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Scholarships |
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
have a fixed interest rate of 6% to 6.8% (see below). The maximum
amount per year is $3,500 for freshmen, $4,500 for sophomores, and $5,500
for juniors and seniors. A 1% origination fee is deducted from the proceeds
of the loan. The Direct Loan is either subsidized or unsubsidized. (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 and you are a first-time borrower at Johns Hopkins, you will receive instructions to sign a master promissory note
online. The website is http://www.dlenote.ed.gov. 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)
Hackerman Loan: The Hackerman Loan is a revolving fund, available through the generous gift of Mr. Willard Hackerman. It is an interest-free loan offered by the Office of Student Financial Services to Whiting School of Engineering students who demonstrate eligibility. Funds are limited. Borrowers are expected to repay the loan over a period of eight years after completion of studies. (Top)
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