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Loan Adjustment Form. If you want to cancel a loan already offered to you or request an increase to a loan already offered to you, 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.
Federal
Loan Programs (Top)
Read about important changes to the Federal Direct Loan Program for 2012
Federal
Direct Student Loan (also known as Federal Stafford Loan)
Hopkins participates
in the Federal Direct Student Loan Program. Eligibility is determined
by review of your FAFSA data and federal tax return. The U.S. Department
of Education makes these loans, through Hopkins, directly to the
student for educational expenses.
The interest subsidized Direct Loan is available to students
who demonstrate financial need. The maximum subsidized loan for
a graduate student is $8,500 per academic year. The aggregate loan
limit (undergraduate combined with graduate) is $138,500 (subsidized
and unsubsidized with no more than $65,500 subsidized). An origination fee of 0.5% is deducted from the
gross amount of the loan. The interest rate is fixed at 6.8 percent.
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. Flexible repayment options are
available, including longer repayment periods as well as income-sensitive
payment schedules.
Students who do not qualify for the need-based subsidized Direct
Student Loan may borrow from the unsubsidized Direct Student
Loan program. Graduate students may borrow up to a maximum total
of $20,500 per academic year. This total includes both subsidized
and unsubsidized loans. (For example, graduate students who obtain
the maximum subsidized loan of $8,500 have the option to borrow
up to $12,000 unsubsidized per academic year). 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.
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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 https://studentloans.gov/myDirectLoan/index.action.
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
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Sign in with your PIN and other identifying information.
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Select the "Complete Master Promissory Note" option.
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Select Loan Type Subsidized/Unsubsidized.
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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
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 at http://www.ed.gov/offices/OSFAP/DirectLoan
Additional information regarding Federal Direct Loans:
Federal
Direct Graduate PLUS Loan
Federal Direct Graduate PLUS loans are federally guaranteed loans available to graduate students who have exhausted their eligibility for subsidized and unsubsidized Federal Direct Student Loans. There is no financial need requirement to receive these loans. You do not need to contact a lender; these loans are made directly with the U.S. Department of Education.
Student Eligibility:
- Must be enrolled as a regularly admitted student in a graduate program (provisionally admitted students are not eligible)
- Must be enrolled at least half-time (at least 2 courses in the term for which the loan is certified)
- Must be a U.S. citizen or permanent resident
- Must be registered for Selective Service (males only)
- Must not be in default on a student loan
Credit Review:
- A credit review is required; however, there is no “debt to income” review.
- A co-borrower/endorser option is offered if the borrower’s credit is denied.
- Credit checks are valid for 120 days. For this reason, we advise that borrowers wait until summer before applying for loans for the upcoming year. Our loan processing begins in June.
Borrowing Eligibility:
- Borrowers apply for the Graduate PLUS for each academic year that they wish to borrow. Multi-year loans may be consolidated.
- The loan amount may not exceed the cost of attendance for the academic year less any financial aid the student is eligible to receive. Students must be considered for their full eligibility under the subsidizedn and unsubsidized Federal Direct Student Loan before a Graduate PLUS loan will be certified.
- Borrowers are encouraged to apply for the amount needed for the academic year (not semester by semester).
Loan Terms and Disbursement:
- The interest rate for Federal Direct Parent PLUS loans is fixed at 7.9%.
- The origination/default fee for the Federal Direct Graduate PLUS loan is 2.5%. This fee is deducted from each disbursement of the loan.
- Disbursements are scheduled at the beginning of each semester and are deposited directly in the student’s account.
Repayment:
- In school deferment is available for Federal Direct Graduate PLUS borrowers. Interest will accrue while the loan is in deferment.
- If in school deferment is not requested, repayment begins 60 days after the loan is fully disbursed. Fully disbursed means that all installments (fall and spring) have been paid. Interest begins accruing after the first disbursement.
- There is no pre-payment penalty.
- Consolidation options and extended or graduated repayment plans are available.
To apply for a Federal Direct Graduate PLUS Loan:
- Federal Direct Graduate PLUS borrowers must complete the Free Application for Federal Student Aid (FAFSA) and must be considered for subsidized and unsubsidized Federal Direct Student Loans before a Federal Direct Graduate PLUS loan will be certified.
