Financial Aid
The Carey Business School offers programs of financial support that include federal grants and low-interest loans, state and school-based scholarships and grants, and awards. 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, advance by 12 credits each year, complete all courses for which aid was awarded, and maintain a 3.0 GPA (graduate students) or a 2.0 GPA (undergraduate students). Financial aid is available only for courses that are required of the 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. Only those certificate programs that are 15 credits or longer are eligible for financial aid.
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; never been convicted of an offense involving possession or sale of illegal drugs; and be admitted prior to the first day of classes for the semester in which they receive aid. Students admitted in midterm will become eligible for aid for the next semester.
Also available are alternative commercial loans that can be used by students who are enrolled less than half time, who have not yet applied for admission, who have been conditionally or provisionally admitted, and to non-citizens enrolled at least half-time as well. International students are encouraged to investigate the possibility of aid through their government or outside agencies before applying for these loans, which require a citizen co-signer. 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. These loans may not exceed tuition charges for the specific required credits, registration or course fees, and a book allowance less any direct tuition payments. No funds will be available for repeated courses.
The academic year consists of the summer, fall, and spring semesters. For financial aid purposes, the fall semester includes the January intersession, and the spring semester includes the May session. Students must maintain satisfactory academic progress and credit compliance (half-time enrollment per semester in which aid is received) to continue to be eligible for financial aid. Academic progress is reviewed each year after the spring semester.
Loss of aid eligibility due to non-compliance with satisfactory academic progress policy may be appealed in writing to the Financial Aid Office, including presentation of evidence substantiating the reason for failing to achieve academic progress. Federal regulations identify the special circumstances that can be taken into consideration in an appeal. The appeal statement will identify what measures the student has taken, or will take, to rectify the situation. The student will be notified of the decision in writing. All decisions are final.
Satisfactory academic progress may be re-established if the student subsequently completes one semester or more (at least half-time in a term) and achieves the required cumulative grade point average. Full details may be found in the brochure "Satisfactory Academic Progress Requirements for Financial Aid Recipients," available at http://onestop.jhu.edu/financial/.
Students must demonstrate financial need as calculated by federal methodology to be considered eligible for all need-based aid, including government subsidized direct loans. For purposes of federal loan eligibility, undergraduates must have completed at least 30 credits to qualify for a sophomore-level loan, and at least 60 credits to qualify for upperclassman loan limits.
Unsubsidized direct loans, which are not need-based, are available to students who are ineligible or only partially eligible for the subsidized version.
A note about loan deferment: Deferment of loan repayment is available for students enrolled at least half-time (6 credits each semester for undergraduates; 4.5 credits for graduate students). Students who only need one course to graduate and will enroll less than half-time will go into their grace period as of the date they ceased attending half-time. Deferment is also available for several other reasons, such as for service as a volunteer under the Peace Corps Act or the Domestic Volunteer Service Act of 1973. To receive a paper copy of deferment terms, contact the Financial Aid Office at 410-516-9808.
To be considered for financial aid, a student must file the Free Application for Federal Student Aid (FAFSA) using the official code of E00475 and complete the Application for Financial Aid. Both forms are available online at onestop.jhu.edu/financial. Students selected for verification will also have to provide signed copies of their most recent federal tax returns and those of parents or spouses, where applicable, including all schedules filed and W-2 forms. School-based scholarship applicants also must complete the School-based Scholarship Application and write an essay. Students must be fully admitted prior to the first day of classes for the semester in which they receive aid. Students admitted in midterm will become eligible for aid for the next semester.
Gift aid (scholarships and grants) is 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. Students whose aid award exceeds 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. When aid from all sources exceeds the tuition and fees charged by the school, the student may request a refund of any
credit balance remaining after aid has been disbursed by calling the Student Accounts Office at 410-516-9722.
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 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.
In compliance with the Higher Education Amendments of 1998, students receiving Title IV aid who drop below half-time status or withdraw completely will 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. Since such changes in academic status will 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.
