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Loans | Post-Baccalaureate Premedical Program

Federal Direct Student Loans • Other Financing Options • Web Site Quick Reference

Federal Direct Student Loans

The subsidized Federal Direct Student Loan is available to students who demonstrate financial need. The maximum subsidized loan for a post-bacc pre-medical student is $5,500 per academic year. An origination fee of 1% is deducted from the gross amount of the loan. The interest rate is fixed at 3.4% for 2012-2013. The federal government pays the interest on the loan as long as the student is enrolled at least half-time in school. Repayment options have been expanded under the Direct Loan Program to include longer repayment periods as well as income-sensitive payment schedules.

After financial need has been determined, the Office of Student Financial Services will provide a master promissory note for the borrower's signature. Loan funds will then be credited directly to the student's account.

Students who do not qualify for the need-based subsidized loan may borrow the unsubsidized Direct Student Loan. The interest rate on unsubsidized loans is fixed at 6.8% for 2012-2013. 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 https://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.

Annual Loan Limits

Post-bacc students who are independent may borrow up to a maximum total of $12,500 in Federal Direct Loans per academic year. This total includes both subsidized and unsubsidized loans combined. (For example, students who obtain the maximum subsidized loan of $5,500 have the option to borrow up to $7,000 unsubsidized per academic year). Students who are dependent may borrow up a total of $7,500 in Federal Direct Student Loans (subsidized and unsubsidized combined) per academic year.

Federal Direct Student Loans are available for this non-degree program because it is a preparatory program for entrance to medical school. However, federal regulations limit students in preparatory programs to one year of federal student aid. If your program should extend beyond one calendar year, you will need to consider other funding, such as private loans. Supplemental funding may be available through the Federal Direct Parent PLUS loan for dependent students, as well as through private loans for both dependent and independent students.

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.

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 instructions to sign a Master Promissory Note and complete Entrance Counseling online.

The website to complete these items is https://studentloans.gov.

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

• Sign in with your PIN and other identifying information.
• 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. Under the same login, select the option to 'Complete Entrance Counseling" and repeat the steps.

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.

More on Federal Direct Loan Program

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, interactive calculators, and other useful resources are available on the Direct Loan website.

Additional Federal Direct Loan Resources:

Other Financing Options (Top)

Private Loans

If you need to borrow beyond the limited amount of federal student loans available to you, the only other borrowing option is a private loan. For some general information about private loans, review the information for supplemental loans. As you are researching and applying for private loans, please be sure to let the lender know that the post-baccalaureate program is a non-degree graduate preparatory program. Some private lenders will approve loans for non-degre programs and others will not.

Monthly Payment Plan

Some families would like to ease the burden of large payments at the beginning of each term. The plan allows a student to pay up to the annual cost of tuition, room and board in five equal monthly installments, per semester, beginning June 1. No interest is charged. Further information on the monthly plan may be obtained from the Office of Student Accounts, (410) 516-8158.

Quick Reference of Web Sites (Top)

. FAFSA

Consolidating Your Loans

Federal Direct Student Loan

Medical School Financing