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 $4,000. 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. 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). An origination fee of 1% 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. 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. 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 Work-Study Program The Federal Work-Study Program enables students to earn money by working part-time on campus. The amount awarded in FWS is the maximum amount that students may earn in a given academic year. Students may be paid on a weekly or semimonthly basis. A variety of jobs are offered. Generally, students are expected to seek their own employment opportunities. Positions may be offered through their academic departments. Funds that are earned through this program are used primarily to defray out-of-pocket costs, such as books, travel, and personal expenses. Earnings are not applied as a direct credit to a student's tuition. Federal Work-Study is available only to full-time students. For more on campus employment, visit: http://www.saisforums.org/ Federal Direct Graduate PLUS Loan (for students entering SAIS Fall 08) 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 2008 - 2009 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 the Federal Direct Graduate PLUS request form.
- New PLUS borrowers will need to sign a promissory note online on the Direct Lending website: http://dlenote.ed.gov
The borrower will be contacted by JHU and the Direct Loan Servicing Center once the loan has been processed. For more information on Grad PLUS loan visit www.studentaid.ed.gov. Federal PLUS with a private lender If a borrower has a Graduate PLUS from the 2007 - 2008 year at SAIS with a private lender and wants to continue with that private lender, JHU will continue to process those loans with private lenders. The borrower should contact the lender directly to apply for the 2008-2009 academic year. | 
