Types of Financial Aid
The Financial Aid Office provides assistance with federal and private loans and the Federal Work-Study Program.
Review the information below, which explains the types of financial aid available. If you have additional questions, be sure to visit the financial aid FAQs page or contact the Financial Aid Office directly.
Federal Direct Unsubsidized Loans
If you qualify for an Unsubsidized Loan, the federal government will charge you interest from the day the loan is disbursed until it is repaid in full. Interest will accrue while you are enrolled in school, during a grace period and during authorized periods of deferment. You may pay the interest during these periods or it can be capitalized; that is, the interest will be added to the principal amount of your loan.
The annual maximum for the Direct Unsubsidized Loan Program is $20,500 per year. The aggregate loan limit is $138,500, which includes loans received for undergraduate study. Due to the phase-out of the Health Education Assistance Loan (HEAL) Program, the U.S. Department of Education has increased the aggregate loan limit to $224,000 for students who are enrolled full-time (12 or more credits per term) in eligible health professions, including public health. Students enrolled at the Bloomberg School on a full-time basis may be eligible to borrow up to an additional $12,500 in an Unsubsidized Loan for four (4) terms and up to an additional $15,278 in an Unsubsidized Loan for five (5) terms.
The interest rate for Direct Unsubsidized Loans is a fixed rate of 6.8 percent (6.8%). Interest accrues from the date of first disbursement. The U.S. Department of Education charges the borrower a 1 percent (1%) origination fee. The origination fee will be deducted proportionately from each disbursement of the loan proceeds.
Federal Perkins Loans
This is a low-interest loan for students with exceptional financial need. Priority is given to students who complete the application process within the recommended filing dates. The annual maximum for this program is $8,000 dependent upon financial need and availability of funds. The aggregate amount you can borrow is $60,000. This amount includes any Perkins Loans you borrowed as an undergraduate. The interest rate is fixed at five percent (5%) per annum on the unpaid balance. After ceasing to register at least half-time, a nine-month grace period is granted, during which time no payment is required. Funding for the Perkins Loan Program is extremely limited.
Federal Direct Graduate Plus Loans
Graduate PLUS Loans are available to graduate students who meet the general eligibility requirements for federal aid. This program is available without regard for financial need. Graduate PLUS Loan amounts do not count towards the aggregate Direct Loan subsidized and unsubsidized loan limit. A credit review is required to make sure the applicant does not have a record of adverse credit but there are no requirements regarding debt to income ratio. Students may borrow up to the full cost of education less other aid. Graduate PLUS Loans have a fixed interest rate of 7.9 percent (7.9%). Interest accrues from the date of first disbursement. The U.S. Department of Education charges the borrower a 4 percent (4%) origination fee. The origination fee will be deducted proportionately from each disbursement of the loan proceeds.
Private lenders provide alternative loans to supplement other forms of financial assistance. A student 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. Review the information about private loans.
Federal Work-Study Program
The Federal Work-Study Program provides jobs to students with financial need. Students who are employed under the Federal Work-Study Program earn money to help pay their education expenses. This program encourages employment related to the student’s course of study and community service work. If you have questions about the Federal Work-Study Program, please contact our office.
Maryland residents must complete and file the FAFSA by March 1 in order to apply for a scholarship funded by the state of Maryland. For more information, contact the Maryland Higher Education Commission at 410-767-3301 or 800-974-0203. You can also contact the Bloomberg School's Financial Aid Office with questions.