Students may choose to borrow as part of their family’s strategy to cover college costs
The U.S. Department of Education makes undergraduate student loans through JHU directly to students for educational expenses. You are not required to complete a separate loan application from a bank or lender.
Take steps to streamline your borrowing experience
If you are a new Direct Student Loan borrower, you will receive email instructions to sign a master promissory note (MPN) and complete Entrance Counseling online. You will need an FSA ID to complete these steps.
To Complete MPN and Entrance Counseling:
- Sign in to the Federal Student Loans website with your FSA ID and other identifying information.
- Here you will see the options to “Complete Master Promissory Note” and “Complete Entrance Counseling”. Remember to complete both!
- Select Subsidized/Unsubsidized when asked which loan type.
- Select JOHNS HOPKINS UNIV – ASEN when asked to provide the name of your school. Johns Hopkins has multiple campuses, and it is essential that you select Johns Hopkins – ASEN (Arts, Sciences, Engineering) as the school to receive your information.
- Follow the instructions, and remember to print a copy of the promissory note for your records.
The MPN is valid for ten years of consecutive borrowing at JHU. The loan proceeds will be credited to your student account ten days prior to the start of the semester.
The Direct Student Loan Program simplifies the application process for students and provides quicker access to loan funds. The loan repayment allows more options for repaying the loan through extended, graduated, and income-based plans. Loan repayment information will be sent with the promissory note and at the time of repayment. Loan repayment information as well as interactive calculators are available on the web.
Additional information regarding Federal Direct Loans:
- Estimate monthly payments on student loans and compare the repayment plans for a Direct Consolidation Loan
- Information about Public Service Loan Forgiveness Program
- Deferments & Forbearances
- Consolidating your Loans
- Access your student loan history on-line through the National Student Loan Database
- Contact the U.S. Department of Education’s Student Loan Ombudsman to informally resolve loan disputes and problems.
Parent PLUS loans help families cover their contribution
Federal Direct Parent PLUS loans are federally guaranteed loans available to parents of undergraduates. There is no financial need requirement to receive these loans. You do not need to contact a lender; these loans are made directly with the U.S. Department of Education.
Supplemental private loans may be used in addition to federal funds
Some states offer educational loan programs to residents of that state with interest rates and repayment terms that are equal to or better than the federal student and parent loans. We recommend that students and parents check with their state higher education agencies about the availability of these loans.
Private banks also offer loan programs for educational costs. For most of these loans, the student is the borrower with the parent as a cosigner. Interest rates generally are variable. Johns Hopkins University recommends that students exhaust their eligibility for federal loans before considering private loan programs. If you are uncertain about your eligibility for federal loans, please contact the financial aid office prior to initiating a private loan application.
For state or private loans, the borrowing limit is the total cost of education for the academic year (as defined by JHU) minus any financial aid.
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. If you would like to learn more about supplemental loan funding, please review ELM Select. Johns Hopkins provides access to this interactive tool to help students and families better understand their private loan options. Additionally, please see the Maryland College Loan Code of Conduct.
The flexibility to pay college costs over time
The Office of Student Accounts offers a payment plan that allows families to divide semester costs across five equal monthly payments. Participants pay an enrollment fee of $55 per semester, and no interest is charged. The plans are flexible and accessible online, allowing participants to make adjustments throughout the semester as needed. Click here to learn more and enroll.