FEDERAL PELL GRANT PROGRAM (PELL)

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 $606 to $5,920 for the 2017-2018 academic year

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)

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.

FEDERAL DIRECT STUDENT LOANS

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 for undergraduate students 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 2017-2018 academic year is 6 percent on unsubsidized Direct Loans for graduate students. The annual interest rate for subsidized and unsubsidized loan for undergraduate students is 4.45 percent. GradPLUS loans have an annual interest rate of 7 percent. The interest rate will be set for 2017-18 on July 1. There is a 1.069% origination fee for the subsidized and unsubsidized Direct Loans, and a 4.276% origination fee for the PLUS loans, for loans disbursed after 10/1/16.

For first-time undergraduate borrowers of the subsidized loan, please review the 150% rule here.

The maximum Direct Loan amounts per grade level that you can borrow are:

Direct Loans - Maximum Annual Student Loan Limits

inDEPENDENT STUDENTS BASE/SUBSIDIZED ADDtional SUBSIDIZED TOTAL
Fresheman
(0-24 credits earned)
$3,500 $6,000 $9,500
Sophomore
(25-48 credits earned)

$4,500

$6,000 $10,500
Junior and beyond
(49+ credits earned)
$5,500 $7,000 $12,500
dependent STUDENTS BASE/SUBSIDIZED ADDtional SUBSIDIZED TOTAL
Freshman
(0-24 credits earned)
$3,500 $2,000 $5,500
Sophomore
(25-48 credits earned)

$4,500

$2,000 $6,500
Junior and beyond
(49+ credits earned)
$5,500 $2,000 $7,500
Graduate STUDENTS BASE/SUBSIDIZED ADDtional SUBSIDIZED TOTAL
Each Year 0 $20,500 $20,500

 

There are also lifetime limits to federal student loan borrowing. 

Direct Loans - Aggregate / Lifetime Limits

inDEPENDENT STUDENTS BASE/SUBSIDIZED ADDtional SUBSIDIZED TOTAL
Independent
Undergraduate
$3,500 $6,000 $9,500
Dependent
Undergraduate

$23,000

$8,000 $31,000
Graduate Professional $65,500 $73,000 $138,500

 

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:

Federal Direct Parent PLUS and Graduate PLUS Programs (PLUS & GradPLUS)

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 6.31 percent for the 2016-2017 academic year. There is a 4.276% 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 GradPLUS Loan application.

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

Perkins Loan

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. This program is being phased out and is no longer awarded at Carey. 

Federal Work Study (FWS)

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 Carey Business School will be awarding FWS in 2017-18. If you are interested in a work-study position, please contact our office to see if you may be eligible.

Veterans Benefits

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.