Supplemental Loans 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: http://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. "Questions to ask a Private Lender (Top) - 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?
- 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?
- What interest rate can I get on a fixed-rate loan?
- How long will I be repaying the loan? Is there any penalty for paying it off early?
- 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?
- 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?
- What proportion of your borrowers get the discounts you offer? Are your discounts guaranteed or are they subject to change later?
- 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 Other Resources The following websites are available for researching other sources of financial aid. Please be sure to pay close attention to the stated application deadlines.
Resources for International Students
Click here for a list of potential resources for international students. Please pay close attention to application procedures and deadlines. International students may find the information on the websites below helpful in researching funding sources: | 
