Financial Aid | Federal Loans

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 and is contingent on the amount budgeted to the institution on a yearly basis. 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 Stafford Loan

Hopkins participates in the Federal Direct Stafford 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 Federal Direct Stafford Subsidized Loan is no longer available to graduate students beginning July 1, 2012. The maximum Federal Direct Stafford Unsubsidized Loan for a graduate student is $20,500 per academic year. Interest begins accruing on the unsubsidized loan at the time of disbursement. 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 for the life of the loan. Flexible repayment options are available, including longer repayment periods as well as income-sensitive payment schedules.

If you are offered a Direct Stafford 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. 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:

• Check the Status of a Federal Direct Loan
• Deferments & Forbearances
• Everything you need to know about Federal Direct Loan Consolidation
• Access your student loan history on-line through the National Student Loan Database

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.

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 90 days. For this reason, we advise that borrowers wait until summer before applying for loans for the upcoming year. Our loan processing begins in late 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 subsidized 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 4%. 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 2012 - 2013 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 found here.

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.

FINANCIAL AID SATISFACTORY ACADEMIC PROGRESS POLICY FOR FEDERAL AID

What is Satisfactory Academic Progress?

Students who receive Federal Student Aid – must in accordance with federal requirements – maintain Satisfactory Academic Progress (SAP), to retain Federal financial aid. The financial aid office is responsible for monitoring aid recipients to ensure that they are meeting the policy.

For more information about SAP, please click here.

For more information about the Return of Title IV Funds Policy, please click here.