JHU Student Financial Services | Prospective Students | Freshman & Transfers

Student Loans
Federal Direct • Federal Perkins

Loan Adjustment Form. If you want to cancel a loan already offered to you, request an increase to a loan already offered to you, or request the additional unsubsidized Federal Direct Loan of $2,000 as described below, please complete the Loan Adjustment Form.

If you and/or your parent(s) 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 Loans: Through the Federal Direct Student Loan program, the U.S. Department of Education makes student loans, through Hopkins, directly to the student for educational expenses. Students are not required to complete a separate loan application from a bank or other lender. Direct Student Loans carry a fixed interest rate of 6.8% (see below). A 1% origination fee is deducted from the proceeds of the loan upon disbursement. Students are required to begin repayment on the loan 6 months after they graduate or are no longer enrolled at least half-time. (Top)

• The subsidized Direct Student Loan is need-based, so the family contribution is used to determine eligibility. The federal government subsidizes the loan by paying the interest while the student is in school. The interest rate on a subsidized loan for undergraduates for 2012-2013 will be 6.8%.

The maximum subsidized amount per year is $3,500 for freshmen, $4,500 for sophomores, and $5,500 for juniors and seniors. Undergraduates receiving this amount also have the option to borrow an additional $2,000 in an unsubsidized Direct Student Loan.

• The unsubsidized Direct Student Loan is not based on financial need, although borrowers must complete the Free Application for Federal Student Aid (FAFSA) to obtain the loan. The interest is not subsidized by the government and must be paid on an ongoing basis or deferred while the student is in school and capitalized once repayment of principal begins. Loan principal and capitalized interest repayment begins six months after completion of studies. The interest rate on an unsubsidized loan for 2012-2013 will be 6.8%.

Interest begins accruing on the unsubsidized Federal Direct Loan after the first disbursement. However, 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 set up with fall and spring disbursements). The Direct Loan Servicing Center sends out statements twice a year, after January 1 and after July 1. 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 www.myedaccount.com. 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.

First Time Borrower Information: If you are offered a Direct Student Loan as a part of your aid package and you accept it, you will receive email instructions to sign a master promissory note and complete Entrance Counseling online.

Your FASFA PIN is required to complete this process. If you do not remember your PIN, you must go to the Department of Education’s PIN site at: http://www.pin.ed.gov

To Complete MPN and Entrance Counseling:

Sign in to the Student Loans website with your PIN and other identifying information.
Here you will see the options to "Complete Master Promissory Note" and "Complete Entrance Counseling". Remember to complete both!
Select Subsidized/Unsubsidized when asked which loan type.
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.

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.

Federal Perkins Loan: This federal loan is available to students who demonstrate exceptional financial need. The Federal Perkins Loan program is administered by Hopkins, therefore, the money borrowed is paid back to Hopkins. The rate of interest is fixed at 5%. Interest does not accrue until the loan goes into repayment. Repayment begins nine months after completion of studies and can extend up to 10 years. Deferment and repayment information is sent to all borrowers by the Student Loan Office. The loan proceeds are credited to your account 10 days prior to the start of the semester if a promissory note has been signed. (Top)

Additional information regarding Perkins Loans: