We make every attempt to meet your and your family’s needs without student loans.
If you decide to use loans to pay for college costs, consider these options first. Remember, loans are a form of financial aid that must be paid back to the lender, and rates and payment terms can vary.
Loan Options & Additional Information
- Federal Student Loans
- Annual Amounts
- Federal Parent PLUS Loans
- Private Loans
- First-Time Borrower Information
- Repayment and Additional Resources
Federal Student Loans
Direct Subsidized and Unsubsidized Federal Student Loans
The Direct Subsidized Student Loan is need-based, so your family contribution is used to determine eligibility. The federal government subsidizes the loan by paying the interest while you are in school.
The Direct Unsubsidized Student Loan is not based on financial need, although you still need to complete the Free Application for Federal Student Aid (FAFSA) to obtain the loan. After the first disbursement, interest begins accruing on the unsubsidized Federal Direct Student Loan. While enrolled in school, you and your family may choose to pay all, part, or no interest at all. We encourage you to make interest payments while in school, if possible.
Interest rate information and repayment terms:
- Federal Direct Loan Subsidized or Unsubsidized Undergraduate Interest rates are fixed.
- 4.99% for loans first disbursed on or after July 1, 2022 and before July 1, 2023.
- 5.50% for loans first disbursed on or after July 1, 2023 and before July 1, 2024.
- •A 1.057% origination fee will be deducted from the proceeds of loans first disbursed on or after October 1, 2020, and before October 1, 2023.
- Loans disbursed before October 1, 2020, will be subject to a 1.059% origination fee.
- You are required to begin repayment on the loan six months after you graduate or drop below half-time enrollment.
How to Request
- Log in to your Hopkins SIS account at sis.jhu.edu.
- Select the “Financial Aid” tab.
- Then “Online Forms.”
- Select FA-Loan Action Form.
- Your name, date of birth, email, and phone should populate automatically. After selecting the correct year and confirming your academic level, indicate the type of request and enter the required amounts.
- Complete the form, enter your electronic signature, and Submit.
You will receive an email when your offer is updated. Please allow our office five to ten business days to process loan requests. If you need help, please contact Student Financial Support.
Undergraduate Dependent Students
First-Year: $3,500 subsidized, $2,000 unsubsidized
Sophomore: $4,500 subsidized, $2,000 unsubsidized
Junior-Year & Beyond: $5,500 subsidized, $2,000 unsubsidized
Undergraduate Independent Students or Dependent Students with Parent PLUS Loan Denial
First-Year: $3,500 subsidized, $6,000 unsubsidized
Sophomore: $4,500 subsidized, $6,000 unsubsidized
Junior-Year & Beyond: $5,500 subsidized, $7,000 unsubsidized
Federal Parent PLUS Loans
Borrowers apply for the Parent PLUS loan for each academic year individually. Multi-year loans may be consolidated at a later date. The loan amount may not exceed the cost of attendance for the academic year, minus any financial aid you’re eligible to receive. Borrowers are encouraged to apply for the amount needed for the entire year, not semester by semester.
- You (the student) must be enrolled at least half-time, be a U.S. citizen or permanent resident, and you can not be in default on a student loan. Males must be registered for Selective Service.
- The parent borrower must be the parent of an undergraduate student, be a U.S. citizen or permanent resident, and can not be in default on a student loan.
- A credit review is required, but no “debt-to-income” review exists. A co-borrower/endorser option is offered if the borrower’s credit is denied. Credit checks are valid for 180 days. Borrowers may complete a credit check at https://studentaid.gov/ beginning in April for the next academic year.
Loan Terms and Disbursement
- The interest rate for Parent PLUS loans for 2022-23 is 7.54% and 2023-2024 is 8.05%. The interest rate for each year is announced in June.
- The origination/default fee for the Parent PLUS loan program is 4.228% for loans first disbursed on or after October 1, 2021, and before October 1, 2023.
- Disbursements are scheduled at the beginning of each semester and are deposited directly into your Hopkins billing account.
- Repayment begins sixty days after the loan is fully disbursed. If parents are approved for deferment, repayment may not begin until 6 months after the student’s graduation.
- Fully disbursed means that all installments (fall and spring) have been paid.
- Interest begins accruing after the first disbursement. There is no prepayment penalty. Consolidation options and extended or graduated repayment plans are available.
How to Apply
- Complete the FAFSA before submitting a Parent PLUS loan request at https://studentaid.gov/.
- Your FSA ID is required to complete this process. If you need to set up an FSA ID or retrieve your username or password, go to https://studentaid.gov/fsa-id/create-account/launch.
- A FSA ID is assigned to an individual and may not be used by another individual. If a different parent borrows a Federal Direct Parent PLUS Loan, that parent may not use the FSA ID assigned to the other parent but is required to obtain their own FSA ID.
- To submit a PLUS loan request, log into https://studentaid.gov/ with your FSA ID and other identifying information.
- Select the “Request a Direct PLUS Loan” option.
- Select “Loan Type Parent PLUS.”
