Overview: Financial Assistance Options

The Johns Hopkins Bloomberg School of Public Health offers several financial aid programs to help students pay for educational expenses. In addition to federal loans and work-study, eligible students may receive institutional, state, and private scholarship funds. Sources of funding for students enrolled in the Bloomberg School are outlined below.

Eligibility for Federal Student Aid

Federal loan and work-study programs are administered by the Student Financial Services Office. Applicants for Federal Student Aid must establish eligibility for federal aid by submitting the Free Application for Federal Student Aid (FAFSA). All Federal Loan and Federal Work-Study funds are to be used solely for expenses related to your attendance at the Johns Hopkins Bloomberg School Public Health.

To be eligible for Federal Student Aid (FSA) you must:

• be a U.S. citizen or eligible non-citizen (see the FAFSA instructions for details)
• be accepted for enrollment as a regular student working toward a degree
• be enrolled at least half time in a degree program and meet satisfactory academic progress standards established by the school
• have financial need as defined by FSA program regulations
• not owe a refund on a federal student grant or be in default on a federal student loan
• comply with the Selective Service registration requirements and have a valid Social Security number
• not have been convicted for the possession or sale of illegal drugs for an offense that occurred while you were receiving federal student aid.

Federal Direct Student Loans (Subsidized and Unsubsidized)

A subsidized loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays interest on the loan while you are enrolled in school at least half-time, during a grace period, and during authorized periods of deferment. Interest will begin to accrue when you enter repayment.

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 combined annual maximum for the Direct Loan program is $20,500 per year. The maximum annual subsidized amount is $8,500 per year.Students enrolled at SPH on a full-time basis may be eligible to borrow up to an additional $15,278 on an unsubsidized basis.

The interest rate for subsidized and unsubsidized Direct Loans effective 7/01/07 through 6/30/08 is a fixed rate of 6.8%.The Department of Education charges the borrower a two percent (2%) origination fee. All fees will be deducted proportionately from each disbursement of the loan proceeds. Direct Loan recipients may receive an origination fee rebate equal to one and a half percent (1.5%) of the loan amount. To keep the rebate, you must make the first twelve (12) required monthly payments on time.

Federal Perkins Loan

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 $6,000 dependent upon financial need and availability of funds. The aggregate amount you can borrow is $40,000. 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 (9)-month grace period is granted, during which time no payment is required.

Federal Work-Study Program (FWS)

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 educational expenses. This program encourages employment related to the student’s course of study and community service work.

Graduate PLUS Loans

Federal Direct Graduate PLUS Loans are available to graduate students who meet the general eligibility requirements for federal aid. This program is available without regard to financial need. 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. Federal Direct Graduate PLUS Loans have a fixed interest rate of 7.9%. A fee of 2.5% is deducted from each disbursement.(The standard fee is 4% and the Direct Loan program currently offers a 1.5% rebate on the fees.) Interest accrues from the date of first disbursement.

Private Loans

Private lenders provide these loans to supplement other forms of assistance. A student may 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.

There are many lenders that offer alternative private loans. Johns Hopkins University recommends that students exhaust their eligibility for all federal loan programs before considering a private or alternative loan. If you are uncertain about your loan eligibility, please contact Public Health’s Student Financial Services Office prior to submitting a private loan application.

As a service to students and their families, Johns Hopkins University makes available this link to the Simple Tuition website which assists in comparing private loans and in identifying potential lenders. The Simple Tuition website is one of many tools that may be helpful when selecting a private loan lender. The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. Students and their families have the right to select the educational loan provider of their choice. Additional information on factors to consider when securing a private loan is available below.

Before considering a private student loan, students are encouraged to complete the process for determing eligibility for federal student loans which are normally less costly and offer better repayment terms.

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 proportion of your 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?

Scholarships
Institutional scholarship aid is awarded by the department or program that authorizes your acceptance into a degree program. Additional information is available at Institutional Scholarship .

State Aid
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 further information, contact the Maryland Higher Education Commission at 410-260-4565 or 800-974-1024.

Other Funding Resources
The Student Funding Resources Office helps students identify and apply for education and research funding typically in the form of grants and scholarships. For more information visit their website.

Return of Title IV Federal Funds Policy