The Federal Pell Grant is a program available to undergraduate students that is both funded and awarded by the federal government. It is targeted to very high-need students. The award is based solely on the information provided on the FAFSA form, which results in an Expected Family Contribution, or EFC. These grants range from $602 to $5,500 for the 2012-2013 academic year
The SEOG is available to undergraduate students, funded by the federal government in limited amounts, and awarded by the Johns Hopkins Carey Business School to the highest need students in accordance with federal guidelines. Only students awarded a Pell Grant are eligible. These grants typically range from $400 to $1,000.
If your savings and grant/scholarship awards aren’t enough to pay your education costs, then you can borrow from the Federal loan programs. Direct Loans (DL) are a part of the federal financial aid assortment of programs.
Direct Loans include both subsidized and unsubsidized loans. Subsidized Stafford Loans are need-based loans and the federal government pays the interest while you are enrolled in school at least half-time and during a 6-month grace period after you graduate, withdraw, or fall below half-time enrollment status. Unsubsidized loans are not need-based and you either pay the interest or it accrues while you are in school or during your grace period.
The annual interest rate for the 2012-2013 academic year is 6.8 percent on subsidized and unsubsidized Direct Loans, and 7.9 percent on GradPLUS loans. There is a 1% origination fee for the subsidized and unsubsidized Direct Loans, and a 4% origination fee for the PLUS loans. (The undergraduate subsidized loan interest rate is 3.4% for the 2012-13 school year.)
The maximum Direct Loan amounts per grade level that you can borrow are:
Direct Loans - Annual Limits
Maximum Annual Student Loan Limits
Base / Subsidized
Junior and beyond
Junior and beyond
Each year (starting in 2012-13)
There are also lifetime limits to federal student loan borrowing.
Direct Loans - Aggregate / Lifetime Limits
Aggregate Student Loan Limits
Base / Subsidized
Graduate / Professional
The Carey Business School highly recommends that students only borrow the amount of student loans needed to pay tuition and fees.
For additional information on the Direct Loan program, please utilize the following Web sites:
Direct Loan Web site
Direct Loan Servicing Center
Direct Loan Consolidation
Direct Loan Entrance Counseling
Direct Loan Exit Counseling
The PLUS program is a low-interest federal student loan program that was originally designed for parents to help their dependent students pay for college. It still serves that purpose; however, it has been expanded to allow graduate students to participate (GradPLUS). Both PLUS and GradPLUS loans are available regardless of income or assets. However, the borrower (a graduate student or a parent of an eligible dependent student) must be a U.S. citizen or eligible non-citizen and must pass be able to pass a basic credit check. GradPLUS and PLUS loan borrowers can borrow up to the full Cost of Attendance in combination with other aid and resources. The interest rate for the PLUS loan is 7.9 percent for the 2012-2013 academic year. There is a 4% origination fee that is retained from the disbursements. Repayment of a PLUS Loan begins 60 days after the second disbursement. First-time GradPLUS and PLUS borrowers should complete the following two steps:
Complete the electronic Master Promissory Note and Entrance Counseling for GradPLUS/PLUS online at the Direct Loan Web site: GradPLUS/PLUS MPN and Entrance Counseling
This federal loan is available to students who demonstrate exceptional financial need. The Federal Perkins Loan program is a limited fund and is administered by the Carey Business School. The interest rate is 5 percent and interest does not accrue until the loan enters repayment.
Federal Work Study is a need-based financial aid program to assist financial aid recipients who would like to work part-time to earn money to assist with their educational expenses. The FWS program is a limited fund and is administered by the Carey Business School. Students are paid for hours worked. Wages are set by the employer, and only designated federal work study jobs are eligible. Students must interview and secure a Federal Work Study position and work in order to obtain the funding awarded.
The Johns Hopkins Carey Business School is an approved postsecondary education institution for Veterans training. Applications for Veterans benefits may be obtained from your local Department of Veterans Affairs. Approval of training benefits to be awarded is the responsibility of the Department of Veterans Affairs. The Office of the Registrar at the Carey Business School certifies a student’s enrollment status to the Veterans Administration.