Private Education Loans
Private loans can supplement other forms of financial assistance. You can apply to borrow up to the cost of education, minus other aid that you are receiving. You are not required to complete the FAFSA to apply for 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 a U.S. Citizen or permanent resident to have a co-signer who is a U.S. Citizen or permanent resident. After your loan is fully-approved by your lender, you must submit a Public Health Private Loan Education Application indicating the name of your lender; the application will be available online in mid-March.
You can review the Maryland Student Loan Marketplace website to assist you in identifying potential lenders and comparing their private loan product. Keep in mind that the Bloomberg School of Public Health does not endorse or recommend any lender, and does not have any financial interest in any lending institution.
Loans will be disbursed equally for each term; however, lenders will only issue up to four disbursements. Loans for students enrolling for the Summer, 1st – 4th terms will receive their disbursements for Summer, 1st – 3rd terms only and should budget accordingly.
If you are uncertain about your eligibility, please contact the Financial Aid Office.
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?