Loan Options

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://studentloans.gov beginning in April for the next academic year.

• 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.

• Complete the FAFSA before submitting a Parent PLUS loan request at https://studentloans.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://fsaid.ed.gov.
  • 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://studentloans.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://studentloans.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.

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. Additionally, please see the Maryland College Loan Code of Conduct.

Find out more by watching this educational video about private loans.

• 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?

From the Project on Student Debt