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 – Subsidized
(William D. Ford Federal Loan Program)
- Maximum $8,500 per academic year
- Interest rate is fixed at 6.8% for loans with a first disbursement after July 1, 2006 (Previously, Stafford loans had variable interest rates based on the 91-day T-bill rate plus 1.7% during school and plus 2.3% during repayment.)
- The maximum interest rate for the life of the loan is 8.25%
- 1.0% loan origination fee
- No interest 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 Direct Stafford Loan –Unsubsidized
(William D. Ford Federal Loan Program)
- Maximum $10,000 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
Federal Perkins Loan
- Maximum $6,000 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
SOM University Loans
- Maximum - varies
- No interest while in school or grace period
- 7% fixed interest rate
- No loan origination fee
- 3 year grace period after graduation
- Eligible for deferment or forbearance
- Required to complete Loan Promissory Note for each loan