- Complete and return either the Federal Direct Graduate PLUS request form, available on our forms page (under forms to print for appropriate award year): http://www.jhu.edu/finaid/elecserv/index.html
- New PLUS borrowers will need to sign a promissory note online on the Direct Lending website.
The website is https://studentloans.gov/myDirectLoan/index.action.
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
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Sign in with your PIN and other identifying information.
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Select the "Complete Master Promissory Note" option.
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Select Loan Type Graduate PLUS.
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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
The borrower will be contacted by JHU and the Direct Loan Servicing Center once the loan has been processed.
Federal
Graduate PLUS with a private lender. If a borrower has a Graduate PLUS from a previous year at JHU with a private lender and wants to continue with that private lender, JHU will continue to process those loans with private lenders.
Federal
Perkins Loan
The Federal
Perkins Loan program is available to students who demonstrate substantial
financial need. No separate application is required. The maximum
annual loan amount is $8,000 (usually, the award does not exceed
$3,000 because of limited funding), with a cumulative total amount not to exceed $40,000 including
undergraduate borrowing amounts. The interest rate for the Perkins
Loan is fixed at 5 percent. Interest does not accrue until the loan
goes into repayment. Repayment begins nine months after completion
of studies or the student drops below half-time status. Deferment,
cancellation, and repayment information is sent to all borrowers. |
Supplemental
Loans (Top)
Some states offer educational loan programs to residents of that state with interest rates and repayment terms that are equal to or better than the federal student and parent loans. We recommend that students and parents check with their state higher education agencies about the availability of these loans.
Private banks also offer loan programs for educational costs. For most of these loans, the student is the borrower with the parent as a cosigner. Interest rates generally are variable. Johns Hopkins University recommends that students exhaust their eligibility for federal loans before considering private loan programs. If you are uncertain about your eligibility for federal loans, please contact the financial aid office prior to initiating a private loan application.
For state or private loans, the borrowing limit is the total cost of education for the academic year (as defined by Johns Hopkins University) less any financial aid.
As a service to students and their families, Johns Hopkins University makes available this link to the Maryland Student Loan Marketplace (http://www.marylandstudentloanmarketplace.com/) which assists in comparing private loans and in identifying potential lenders. The Maryland Student Loan Marketplace was designed by the Maryland Independent College and University Association (MICUA) to help students and their families navigate the world of private student loans. The Marketplace is an online, education financing resource that provides students with a transparent process to evaluate private loans. In addition, it provides access to a Learning Center which supplies critical information needed to engage in smart borrowing practices. It is one of many tools that may be helpful when selecting a private loan lender. The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. Students and their families have the right to select the educational loan provider of their choice.
Disclosure for a Preferred Lender Arrangement:
http://www.micua.org/Marketplace%20Disclosures%20-%20MD.pdf
Truth-in-Lending Forms for each Participating Lender:
www.micua.org/Marketplace%20TILA%20Disclosures%20-%20May%202010.pdf
Maryland's College Loan Code of Conduct:
http://www.micua.org/Maryland%20College%20Loan%20Code%20of%20Conduct.pdf
Before considering a private student loan, students are encouraged to complete the process for determining eligibility for federal student loans which are normally less costly and offer better repayment terms.
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Questions to ask a Private Lender (Top)
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What is your lowest interest rate and fee combination and how can I get it? Is the rate only for a limited period or is it for the life of the loan?
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For variable rate loans, is there a limit on how high the variable rate can go? How often is the interest rate adjusted, and how is it determined?
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What interest rate can I get on a fixed-rate loan?
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How long will I be repaying the loan? Is there any penalty for paying it off early?
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When do I have to start making payments? How long can I defer payments while I'm in school? If I go to graduate school and defer payments, how much will I owe when I do start making them?
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Will I lose my discount for paying on time if I have only one late payment or if I ask for a change in the payment schedule?
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What proportion of your borrowers get the discounts you offer? Are your discounts guaranteed or are they subject to change later?
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Would you allow me to defer or reduce my payments temporarily because of economic hardship? Under what circumstances and for how long?
-- From the Project on Student Debt (see website below)
Johns Hopkins University Financial Aid Code of Conduct and Policy on Education 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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