- Be sure to select JOHNS HOPKINS UNIV – ASEN when asked to provide the name of your school. Hopkins has multiple campuses, and it is essential that you select ASEN (Arts & Sciences and Engineering) as the school to receive your information.
- New PLUS borrowers will also use https://studentaid.gov/ to sign a promissory note online. Hopkins will contact the borrower once the loan has been processed or with any questions we have regarding the request.
Find out more by watching this educational video about Parent PLUS loans.
State Educational Loan Programs
Some states offer educational loan programs to residents of that state with interest rates and repayment terms equal to or better than the federal student and parent loans. We recommend that you and your family check with your state higher education agencies about the availability of these loans.
Private banks also offer loan programs for educational costs. For most of these loans, you (the student) are the borrower with your parents as a co-signer. Interest rates generally are variable.
For state or private loans, the borrowing limit is the total cost of education for the academic year (as defined by Hopkins) 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.
You and your family have the right to select the educational loan provider of your choice. If you want to learn more about supplemental loan funding, please review ELM Select. Johns Hopkins provides access to this interactive tool to help you and your family better understand your private loan options.
Find out more by watching this educational video about private loans.
Questions to Ask a Private Lender
- What are 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 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?
First-Time Borrower Information
If you are a new Direct Student Loan borrower, you must sign a master promissory note (MPN) and complete online Entrance Counseling. Make sure to have your FSA ID available to complete these steps.
- You will receive an email notification informing you when to sign your MPN and complete your Entrance Counseling.
- Sign in to the Federal Student Loans website with your FSA ID and other identifying information.
- You will see options to “Complete Master Promissory Note” and “Complete Entrance Counseling.” Remember to complete both.
- Select Subsidized/Unsubsidized for the 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 as the school to receive your information.
- Follow the instructions and remember to save a copy of the MPN for your records.
The MPN is valid for ten years of consecutive borrowing at Hopkins. The loan proceeds will be credited to your student account ten days before the semester starts.
Repayment and Additional Resources
The Direct Student Loan Program simplifies the application process for students and provides quicker access to loan funds. 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 at the time of repayment. Loan repayment information, as well as interactive calculators, are available to help you plan for repayment.
I thought my loan was cancelled. What happened?
In August of 2022, President Biden announced a student loan relief plan that would cancel up to $20,000 of federal student loan debt for eligible borrowers.
However, in June of 2023, the Supreme Court struck down the plan. So, your student debt has NOT been canceled (even if you got an approval when you applied). Payments resume in October 2023.
When do I have to start making loan payments?
If your loan payments were paused, you will need to begin making payments again on October 1, 2023. If you just graduated in May, your repayment begins after your 6-month grace period is over (if you didn’t use it before graduation) around mid-November.
What is a loan servicer and how do I find mine?
Even though you technically borrowed from the federal government, they are not the ones managing your loans—they outsource the responsibility to individual servicers: companies that handle the payments, communication, and record-keeping.
You should have received an email from your servicer if you’re heading into repayment. The message should have included details on how to set up an account. If you didn’t get an email? Log into https://studentaid.gov . Your dashboard will list your servicer and include a link to their website. Or you can call the Federal Student Aid Information Center at 1-800-433-3243 to find out who your servicer is
and how to get in touch with them.
If you have multiple loans, it’s possible that you have more than one servicer. If this is the case, you should have been contacted by each servicer, and you will need to make payments to each of your servicers every month.
How does Public Service Loan Forgiveness work?
Public Service Loan Forgiveness (PSLF) allows borrowers who meet certain criteria to have their federal student loan debt forgiven after ten years of eligible service and 120 qualifying payments on any repayment plan.
- What counts as public service? Borrowers must work in public service in occupations such as a teacher, police officer, government employee (including the military), or employee at a not-for-profit organization. Use the eligible employer search tool to determine if your employer qualifies.
- Any repayment plan qualifies? Yes. Due to the 2018 Temporary Expanded Public Service Loan Forgiveness (TEPSLF), borrowers making payments on any repayment plan, even income driven
plans, qualify for PSLF.
What kind of repayment plans are there?
There are 2 kinds of repayment plans: those that are based on your income and those that are not.
The ones that are not based on income are:
- Standard repayment plan: fixed monthly payment for ten years, at which point your debt will be paid off. Most beneficial for borrowers who are not eligible for PSLF with relatively low debt and high income that want to be done with student loan payments in 10 years.
- Graduated repayment plan: Pay less at the beginning of a ten-year repayment term and pay more later in the repayment term . Payments increase every two years. Most beneficial for borrowers not in public service who expect their income to grow and want their loan payments to grow with it.
- Extended repayment plan: Borrowers who have more than $30,000 of debt can qualify for an extended repayment plan with consistent monthly payment but with a repayment period of 25 years instead of ten. Most beneficial for borrowers for whom the higher standard -plan payments are difficult but their income is too high for income-based plans.