Financial Aid Office
Professional Schools Administration
Johns Hopkins University
6740 Alexander Bell Drive, Suite 110
Columbia, MD 21046
410-872-1230
onestop.finaid@jhu.edu
Office hours are 8:30 a.m. to 5:00 p.m., Monday through Friday.
Scholarships, Grants, and Awards
Residents of Maryland can be considered for assistance for the next academic year. Most programs require the submission of the FAFSA to the federal processor by March 1 of each year. Workforce Shortage Student Assistance Grants have a June deadline but those who file a FAFSA by March 1 will receive priority based on need. Legislative Scholarships are available to full or part-time students through their Maryland delegates and senators. For more information regarding Maryland State aid and scholarship applications, contact the State Office of Student Financial Assistance at 410-260-4565 or 1-800-974-1024 or visit the Maryland Higher Education Commission (MHEC) Web site at www.mhec.state.md.us.
A limited number of school-based partial tuition scholarships are available each year. Selection is based primarily on financial need, but scholastic merit is also considered. Carey Business School scholarship applications are available online at onestop.jhu.edu/financial from February 1 through June 30. Applications must be completed by the June 30 deadline. Since need is a factor in the selection process, applicants should file the FAFSA so that results are received prior to June 30. As one application provides consideration for all available funds, it is not necessary for students to apply for specific scholarships. All scholarship award decisions are final, authority resting with the scholarship committee of the Carey Business School.
Students are encouraged to contact other scholarship sources, such as cultural groups and professional organizations.
The following Web sites provide additional information on financial aid sources:
- Financial Aid Information page (www.finaid.org)
- U.S. Department of Education home page (www.studentaid.ed.gov)
- Student Internet Gateway to the U.S. Government (www.students.gov)
Tax Law Benefits
There are several tax benefits that provide help for those financing the costs of higher education as listed below. Many have income level caps and there are restrictions on taking advantage of more than one deduction and/or education credit at the same time. Please consult a tax adviser for full information and/or visit the IRS Web site at www.irs.gov:
- Employer-paid tuition assistance for undergraduate and graduate course work is tax-free up to $5,250.
- Interest paid on student loans is deductible up to $2,500 regardless of the age of the loan.
- A Hope Tax Credit-up to $1,500 credit is available for the first $2,000 of qualifying educational expenses paid for first- and second-year undergraduate students pursuing degrees or recognized education credentials.
- A Lifetime Learning Credit-up to $2,000 credit is available for qualifying educational expenses, limited to 20 percent of tuition and required fees paid for any year of postsecondary education. This includes courses taken to acquire or
- improve job skills, even if the courses are not part of a degree program.
- Students not qualifying for the Hope or Lifetime Learning Credits may be able to deduct up to $4,000 of qualified tuition and fees paid for by the student, a spouse, or dependents if modified adjusted gross income is not more than $80,000 if single or $160,000 if married filing jointly (2006 income cutoff; 2007 limits may differ).
Employment-based Tuition Benefits
Employment-based tuition benefit programs represent an alternate source of assistance to Carey Business School students. Employers and labor unions often provide educational benefits for their employees as part of a larger benefits package. The assistance may take the form of a contract between the employer and the university or a full or partial tuition reimbursement plan between the employer and the employee. Note that students who participate in employer tuition reimbursement programs should plan to pay all tuition and fees at the time of registration and follow their employer's procedures for requesting reimbursements. Students should contact their employer's human resources office to discuss the availability of tuition assistance. Information on billing or contract procedures may be obtained from the Student Accounts office at 410-516-9722. Employees receiving tuition assistance may be responsible for taxes on the value of the tuition assistance received and should check with employers for more details.
Johns Hopkins University provides a tuition remission program for full-time employees. For information, contact Training and Education at 443-997-6800.
Other Student Services
For the latest information on disability support, career services, student and alumni relations, and campus locations, visit onestop.jhu.edu.
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