Financing dd by jennyyingdi

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									 JOHNS HOPKINS
  U        N        I       V        E        R        S        I       T        Y       Financing Options
Office of Student Financial Services                                                       Homewood Student Accounts Office
146 Garland Hall / 3400 N. Charles Street                                                  B31 Garland Hall / 3400 N. Charles Street
Baltimore, MD 21218-2683                                                                   Baltimore, MD 21218-2683
410-516-8028 / Fax 410-516-6015                                                            410-516-8158 / Fax 410-516-4322
fin_aid@jhu.edu                                                                            http://www.jhu.edu/~studacct
http://www.jhu.edu/finaid




                                                                                                                                       AMS TuitionPay
Student Accounts Billing System                                                                                                         Monthly Plan
    The university has implemented a new student billing system to maintain financial records and                          Some parents would like to ease the burden of
produce monthly statements for students in our credit programs.                                                            large payments at the beginning of each term.
                                                                                                                           The AMS TuitionPay Monthly Plan may be used
       JHU will electronically present all students’ bills to Infinet/QuikPay, our e-billing and                           by parents to help meet the expected family
e-payment vendor. The student will receive an e-mail notification from QuikPay every time a new                            contribution and/or to pay for the full price of
bill is presented, and can review and print it out via PDF format if they desire. The student can                          Hopkins with manageable monthly payments.
also create his/her parents, sponsors, grandparents, etc. as Authorized Viewers of the account, and                        The AMS plan allows parents to pay up to the
they would also be notified directly every time a new bill is presented. Under FERPA regulations,                          annual cost of tuition and room and board in
we can only address/send the bill to the student, who then can authorize others to view/pay.                               five equal monthly installments, per semester,
                                                                                                                           beginning June 1. No interest is charged. The
Students: You may view/pay your student account balance at www.registration.jhu.edu,                                       annual fee is $80. Further information on the
and then select the “View My Bill” option. If you have further questions please contact us at                              AMS TuitionPay Monthly Plan may be obtained
www.jhu.edu/~studacct or by telephone 410-516-8158, Monday thru Friday 8:30 a.m.–5:00 p.m.                                 from AMS at 800-635-0120 or on the web at
                                                                                                                           http://www.tuitionpay.com.
Parents: The designated website for all “authorized viewers” to pay or view the account is
https://www.registration.jhu.edu/authpayer.asp. Your student can allow you access to
his/her account by simply going to www.registration.jhu.edu and choosing the “View My Bill”                                      Additional Scholarship
selection which enables him/her to set up authorized payers to view/pay the account.                                                    Sources
    We hope that the new system will facilitate your needs, by allowing you to view and pay the                            Hopkins Merit-Based Scholarships.
account in a more timely manner.                                                                                           Recipients of the Hodson Trust scholarship,
                                                                                                                           Charles E. Westgate scholarship, and JHU
                                                                                                                           National Merit scholarship are notified in the
                                                                                                                           Admissions acceptance packet regarding the
                                                                                                                           receipt of these scholarships.
                                                                                                                           ROTC Scholarships. Army ROTC offers a
                                                                                                                           small number of full tuition scholarships to
   What is the cost to attend a year at Johns Hopkins?                                                                     highly qualified students who desire to serve
                                                                                                                           their country as Army officers. For more infor-
      Billed Expenses 2005–2006
         Tuition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $31,620
                                                                                                                           mation and applications, please contact the
       *Room and board . . . . . . . . . . . . . . . . . . . . . . . $ 9,924
                                                                                                                           Department of Military Science at 410-516-4685
            (freshman/soph)                                                                                                or visit the website at http://www.jhu.edu/~rotc.
         Matriculation fee (freshmen only) . . . . . . . . . . $ 500                                                       Outside/Private Scholarships. Scholarships
      Estimated Indirect Expenses (do not appear on bill)
                                                                                                                           from private organizations can be a valuable
        Off-campus housing . . . . . . . . . . . . . . . . . . . . . $7,250
                                                                                                                           additional source of aid. Information about these
        Books and supplies . . . . . . . . . . . . . . . . . . . . . . $1,000                                              scholarships is available through our web page,
        Other personal expenses . . . . . . . . . . . . . . . . . .$ 800                                                   http://www.jhu.edu/finaid. Click on Prospective
      **Travel expenses (average) . . . . . . . . . . . . . . . . . .$ 600                                                 Students or Returning Undergraduates
                                                                                                                           >Scholarships & Grants>Outside/Private
       * University room and board charges are based on type of room selected, location, and number of meals.
         This represents an estimate for a double room in the AMR and constant pass + 200 points meal plan.                Need-based scholarships, Hopkins Grant, and
                                                                                                                           Hopkins- funded, merit-based scholarships will
      ** Travel expenses will depend on distance and frequency
                                                                                                                           not be reduced for freshmen receiving private
                                                                                                                           scholarships unless total aid exceeds the cost
                                                                                                                           of attendance.
                                                                                dependent students whose parents are denied a                                     Life Insurance. Borrowing from whole life
     Federal Family Education                                                   loan under the PLUS program, the total amount                                    insurance typically has a lower fixed interest
          Loan Programs                                                         a student can borrow through the Federal Direct                                  rate. Contact your life insurance holder for
                                                                                Loan program, subsidized and unsubsidized is:                                    information specific to your policy.
The basis of a financial plan is often one or                                                                                                                     Retirement Plan. You may be able to borrow
                                                                                first year, $6,625; second year, $7,500; third
more of the federally guaranteed loans. The                                                                                                                      money at a reasonable interest rate from your
