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.
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 4.66% (see below). A 1.072% 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)
NOTE: The origination fee for the Federal Direct Student Loans increased for loans disbursed on or after October 1, 2013 based on Sequestration. The origination fee may change depending on Congressional legislation.
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:
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.
Additional information regarding Federal Direct Loans:
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.