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The
subsidized Federal Direct Student Loan is available to students who
demonstrate financial need. The maximum subsidized loan for a post -bac
pre-medical student is $5,500 per academic year.
An origination fee of 0.5% is deducted from the gross amount of the loan.
The interest rate is fixed at 6.0%. 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. Repayment options have
been expanded under the Direct Loan Program to include longer repayment
periods as well as income-sensitive payment schedules. Students in the post-baccalaureate program are not considered graduate students because the program is a non-degree, preparatory program. Therefore, students in this program are not eligible to apply for the Graduate PLUS federal loan 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, 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:
Other Financing Options (Top) Monthly
Payment Plan
FAFSA
Consolidating
Your Loans 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
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