                                                                                and fourth, $10,500. The interest rate is the
three available programs include the Federal                                                                                                                     retirement plan. Interest may be repaid to your
Direct Student Loan, the Federal Unsubsidized
                                                                                same as for the Federal Direct Student Loan.
                                                                                This loan has interest that accrues from the date                                own account. Contact your retirement plan for
Direct Student Loan, and the Federal Parent                                                                                                                      more details concerning this option.
Loan for Undergraduate Students (PLUS). (See                                    of receipt of the loan proceeds. The student is
chart on opposite page for PLUS information.)                                   responsible for paying interest accrued dur-
                                                                                ing in-school and deferment periods. Interest
Federal Subsidized Direct                                                       payments can be made monthly, quarterly, or                                                     Higher Education
Student Loan                                                                    be capitalized and added to the loan principal.
                                                                                Repayment of the principal commences six
                                                                                                                                                                                  Tax Benefits
Federal Direct Student Loans are federally
subsidized, need-based, deferred-interest loans.                                months after the student completes his/her                                        Hope Scholarship provides a maximum
Full-time, first-year students may borrow up to                                 studies or drops below half-time status. A 1.5%                                  tuition tax credit of $1,500 per student for the
$2,625, sophomores up to $3,500, and                                            federal fee is deducted from the loan proceeds                                   first two years of college. Families with joint
juniors/seniors up to $5,500. Federal Direct                                    prior to disbursement. Loans are processed by                                    incomes below $105,000 (single filers below
Student Loans carry a variable interest rate                                    Hopkins and credited directly to your student                                    $52,000) are eligible.
based on the 91-day Treasury bill rate plus                                     account.                                                                          Lifetime Learning Tax Credit allows a
1.7%. The rate is capped at 8.25%. It is reset                                                                                                                   $2,000 tuition tax credit. It is available to col-
on July 1 of each year. The current interest rate                               Loan Consolidation                                                               lege juniors, seniors, and graduate students.
is 4.7% while in school and during grace and                                    Loan consolidation is an option available to bor-                                Eligibility is phased out at the same income
deferment periods; 5.3% during repayment.                                       rowers of student and parent loans. Borrowers                                    levels as the Hope Scholarship.
Interest does not accrue until six months after                                 may consolidate their loans to lock in a fixed                                    Tuition and Fees Tax Deduction allows a
completion of studies. Repayment of principal                                   interest rate. The fixed interest rate on a con-                                 tax deduction for qualified higher education
and interest begins six-months after the stu-                                   solidation loan is the weighted average of the                                   expenses of up to $4,000 per year for taxpayers
dent completes his/her studies or drops below                                   current loans being consolidated, rounded to                                     with joint incomes of $130,000 (single filers
half-time status. A 1.5% federal fee is deducted                                the next nearest higher one-eighth of one per-                                   income of $65,000).
from the loan proceeds prior to disbursement.                                                                                                                     Interest on Education Loans. Up to $2,500
                                                                                cent. This rate is fixed for the life of the loan.
Eligibility is determined upon receipt of the Free                                                                                                               in annual interest paid on education loans is
                                                                                Because interest rates are the lowest they have
Application for Federal Student Aid (FAFSA) and                                                                                                                  deductible for taxpayers with joint incomes
                                                                                been in the history of the program, it may save a
supporting documents as requested. Loans are                                                                                                                     below $130,000 (single filers below $65,000).
                                                                                borrower money during repayment if they lock
processed by Hopkins and credited to your                                                                                                                         Coverdell Education Savings Account
student account.                                                                into the current low rates. More information is
                                                                                available at http://www.loanconsolidation.ed.gov.                                (formerly Education IRA). The current con-
                                                                                                                                                                 tribution limit is $2,000 per year for qualified
Federal Unsubsidized                                                                                                                                             educational expenses. Qualified educational
Direct Student Loan                                                                                                                                              expenses may be paid tax-free from this
Federal Unsubsidized Direct Student Loans are                                                                                                                    account.
not based on need. This loan is available to all
students, regardless of income; however,                                                     Financing Options                                                   Consult a tax advisor to determine your eligi-
                                                                                                                                                                 bility for the tax benefits. Each year the
students must prove ineligibility for need-based
aid by filing the FAFSA. The loan amount is the
                                                                                 Home Equity. Home equity loans (or lines                                       University Tax Office will issue a 1098T to be
                                                                                of credit) are usually the least expensive inter-                                used for reporting the Hope Scholarship and
same as for borrowers of the Federal Subsidized
                                                                                est-deductible loans available. There are many                                   Lifetime Learning tax credits on your tax return.
Direct Student Loan. A borrower may have a
subsidized and an unsubsidized loan, although                                   sources for these loans.
                                                                                                                                                                 A summary of the Federal Tax benefits is also
for dependent undergraduates the combined                                        IRAs. The 10% early withdrawal penalty is no                                   available on the web at http://www.nasfaa.org
total cannot exceed the maximum Federal                                         longer charged for taxpayers withdrawing funds                                   /annualpubs/TaxBenefitsGuideIntroPS.html.
Direct Loan limits. For independent students or                                 from an IRA for higher education expenses.




