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Financial Aid Loans General Information

Loans

A component of the financial aid package is considered "self-help" aid which includes funding from educational loan programs. Low interest loans are made available to assist students with meeting their education costs each year. At The Johns Hopkins University School of Medicine, the loan programs are funded through federal and institutional resources. Students must complete the FAFSA application to be considered for loan eligibility. In addition to completing the FAFSA application, students will be required to complete a loan promissory note for each loan type before any disbursement of funds. Eligible programs:

Federal Direct Stafford Loan –Unsubsidized
(William D. Ford Federal Loan Program)

Maximum $12,000 per academic year –Graduate students
Maximum $32,000 per academic year –Medical students (9-month program)
Maximum $38,667 per academic year –Medical students (12-month program)
Interest rate is fixed at 6.8% for loans with a first disbursement after July 1, 2006. The maximum interest rate for the life of the loan is 8.25%
1.0% loan origination fee
Interest accrues while in school, during grace period (six months), or in deferment
Eligible for deferment or forbearance
Required to complete Master Loan Promissory Note
Entrance interview required for first-time borrowers

Federal Perkins Loan

Maximum $8,000 per academic year
No interest while in school, grace, and deferment
5% fixed interest rate after graduation
No loan origination fee
Eligible for deferment or forbearance
Required to complete Loan Promissory Note each year

Federal Direct Graduate PLUS Loans

Students may borrow up to the full cost of education less any other aid received
A credit check is required of all students
7.9% fixed interest rate
4% origination loan fees
Repayment begins within 60 days after the final disbursement. Students may apply for a deferment while attending school.
Required to complete a Master Loan Promissory Note
Entrance interview required for first time borrowers

Note: The Direct PLUS loan is considered a loan of last resort. Interested students are required to borrow total eligibility under the Federal Direct Stafford Subsidized and Unsubsidized loan programs before considering borrowing from the Direct Graduate PLUS loan program.

SOM University Loans