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Loans | Post-Baccalaureate Premedical Program

Other Financing Options • Web Site Quick Reference

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 5.6% for 2009-2010. 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.

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 from the unsubsidized Direct Student Loan program. The interest rate on unsubsidized loans is fixed at 6.8%. Post bac students who are independent may borrow up to a maximum total of $12,500 per academic year. This total includes both subsidized and unsubsidized loans. (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 an additional $2,000 unsubsidized loan for a total of $7,500 in Federal Direct Student Loans.

Interest accrues immediately on the unsubsidized loan, and must either be paid during the in-school and grace periods or capitalized. All other terms of the loan are the same as for the subsidized program.

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.dl.ed.gov. 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.

We are able to certify federal student loans 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 and 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.

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.

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:

Other Financing Options (Top)

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

Hopkins application for financial aid

Consolidating Your Loans

Federal Direct Student Loan

Medical School Financing

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