A component of the financial aid package is considered "self-help" aid which includes funding from educational loan programs. Low interest loans are made available to assist students with meeting their education costs each year. At The Johns Hopkins University School of Medicine, the loan programs are funded through federal and institutional resources. Students must complete the FAFSA application to be considered for loan eligibility. In addition to completing the FAFSA application, students will be required to complete a loan promissory note for each loan type before any disbursement of funds. Eligible programs:

Federal Direct Loan – Unsubsidized

(William D. Ford Federal Loan Program)

• Maximum $20,500 per academic year –Graduate students
• Maximum $40,500 per academic year –Medical students (9-month program)
• Maximum $42,722 per academic year –Medical students (10-month program)
• Maximum $47,167 per academic year –Medical students (12-month program)
• Interest rate is determined June 1 of each year
• Origination loan processing fee (less than 2%)
• Interest accrues while in school, during grace period (six months), or in deferment
• Eligible for deferment or forbearance
• Required to complete Master Loan Promissory Note
• Entrance interview required for first-time borrowers

All first time borrowers of Federal Direct Loans (Unsubsidized) must complete the following activities before funds are disbursed to your student billing account:

1. Electronically sign a Direct Loan Master Promissory Note. Students who borrow from the Federal Direct Loan Programs are required to complete a Master Promissory Note. This is a one-time requirement for matriculation at the School of Medicine (Please note that NO ACTION IS NECESSARY for students that have previously borrowed Federal Direct Loans through The Johns Hopkins University School of Medicine). A first-time borrower is someone who has not previously received a Direct Unsubsidized Loan.  Promissory notes can be completed online. The site is available 24 hours a day, 7 days per week EXCEPT Sunday from 5:00 am -11:00 am (EST) and Monday from 12:01 am - 7:00 am (EST). 

   The electronic procedure for completing the promissory note is as follows:

   1. Log on to the studentaid.gov website with your FSA ID.
   2. Select the "Complete Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN)" option.
   3. Be sure to select JOHNS HOPKINS UNIVERSITY SCHOOL OF MEDICINE when asked to provide the name of your school.
   4. Follow the instructions.
   5. Remember to print a copy of the promissory note for your records.
       
2. Complete Entrance Counseling on the studentaid.gov federal website. Your FSA ID is required to complete this process. If you do not have a valid FSA ID, you can create one at StudentAid.gov.    

If you have questions or need additional assistance about the Federal Direct Loan Program, you may contact a Financial Aid representative using SEAM's online form or the U.S. Department of Education’s Direct Loan Servicing Center at (800) 848-0979 or via the web at StudentAid.gov.

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Federal Direct Graduate PLUS Loans

• Students may borrow up to the full cost of education less any other aid received
• A credit check is required of all students
• Interest rate is determined June 1 of each year
• Origination loan processing fee (4.2%)
• Repayment begins within 60 days after the final disbursement. Students may apply for a deferment while attending school.
• Required to complete a Master Loan Promissory Note
• Entrance interview required for first time borrowers

Note: The Direct PLUS loan is considered a loan of last resort.  Interested students are required to borrow total eligibility under the Federal Direct Stafford Unsubsidized loan program before considering borrowing from the Direct Graduate PLUS loan program.

Approved by the Department of Education. Available to graduate/professional students who are U.S. citizens, permanent residents, or eligible non-citizens. A credit check is required of all students. Students may borrow up to the full cost of their education less any other aid received.

The Direct PLUS loan is considered a loan of last resort. Interested students should borrow total eligibility under the Federal Direct Stafford Unsubsidized loan programs before considering borrowing from the Direct Plus program.

Interest rate: Notified June 30 of each year

Loan fees: Less than 5% (taken off the top of the loan amount)

Loan Limit: Up to the cost of attendance, less other aid received

What are the requirements?

• Apply for the Graduate PLUS loan through the studentaid.gov federal website.
• Complete a PLUS Loan Master Promissory Note
• Complete the Federal Graduate PLUS loan entrance counseling through https://www.studentaid.gov (1st time borrowers)
• Credit approval (A co-borrower/endorser option is available if the student does not qualify)

Other features?

In-school deferments are available for graduate and professional students attending at least half-time. Payment then begins six months after graduation or in the event the student drops below half- time enrollment. The student/borrower is responsible for all interest that accrues. Any unpaid interest will be capitalized (added to the loan principal).

Federal Direct PLUS loans may be consolidated with Federal Direct Loans.

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School of Medicine University Loans

• Maximum - varies
• No interest while in school or grace period
• 5% fixed interest rate
• No loan origination fee
• 18 month grace period after graduation
• Eligible for deferment or forbearance
• Required to complete Loan Promissory Note for each loan

The Johns Hopkins University School of Medicine, through the generosity of alumni and friends, has provided funding to establish low interest loans to assist many of the medical students to meet their educational costs.

A loan promissory note is required for each loan amount approved.

 

 

Completing the University Loan Promissory Note

Please allow 2-3 business days for processing after accepting the loan in the Student Self Service portal. Thereafter, you can complete the process as outlined below.

The electronic procedure completing the promissory note is as follows:

1. Log on to ECSI's website at : https://borrower.ecsi.net/ 
2. Select "eSign a Promissory Note."
3. You must select JOHNS HOPKINS UNIVERSITY as the school you are attending.
4. Read the information on the "Electronic Signature / Electronic Promissory Note" page. Click on the "begin the electronic signature process" link at the bottom of the page.
5. Provide your social security number, last name, first name and date of birth to validate your identity.
6. Most pages require that you accept the terms by checking a box at the bottom of those pages.
7. You must provide complete reference information for yourself, next of kin, and two additional references. Failure to complete all lines accurately will keep this loan from disbursing to your account.
8. PROMISSORY NOTE - Read completely. Electronically sign at the bottom of the promissory note page. The electronic signature includes a check-off box plus your full legal name.
9. Remember to print a copy of the promissory note for your records.

Private Loans

Johns Hopkins provides access to ELMSelect, an interactive tool that helps families compare private loan options.

Visit ELMSelect

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Residency-Relocation Loans

Fourth year students may find it necessary to borrow additional loans for residency relocation and travel expenses. Residency Relocation loans are available to fourth year medical students to borrow 180 days before or up to 180 days after graduation and do not have to be certified by the financial aid office.

There are many different loan programs and options to choose from. However, you must pay close attention to the terms of each loan, as some loans have variable interest rates and different repayment terms. Below is a chart of some of the residency relocation loans available to fourth year students.

Please view the websites of each loan to verify the terms with the lender prior to borrowing as they are subject to change.

Residency Links from AAMC

• Postponing Loan Repayment During Residency