Due to the nature of federal funding, program details are subject to change.
Johns Hopkins University is committed to recruiting, supporting, and fostering a diverse community of outstanding faculty, staff, and students. As such, Johns Hopkins does not discriminate on the basis of gender, marital
status, pregnancy, race, color, ethnicity, national origin, age, disability, religion, sexual orientation, gender identity or expression, veteran status, or other legally protected characteristic in any student program or activity
administered by the university or with regard to admission or employment. Defense Department discrimination in ROTC programs on the basis of sexual orientation conflicts with this university policy. The university
continues its ROTC program, but encourages a change in the Defense Department Policy.
Questions regarding Title VI, Title IX, and Section 504 should be referred to the Office of Equal Opportunity and Affirmative Action Programs, 130 Garland Hall, Telephone: (410) 516-8075, TTY: (410) 516-6225.
                       Federal Parent Loans for Undergraduate Students (PLUS)
Federal PLUS loans are available to families who need assistance with any or all of their student’s educational costs regardless of income or wealth.
Federal PLUS loans are federally guaranteed. This chart is provided to help compare these loan options and decide which option might be best for
your family. Be sure to borrow for the full year to insure on-time payment. Repayment will not begin until after the second disbursement.

The maximum loan amount is the cost of attendance minus financial aid.




                     Interest Rate                  Fees                  Borrower Eligibility              Repayment Benefits                 Disbursement                      Contact


Student Loan         Variable interest rate-reset   3% origination fee    Parents of undergraduates.        Repayment begins 60 days           Disbursed in two installments.    Student Loan Xpress
 Xpress              annually on July 1; based      0% guarantee fee      Credit history review required. after receipt of total loan          Electronically credited to your   866-759-7587
                     on 91 day T-bill plus 3.10%;                         No “debt to income” review.       proceeds; up to 10 years to        student account or co-payable     http://www.studentloan
                     capped at 9.0%                                                                         repay; flexible repayment          to JHU and the borrower.          xpress.com
                     Currently, 6.1%; with                                                                  options including interest only.                                     Parents can access
                     repayment benefits, 4.1%                                                               2% interest rate reduction                                           their account on-line at
                                                                                                            for automatic debit;.                                                http://www.mohela
                                                                                                                                                                                 .com