- Graduated extended repayment plan: As with the standard plan, extended plans also come with a graduated-payment option, meaning the payments start smaller and increase every two years. This plan works best for borrowers for whom the higher standard-plan payments are difficult but their income is too high for income-based plans.
What are income driven repayment (IDR) plans?
There are 4 major income driven repayment plans. The SAVE plan (new), the Income -based repayment plan (IBR), the PAYE plan, and the income contingent repayment (ICR) plan. Each one calculates a monthly payment based on your income. The SAVE plan is the plan that has the most benefits, fewest restrictions, and calculates the lowest payments.
What is the new SAVE repayment plan?
The new SAVE plan is the best income-based repayment plan from every angle. It offers the lowest payments, the broadest eligibility and the most favorable loan -forgiveness features.
- Lowest payments SAVE payments are only 5% – 10% of discretionary income after July 2024, vs. 10-20% for other plans.
- Open eligibility While the IBR plan, PAYE plan, and ICR plan all have specific eligibility requirements, the new SAVE plan is open to all borrowers. All direct loans are eligible for the SAVE plan, and you do not need to demonstrate partial financial hardship (PFH) as with other income driven repayment plans.
- Forgiveness Prior to SAVE, borrowers on IDR plans could be eligible for forgiveness in 20 years for undergraduate loans and 25 years for graduate loans. With SAVE, you can qualify for forgiveness after 10 years, and periods of forbearance or deferment even count toward forgiveness.
- Interest Income-based repayment plans can result in payments that are less than the loan interest due each month. With prior IDR’s, unpaid interest is added to your principal, but not with SAVE. Under the SAVE plan, if your monthly payment is less than the interest owed, the rest of that month’s interest will be erased.
Can loans really be forgiven under the SAVE plan?
The SAVE plan offers the most accessible path to loan forgiveness yet. You can qualify for forgiveness after 10 years, and periods of forbearance or deferment even count toward forgiveness.
- For borrowers with principal less than $12,000 Under SAVE, after ten years of payments, you will receive forgiveness for any remaining balance.
- For borrowers with principal of $12,000 to $20,000 Each $1,000 of loan principal above $12,000 requires an extra year of payments for forgiveness. So if you have $15,000 in loans, any remaining balance will be forgiven after year 13.
- For borrowers with principal of more than $20,000 Any remaining balance on undergraduate loans will be forgiven in 20 years (25 for graduate loans).
How do I apply or get enrolled in the SAVE plan?
You can apply to enroll in the SAVE plan in less than 10 minutes on the Federal Student Aid website.
Are all my loans eligible for the SAVE repayment plan?
Perkins loans, FFEL loans, and Parent PLUS loans are not eligible for the SAVE repayment plan. All other Direct Loans are eligible, including graduate PLUS loans.
What if I am in default or behind on my payments?
- You can apply for deferment which is a temporary postponement of payments on your federal student loans; you can apply for deferment on your servicer’s website. If the deferment is granted, the interest on subsidized loans will not accrue.
- You can apply for forbearance which is a temporary stop or reduction in monthly payments for a maximum of 12 months. You can apply for forbearance on your servicer’s website. During forbearance, interest on all loans will continue to accrue.
- Check out the Fresh Start program for borrowers who went into default before loan repayments were paused. Your loan will be rehabilitated and considered current once you enroll, your credit report repaired with any mention of default removed and you’ll be eligible to enroll in the SAVE plan to stay current.
How do I enroll in the Fresh Start Program?
You have to opt into the program by August 30, 2024. Go online and log into your account on the Debt Resolution FSA site or call the Default Resolution Group at 1 -800-621-3115.
How do I avoid Student Loan Debt Relief scams?
Federal Student Aid (FSA) continues to warn borrowers about student loan scams. With so many recent efforts to create new programs that provide debt relief, even savvy borrowers might find it hard to tell the difference between a scam and legitimate forgiveness and relief efforts.
Beware of any source that is not directing you to FSA or your loan servicer.
Questions about Student Loan Repayment?
In October 2023, 30 million borrowers will begin repayment at the same time. The existing support network will be strained, making it difficult to reach a person who can answer your questions. That’s where Student Connections can help!
Student Connections is passionate about helping students. They partner with schools to provide support for borrowers throughout the student loan repayment process. With more than 60 years of experience in counseling student loan borrowers, their primary goal is to help you find the repayment plan that best fits your needs.
While you are in student loan repayment, Student Connections may contact you through emails, text messages and phone calls to:
- Help you understand your loan obligations and responsibilities.
- Discuss available options for an affordable repayment plan.
- Ensure you are aware of repayment options during financial hardships.
- Promote your long-term repayment success.
Talk to a Borrower Advocate for free at (866) 311-9450. They’re available to answer questions about your outstanding loans and will work directly with you and your loan servicer when appropriate.
Additional Federal Direct Loan information:
- Estimate monthly payments on student loans and compare the repayment plans for a Direct Consolidation Loan
- Access your student loan history online through the Federal Student Aid portal
- Contact the U.S. Department of Education’s Student Loan Ombudsman to resolve loan disputes and problems