Types of Financial Aid
The Financial Aid Office provides assistance with federal and private loans and the Federal Work-Study Program.
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. The U.S. Department of Education has increased the aggregate loan limit to $224,000 for students who are enrolled in eligible health professions, including public health. Students enrolled at the Bloomberg School 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 6.60 percent (6.60%) for the period July 1, 2018 - June 30, 2019. Interest accrues from the date of the first disbursement. The U.S. Department of Education charges the borrower a 1.066 percent (1.066%) origination fee for loans issued between October 1, 2017 - September 30, 2018. The U.S. Department of Education charges the borrower a 1.062 percent (1.062%) origination fee for loans issued between October 1, 2018 - September 30, 2019. The origination fee is deducted proportionately from each disbursement of the loan proceeds. After ceasing to register at least half-time, a six-month grace period is granted, during which time no payment is required.
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 7.60 percent (7.60%) for the period July 1, 2018 - June 30, 2019. Interest accrues from the date of the first disbursement. The U.S. Department of Education charges the borrower a 4.264 percent (4.264%) origination fee for loans issued between October 1, 2017 - September 30, 2018. The U.S. Department of Education charges the borrower a 4.248 percent (4.248%) origination fee for loans issued between October 1, 2018 -September 30, 2019. The origination fee is deducted proportionately from each disbursement of the loan proceeds.
Private Education Loans
Lenders provide private education loans to supplement other forms of financial assistance and to assist students who do not qualify for federal loans. You can apply to borrow up to your cost of education minus other aid being received. You are not required to complete the FAFSA to apply for a private education loan. Learn more about private education loans and the application procedures on our private education loans page.
Federal Work-Study Program
The Federal Work-Study Program provides part-time jobs to students with financial need. Under this program, student employment is funded through a combination of federal funds and funds provided by an eligible employer. Federal Work-Study is taxable income paid, by check, directly to the student. Earnings do not reduce your tuition bill. The program encourages employment related to the student’s course of study and community service work. Jobs often provide support to our faculty in some aspect of their research initiatives. Funds are limited and are offered on a first come, first served basis. 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 410-767-3300 or 800-974-0203. You can also contact the Bloomberg School's Financial Aid Office with questions.
Most often state funding can only be used for study within the student’s state of residency. However, non-Maryland residents should contact the designated state agency for information on funding opportunities through their state of residency. A listing of state contacts is available on the U.S. Department of Education website.