Private loans can supplement other forms of financial assistance. You can apply to borrow up to the cost of education minus other aid. You are not required to complete the FAFSA to apply for a private loan.
Johns Hopkins University recommends that students exhaust their eligibility for all federal loan programs before considering a private loan.
Lenders require an applicant who is not U.S. citizen or permanent resident to have a co-signer who is a U.S. citizen or permanent resident. If you are uncertain about your eligibility, please contact the Financial Aid Office prior to submitting your private loan application with the lender of your choice. After your loan is fully approved by your lender, you must submit the 2013-2014 Public Health Private Loan Supplemental Application (application will be available by mid-March) and let the Financial Aid Office know who your lender is so we can certify your loan.
You can also review the Maryland Student Loan Marketplace website which assists in comparing private loans and identifying potential lenders. Keep in mind that the Bloomberg School does not endorse or recommend any lender, and does not have any financial interest in any lending institution.
Questions To Ask A Private Lender
- 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 percentage of 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?