Private Loans
Private student loans are designed to supplement federal aid for students who need more assistance and who qualify.
Private loans in combination with other aid cannot exceed the student’s estimated cost of attendance.
What’s the difference between federal and private loans?
- Private loan terms can vary widely depending upon the lender and usually have higher interest rates than federal loans.
- Private loans 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.
Learn more about the differences:
Before considering a private student loan:
- U.S. students are encouraged to consider federal student loans, as they are typically more affordable and offer better repayment terms.
- Those who complete the FAFSA and need additional funding may apply for a PLUS Loan, which generally offers better terms than private loans.
- Non U.S. 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.
Find and Research Private Loans
You may use ELM Select to help find and compare private loan options.
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.
Questions to Ask a Private Lender
- What are your lowest interest rate and fee combinations, 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?
Apply for a Private Loan
- The application for a private student loan is made directly through a private lender.
- Include the 8-digit school code of your school on the loan application.
- As a part of the process, Johns Hopkins must certify enrollment and other information for a student.
- Private loan borrowers must 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, ensure you have information about your eligibility for aid, and provide lenders with your education expenses and other aid received.
- Please note that this form does not change, nor replace the JHU enrollment certification, mentioned in step 1.
Receiving My Loan
Learn more about Next Steps in the financial aid process.