If your savings and scholarship awards do not cover your education costs, then you can borrow from the federal loan programs. Direct Loans are part of the federal financial aid assortment of programs.
Federal Direct Unsubsidized loans
If you qualify for an Unsubsidized Loan, the federal government will charge you interest from the day the loan is disbursed until it is repaid in full. Interest will accrue while you are enrolled in school, during a grace period and during authorized periods of deferment. You may pay the interest during these periods or it can be capitalized; that is, the interest will be added to the principal amount of your loan.
The interest rate for Direct Unsubsidized Loans is a fixed rate of 4.30 percent (4.30%) for the period July 1, 2020 - June 30, 2021 and 5.28 percent (5.28%) for the period July 1, 2021 - June 30, 2022. Interest accrues from the date of the first disbursement. The U.S. Department of Education charges the borrower a 1.059 percent (1.059%) origination fee for loans issued between October 1, 2019 - September 30, 2020 and 1.057 percent (1.057%) origination fee for loans issued between October 1, 2020 - September 30, 2021. The origination fee is deducted proportionately from each disbursement of the loan proceeds. After ceasing to register at least half-time, a six-month grace period is granted, during which time no payment is required.
The annual maximum for the Direct Unsubsidized Loan Program for Graduate/Professional students is $20,500 per Academic year. The aggregate/lifetime loan limit is $138,500, which includes loans received for undergraduate study.
The Carey Business School highly recommends that students only borrow the amount needed to pay tuition and fees.
Federal Direct Graduate Plus loans
GradPLUS loans are available regardless of income or assets. However, the graduate student borrower must be a U.S. citizen or eligible non-citizen and must pass a basic credit check. GradPLUS loan borrowers can borrow up to the full cost of attendance in combination with other aid and resources.
PLUS loans have a fixed interest rate of 5.30 percent (5.30%) for the period July 1, 2020 - June 30, 2021 and 6.28 percent (6.28%) for the period July 1, 2021 - June 30, 2022. Interest accrues from the date of the first disbursement. The U.S. Department of Education charges the borrower a 4.236 percent (4.236%) origination fee for loans issued between October 1, 2019 - September 30, 2020 and 4.228 percent (4.228%) origination fee for loans issued between October 1, 2020 - September 30, 2021. The origination fee is deducted proportionately from each disbursement of the loan proceeds.
First-time GradPLUS borrowers should complete the following steps:
For additional information on the Direct Loan program, utilize the following resources:
- Direct Loan website
- Direct Loan Servicing Center
- Direct Loan Consolidation
- Direct Loan Entrance Counseling
- Direct Loan Exit Counseling
Federal work study
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 award FWS in 2019-2020.
If you are interested in a work-study position, contact the Financial Aid Office to see if you may be eligible.
Johns Hopkins Carey Business School is an approved postsecondary education institution for veteran training. Applications for veteran 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 Veterans Affairs.
For information concerning these benefits, please contact Veteran Affairs using SEAM's online form or 410-516-6635.