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. Lenders require that either the borrower or a co-signer be a U.S. citizen or a permanent resident of the U.S.

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 determining 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?