Citibank             Variable interest rate-reset   3% origination fee    Parents of undergraduates.        Repayment begins 60 days           Disbursed in two installments.    Citibank
                     annually on July 1; based      0% guarantee fee      Credit history review required. after receipt of total loan          Electronically credited to your   800-967-2400
                     on 91 day T-bill plus 3.10%                          No “debt to income” review.       proceeds; up to 10 years to        student account or co-payable     Parents can access
                     Currently, 6.1%; with                                                                  repay; flexible repayment          to JHU and the borrower.          their account on-line at
                     repayment benefits, 5.1%                                                               options including interest only.                                     http://www.student
                                                                                                            0.75% interest rate reduction                                        loan.com
                                                                                                            at repayment;
                                                                                                            0.25% interest rate reduction
                                                                                                            for electronic payment; In
                                                                                                            school forbearance option
                                                                                                            allows parents to defer
                                                                                                            payments for up to 48 months
                                                                                                            while student is in school.


 AMS                 Variable interest rate-        3% origination fee    Parents of undergraduates.        Repayment begins 60 days           Disbursed in two                  AMS
                     reset annually on July 1;      0% guarantee fee      Credit history review required. after receipt of the total loan      installments.                     (800) 637-3060
                     based on 91 day T-bill plus                          No “debt to income” review.       proceeds; up to 10 years to repay. Electronically credited to your   www.amsweb.com
                     3.10%.                                               To receive benefits, parents      Option to pay interest only or     student account or co-payable
                     Currently 6.1%.                                      must sign up on Manage Your defer payments up to 60 months. to JHU and borrower.
                     Account credit reduces                               Loans prior to repayment.         1% account credit based on
                     principal balance.                                                                     original principal amount after
                                                                                                            one on-time payment.
                                                                                                            Additional 1% account credit
                                                                                                            after next 12 on-time payments.


Bank of America      Variable interest rate-reset   3% origination fee,   Parents of undergraduates.        Repayments begins 60 days          Disbursed in two installments,    Bank of America
                     annually on July 1; based      0% guarantee fee.     Credit history review required.   after receipt of total loan        electronically credited to your   800-344-8382
                     on 91 day T-bill plus 3.1%.                          No “debt to income” review.       proceeds; up to 10 years           student account.                  http://www.bankof
                     Currently 6.1%, up to 3%                                                               to repay. 1% interest rate                                           america.com
                     lower with repayment                                                                   reduction after 12 on time
                     benefits.                                                                              payments, another 1%
                                                                                                            reduction after 24 and 36
                                                                                                            on time payments.




           Current information on the 91-day Treasury bill rate, LIBOR and Prime rate is available on the web at http://www.marketvector.com/interest-rate.
                                                                      Private Educational Loans
An additional source of funds are available to families through private educational loans. The Comprehensive Access and the NJCLASS loans allow
students or parents to be the borrower, although most students will need a cosigner. The Key Alternative and CitiAssist are for student borrowers, and
most students will need a cosigner. Families are counseled to borrow only what they need for necessary educational expenses. The maximum loan
amount is the cost of attendance minus financial aid.

                        Interest Rate                Fees                 Borrower Eligibility       Repayment Benefits            Disbursement                 Loan coverage              Contacts

 Key Alternative Loan   Three month LIBOR        No application or pro-   Students enrolled at       No payment is required        Disbursed in two             Loan proceeds may be       Key Education
                        + 3.00% for cosigned     cessing fees for new     least half-time.           during enrollment             installments.                used for current           Resources at 800-
                        loans and three month    borrowers.               Cosigner may be the        (if attending at least        Electronically credited      charges.                   KEY-LEND
                        LIBOR + 3.60% for                                 student’s parent or any    half-time) and during         to your student account      Applications may be        http://www.key.com
                        non-cosigned loans                                other creditworthy         grace period.                 or made co-payable to        received up to 30 days     /educate/alternative
                        during in-school, grace,                          person who meets           Interest will accrue and      JHU and the borrower.        after the term end date.
                        and repayment—                                    criteria.                  is capitalized once
                        Varies quarterly.                                 Borrower and cosigner      immediately prior to
                        As of June 2005,                                  must be U.S. citizens,     repayment and after any
                        3-month LIBOR is 3.3%                             permanent residents or     period of forbearance.
                                                                          eligible non-citizens.     Repayment begins
                                                                          Borrower and cosigner      following a six-month
                                                                          must meet credit           grace period.
                                                                          criteria.                  Repayment term is
                                                                                                     10,15, or 20 years
                                                                                                     depending on amount
                                                                                                     owed.
                                                                                                     No prepayment penalty.

