Financial Aid Policies

The Carey Business School offers financial support that includes federal grants and low-interest loans, state grants and scholarships, and school-based scholarships and grants.

In general, consideration for financial aid is restricted to students who have been fully and unconditionally accepted into a degree or approved certificate program, enroll half-time or more each semester, and maintain satisfactory academic progress. Students admitted in midterm will become eligible for aid for the next semester. Note that provisionally admitted students who are taking the prerequisite credits necessary for unconditional admission to their program may be considered for limited federal loan assistance for one or two semesters depending on the number of prerequisites required.

Academic Year and Half time Enrollment

The academic year consists of the summer, fall, and spring semesters. The Fall 1 and Fall 2 terms together comprise the “Fall Semester”. Likewise, the Spring 1 and Spring 2 terms together comprise the “spring semester.” For the purposes of most financial aid programs, students must maintain at least half-time enrollment in the semester. Half-time enrollment for undergraduate students is at least 6 credits in a semester. Half-time enrollment for graduate students is at least 4.5 credits per semester (which is 3 two-credit courses) for the fall and spring semester, and at least 3 credits in the summer term. Students who enroll in the January intercession will have those credits added to their fall semester credits to determine their enrollment status.

Deferment

Deferment of student loan repayment is available for students enrolled at least half-time. The Office of the Registrar certifies loan deferment forms. Students who only need one or two courses to graduate and will enroll less than half-time will go into their grace period as of the date they cease attending half-time.

Availability

Financial aid is available only for courses that are required of the degree program and for which students will receive credit toward completion of their program. Courses taken merely for personal reasons or simply so a student can remain enrolled at least half time are not eligible for federal financial aid. Audited courses do not count toward the credits required for financial aid availability.

Students must maintain satisfactory academic progress and credit compliance (half-time enrollment in required courses per semester in which aid is received) to continue to be eligible for financial aid. Academic progress is reviewed after each semester. Please refer to our policy, “Satisfactory Academic Progress Requirements for Financial Aid Recipients,” available here.

In addition, to receive federal aid, students must be U.S. citizens or eligible non-citizens; have registered with the Selective Service between the ages of 18 and 26 if male; not owe refunds on federal grants or be in default on federal educational loans; have a valid social security number, and be admitted prior to the first day of classes for the semester in which they receive aid.

International students are encouraged to investigate the possibility of aid through their government or outside agencies. Additional information on scholarships for international students is available here.

To be considered for financial aid, a student must file the Free Application for Federal Student Aid (FAFSA) using school code E02145 and complete the Application for Financial Aid. Both forms are available online. Students must reapply for aid each year by completing the next academic year’s Application for Financial Aid and filing a Renewal FAFSA. School-based scholarship applicants also must complete the School-based Scholarship Application and write an essay.

Deadlines

The priority filing date to apply for financial aid each year is April 15 (March 15 for full-time programs and the Executive MBA). For spring only applicants, the priority filing date to apply for financial aid is November 1st. Students can apply for financial aid at any time during the academic year (prior to the end of classes) however, the application process can take time, and only those who apply by the priority filing date can be assured that their financial aid awards will be ready for the start of classes. Maryland residents who wish to be considered for Maryland state scholarships must complete their FAFSA prior to March 1.

Eligibility

Students must demonstrate financial need as calculated by federal methodology to be considered eligible for all need-based aid, including government subsidized direct loans (only for undergraduate students). In addition to other documentation, students selected for verification will also have to provide signed copies of their most recent federal tax transcripts and those of parents or spouses (if applicable), including all schedules filed and W-2 forms.

Most financial aid available is in the form of federal student loans. Information on the types of financial aid available can be found here.

For purposes of federal loan eligibility, undergraduates must have earned at least 24 credits toward their degree program to qualify for a sophomore-level loan, and at least 48 credits to qualify for upperclassman loan limits. Only transfer credits accepted for transfer toward the student’s degree can be counted in determining grade level. New undergraduate students applying for financial aid will be awarded a “freshman-level” student loan until their transfer credits have been evaluated and accepted toward their degree program, so their appropriate “grade-level” for financial aid eligibility can be determined.

Gift aid (scholarships and grants) may be taxable to the extent that it exceeds the federally allowable costs of tuition, fees, and required books and supplies, or is dedicated to other costs, such as living expenses. Federal grants may be taxable if, together with other gift assistance, they exceed the allowable costs.

Financial aid awards disburse to the student account on the first day of the semester for students whose financial aid files are complete and awarded. When aid from all sources exceeds the tuition and fees charged by the School, the Student Accounts Office will send a refund of any credit balance remaining on the student’s account. Please refer to the Refunds section below for the specifics regarding this refund.

Students whose aid awards exceed the cost of tuition and fees may request book vouchers for use at the School’s bookstores three weeks prior to the start of class. Requests should be in writing and include the estimated cost of the books from MBS.

The Carey Business School reserves the right to ask for documentation necessary to determine aid eligibility. Documents submitted as part of aid applications become the property of the Carey Business School and cannot be returned. Applications for federal aid cannot be processed if the relevant tax returns have not been filed in accordance with IRS code. Federal regulations require that the School report suspected cases of fraud or misrepresentation to the appropriate federal, state, and local authorities.

Title IV

In compliance with the Higher Education Amendments of 1998, students receiving Title IV aid who drop below half-time status or withdraw completely may have their aid returned to the government according to a federal formula. Aid proceeds, which have been previously refunded to the student for living expenses, may have to be repaid immediately as well. More detailed information on Title IV aid is available here. Since such changes in academic status may also affect students’ future eligibility for aid, it is recommended that Title IV aid recipients who contemplate withdrawing or reducing their status below half-time first consult the financial aid office.

Refunds

Once all tuition and fees have been covered by financial aid, students are eligible to receive a refund of the excess aid that remains on their account. If you do not wish to receive a refund, please contact the Student Accounts Office or the Office of Financial Aid about your options. Otherwise, the credit balance will be sent to BankMobile (formerly Higher One) and refunded to you according to your chosen preference.

Expect to receive an enrollment packet from BankMobile via U.S. Mail. If your address is not within the confines of the U.S., you will not receive a packet. All students, please be sure to review and update your address in SIS. This can be done by logging into SIS self-service. The refund selection kit will contain a personal code that you will need to validate your identity. You should log into https://www.refundselection.com, enter your personal code, and then select how you would like to receive your refund. Your options for receiving refunds include:

  • Direct deposit of your refund proceeds directly into your existing personal checking account at a U.S. Bank. There are no BankMobile fees associated with this option and it is the most popular option amongst Johns Hopkins students and the second most expedient process for receiving your refund.
  • Open a BankMobile Vibe account. This is the most expedient option relative to receiving your refund and certain fees are assessed as detailed on their website.

Please be advised that if you do not select a refund preference, you refund proceeds will still be transmitted to BankMobile for disbursement to you. If this happens, BankMobile will attempt to contact you for 21 days to select a preference or to confirm a mailing address to send your check. If BankMobile is unable to contact you within that 21 day period, your refund proceeds will be returned to JHU, further delaying your refund. So, it is important that you take the action that best serves your need.

Please read the University-wide Disclosure Statement regarding the University's partnership with BankMobile.

 Updated February 2017