Perkins Loan program is available to students who demonstrate substantial financial need as determined by the FAFSA. No separate application is required. The maximum annual loan amount is $8,000 (usually, the award does not exceed $3,000 because of limited funding), with a cumulative total amount not to exceed $60,000 including undergraduate borrowing amounts.

Benefits of a Perkins Loan:

  • The interest rate is fixed at 5 percent.
  • Interest is paid by the federal government while the student is enrolled half-time and during the grace period.
  • Repayment begins 9 months after completion of studies and/or the student drops below half-time status. Deferment, cancellation, and repayment information is sent to all borrowers.

Repayment:

There is a 10-year repayment period on the Federal Perkins Loan. Johns Hopkins University is the lender. If you borrowed a Federal Perkins Loan while attending Johns Hopkins University, direct questions concerning repayment to the Student Loans Office, 1101 E 33rd Street/Suite B200, Baltimore, MD 21218.

Cancellation:

Under certain conditions, a Federal Perkins Loan that is not in default can qualify for cancellation. A summary of the cancellation conditions is provided in The Student Guide.

Only the school that grants the Federal Perkins Loan can determine if the borrower is entitled to have any portion of the loan cancelled. Direct questions concerning repayment to the Student Loans Office, 1101 E 33rd Street/Suite B200, Baltimore, MD 21218.

Federal Perkins Credit Reporting Requirement:

Johns Hopkins must report the date and amount of each disbursement of Federal Perkins Loan funds to at least one national credit bureau.

 


Alternative 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. *Note: 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 already offered.

As a service to students and their families, Johns Hopkins University makes available this link to the Maryland Student Loan Marketplace which assists in comparing private loans and in identifying potential lenders. The Maryland Student Loan Marketplace was designed by the Maryland Independent College and University Association (MICUA) to help students and their families navigate the world of private student loans.

The Marketplace is an online, education financing resource that provides students with a transparent process to evaluate private loans. In addition, it provides access to a Learning Center which supplies critical information needed to engage in smart borrowing practices. It 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.

Disclosure and Truth-in-Lending Forms for each Participating Lender

Maryland's College Loan Code of Conduct

Before considering a private student loan, students are encouraged to complete the process for determining eligibility for federal student loans which are normally less costly and offer better repayment terms.

 

Questions to ask a Private Lender:
  • 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?
  • Are there co-signer release options?

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

Consumer Information on Student Loans:

For more information on alternative educational loans go to the Project Student Debt website.

Johns Hopkins University Financial Aid Code of Conduct and Policy on Education Loans

 

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