CitiAssist Loan         Variable interest rate       None.                Most undergraduate         No payment is required        Disbursed in two             Loan proceeds may          Citibank 800-967-2400
                        based on prime and                                students will need a       during enrollment (if         installments.                be used for current        http://www.studentloan
                        dependent on credit                               creditworthy cosigner.     attending at least half-      Electronically credited      charges or to cover a      .com
                        history.                                          Cosigners must be U.S.     time) and grace period.       to your student account      previous balance, up to
                        Excellent credit                                  citizens or permanent      Interest will accrue          or made co-payable to        one year, as long as the
                        (Prime + 0%)                                      residents.                 during deferment and          JHU and the borrower.        student is enrolled at
                        Good credit                                       International students     is capitalized once at                                     least half-time.
                        (Prime + 1-2%)                                    may borrow with U.S.       repayment.
                        Fair credit                                       citizen or permanent       Repayment begins six
                        (Prime + 3-4%)                                    resident cosigner.         months after graduation
                        As of June 2005,                                  Available for full-time,   or leaving school
                        prime is 6%.                                      part-time, and less than   0.25% interest rate
                                                                          half time students.        reduction for electronic
                                                                                                     payment;
                                                                                                     0.50% interest rate
                                                                                                     reduction after first 48
                                                                                                     consecutive monthly
                                                                                                     on-time payments.
                                                                                                     Flexible repayment
                                                                                                     options.
                                                                                                     No prepayment penalty.
                                                                                                     Cosigner release option.

Comprehensive Access    Variable interest rate None.                      Available for full-time,   Up to 20 years to repay;      Disbursed in two             Maximum loan amount        Access Group
Loan                    based on the three-                               part-time, and less than   Repayment begins              installments.                is up to the cost of       800-282-1550
                        month LIBOR plus                                  half time students and     9 months after student        Electronically credited      attendance (as             http://www.access-
                        minimal spread (spread                            international students;    ceases enrollment or          to your student account      determined by JHU)         group.org
                                                                                                     five years from the first
                        is dependent on credit                            International students                                   or payable to the            less financial aid.
                                                                                                     disbursement.
                        history).                                         may need a qualified                                     student; up to four (4)
                                                                                                     0.5% interest rate
                        As of June 2005,                                  cosigner.                  reduction after 48 con-       disbursements
                        3-month LIBOR is 3.3%.                                                       secutive on-time loan         electronically credited to
                                                                                                     payments; 0.25%               your student account.
                                                                                                     interest rate reduction
                                                                                                     for auto repayment.
                                                                                                     Flexible repayment options.
                                                                                                     No penalty for prepay-
                                                                                                     ment.
NJCLASS Loan            Fixed interest rate-reset    3% origination fee   Must be New Jersey         Various repayment             Disbursed in two                                        NJCLASS Loan
(for NJ residents       annually on July 1; inter-   0% guarantee fee     resident; parents of       options available; up to      installments.                                           Program
only)                   est rate varies based on                          undergraduate or           15 years to repay.            Electronically cred-                                    800-792-8670
                        repayment option select-                          students with a credit-    0.50% interest rate           ited to your student                                    http://www.hesaa.org
                        ed; currently, 5.99%                              worthy cosigner; credit    reduction for electronic      account.
                        for families who begin                            history review required    repayment
                        repaying 60 days after                            for borrowers and
                        the total loan proceeds                           cosigners.
                        are disbursed.


     Current information on the 91-day Treasury bill rate as well as the LIBOR and Prime rate is available on the web at http://www.marketvector.com/interest-rate.

                                                                                                                                                                                                   7/2005       4.5k

								
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