Private student loans are designed to supplement federal aid for students who need assistance and qualify.
Loan terms can vary widely depending upon the lender and usually have higher interest rates than Direct Loans. Private loans also require a credit check. If you have a poor credit history or no credit at all, then you may consider finding a co-signer when applying for a private loan
Before considering a private student loan, students are encouraged to complete the process for determining eligibility for federal student loans which are normally less costly and offer better repayment terms. International students are encouraged to investigate aid from their government or outside agencies before applying for private loans, which usually require a U.S. citizen co-signer.
The application for a private student loan is made directly through a private lender. As a part of the application process, the Financial Aid Office at the Carey Business School must certify enrollment and other information for a student.Private loans are processed through the Electronic Loan Management resources system at www.elmresources.com. You may use ELM Select to help find and compare private loan options at http://www.elmselect.com. Private loans in combination with other aid cannot exceed the student’s estimated Cost of Attendance.
The University does not endorse or recommend any lender, nor does the University have any financial interest in any lending institution. Students and their families have the right to select the educational loan provider of their choice.
You must use our 8-digit school code (002077-64) on the loan application when applying for a private loan.
Method and frequency of disbursements
There are three scheduled disbursement dates for financial aid which correspond to the three semesters in the academic year. Summer disbursements occur July 1. Fall and spring disbursements occur on the first day of the semester.
Questions to ask a private lender
- What are your lowest interest rate and fee combination, and how can I secure the lowest rate? Is the rate secure only for a limited period or is it for the life of the loan?
- For variable rate loans, is there a limit on how high the variable rate can go? How often is the interest rate adjusted? How are new rates determined?
- What interest rate can I get with a fixed-rate loan?
- How long will I be repaying the loan? Is there any penalty for paying it off early?
- When do I have to start making payments? How long can I defer payments while I'm in school? If I go to graduate school and defer payments, how much will I owe when I do start making payments?
- Will I lose my discount for paying on time if I have one late payment or if I ask for a change in the payment schedule?
- What percentage of your borrowers get the discounts you offer? Are your discounts guaranteed, or are they subject to change later?
- Would you allow me to defer or reduce my payments temporarily because of economic hardship? Under what circumstances and for how long?
Private education loan self-certification form
New regulations now require alternative loan borrowers to complete, sign, and return the Private Education Loan Applicant Self-Certification form to their lender before any funds can be disbursed to the student.
The purpose of this form is to promote informed borrowing and to ensure you have information about your eligibility for aid; as well as provide lenders with your education expenses and other aid received. To receive this form, you may contact your lender or download the form directly from our website. Please note that this form does not change, nor replace the normal school certification process.
The Self-Certification form requests information of the borrower (you) along with the COA for the loan period covered by the loan being requested. You are then required to deduct your estimated financial aid from the estimated COA, which will give you the estimated loan amount that you are able to borrow from your lender. This information may be retrieved via SIS or requested from the Financial Aid Office.
Once you have completed the Private Education Loan Applicant Self-Certification form, you are required to submit it back to your lender. Please note that you will not receive any disbursement until this form has been submitted to the lender.
Other helpful resources
- Johns Hopkins University Financial Aid Code of Conduct
- Consumer information on student loans