|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Federal
Direct Student Loan (same as Federal Stafford Loan or Guaranteed Student
Loan):
Johns Hopkins University uses the Federal Direct Student Loan program, rather than the Federal Stafford Loan program, for federal student loans. Through this program, the U.S. Department of Education makes student loans, through Hopkins,
directly to the student for educational expenses. Direct Student Loans
carry a fixed interest rate of 6%-6.8% (see below). The maximum
subsidized amount per year is $3,500 for freshmen, $4,500 for sophomores, and $5,500
for juniors and seniors. Undergraduates may borrow an additional $2,000 in an unsubsidized Direct Student Loan. See information about subsidized and unsubsidized loans below. A 0.5% origination fee is deducted from the
proceeds of the loan.
(Top)
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, 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. As an undergraduate student, you will NOT have a Graduate PLUS Loan. Do not click this 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. 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. Additional
information regarding Federal Direct Loans:
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
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)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
