STUDENT FINANCIAL SERVICES: LOANS
Federal Perkins Loan
This program provides loans at a 5% interest rate. Interest is deferred while you are enrolled at least half-time. Repayment begins 9 months after you are no longer enrolled at least half-time. Funding for this program is extremely limited and awards are made to students who demonstrate significant financial need. Priority is given to students who enroll full-time. Depending upon availability of funds, the annual maximum award is $4,000 for undergraduate study and $6,000 for graduate study. Provisions of this program allow borrowers who work in qualifying health care facilities to cancel 100% of the loan principal. To be considered, you must complete the application process described under to apply.
Federal Nursing Student Loan
This program provides loans at a 5% interest rate. Interest is deferred while you are enrolled at least half-time. Repayment begins 9 months after you are no longer enrolled at least half-time. Funding for this program is extremely limited and awards are made to dependant students who demonstrate significant financial need. Priority is given to students who enroll full-time. Depending upon availability of funds, the annual maximum award is $4,000. To be considered, you must complete the application process described under to apply.
Federal Direct Loan
The U.S. Department of Education offers low interest loans at rates ranging from 6%-7.9%. Depending upon the program, an origination/default fee equal to 2%-4% of the loan principal is charged. The fee is deducted from the loan proceeds. The School participates in three types of Federal Direct Loans:
Subsidized Direct Loan - A subsidized loan is awarded based on financial need. Interest is deferred while you are enrolled at least half-time. Repayment begins 6 months after you are no longer enrolled at least half-time.
Unsubsidized Direct Loan
- If you do not demonstrate financial need you may borrow an unsubsidized loan. Unsubsidized loan interest accrues from the time the loan is disbursed until it is paid in full.You may pay the interest while enrolled in school or allow it to accrue. Accrued interest will be capitalized; that means it will be added to the principal amount of the loan when it enters repayment. Repayment of principal and interest begins 6 months after you are no longer enrolled at least half-time.
Direct PLUS Loan - This program provides unsubsidized loans to creditworthy parents of dependent undergraduate students and to graduate students. There is no financial need requirement for this program. However, graduate students must first exhaust their eligibility for subsidized and unsubsidized loans. All applicants are encouraged to take advantage of other federal loan funds before applying for a PLUS loan. Repayment begins within 60 days after the loan is fully disbursed. Graduate students may request a deferment while enrolled at least half-time.
To be considered for a Direct Loan you must complete the application process outlined under to apply. Eligibility for subsidized and/or unsubsidized loan funds is determined by the Office of Student Financial Services. Loan terms and loan limits for each program are listed below:
|
Program
|
Eligibility
|
Interest Rate
|
Loan Fees(1)
|
Annual Limit
|
|
Subsidized
Direct Loan (2)
|
Half-time Undergraduate (3)
Half-time Graduate
|
6%
6.8%
|
2%
2%
|
up to $5,500
up to $8,500
|
|
Unsubsidized Direct Loan (2)
|
Half-time Undergraduate
Half-time Graduate
|
6.8%
Interest accrues while enrolled
|
2%
|
Independent up to $12,500
Dependent up to $7,500
No more than $5,500 can be in subsidized loans
up to $20,500 - no more than $8,500 can be in subsidized loans
|
|
Direct Parent PLUS Loan (3)
|
Half-time Dependent Undergraduate
|
7.9%
Interest accrues while enrolled
|
4%
|
up to the Cost of Attendance, less other aid received
|
|
Direct Graduate PLUS Loan (3)
|
Half-time Graduate
|
7.9%
Interest accrues while enrolled
|
4%
|
up to the Cost of Attendance, less other aid received
|
(1) The Direct Loan program charges this fee as a percentage of the loan principal. Currently, borrowers are granted a 1.5% rebate of the fee.
(2) Accelerated students can receive up to $15,000-$25,000 during their program, depending upon eligibility.
(3) Direct PLUS loans are approved by DOE based upon the credit worthiness of the borrower. A co-borrower/endorser option is available.
The Johns Hopkins Hospital Employee School of Nursing Tuition Loan
Johns Hopkins Health System Corporation / The Johns Hopkins Hospital (JHHSC/JHH) employees who are enrolled at the School of Nursing can finance their tuition through this special loan program with the Johns Hopkins Federal Credit Union (JHFCU). For more information about this program, contact the JHHSC/JHH Benefits Office at 410-614-6504. .
Private Supplemental Loans
These variable rate loans are used to supplement other forms of financial assistance and also can assist students who enroll less than half-time. Supplemental loans are credit-based and are not subject to the Federal Need Analysis Methodology. In order to receive a supplemental loan, borrowers must meet specific credit criteria established by the lender. Some borrowers may be required to apply with a co-borrower. The maximum loan amount cannot exceed your Cost of Attendance minus other aid being received. Supplemental loans are offered by banks and other student loan organizations. The Simple Tuition website is one of many tools that can provide assistance in identifying potential lenders and comparing the loan products they offer. The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. We will process an application from the lender of your choice. We recommend that you first exhaust your eligibility for all federal loan programs before considering a supplemental loan. As with all loans, we encourage you to borrow only what you need to meet your educational costs. Information on factors to consider when selecting a lender is available on the Project on Student Debt website.
