Low Rates and Great Benefits - Rates as low as Prime +.25% APR*
College tuition and expenses continue to rise and many families are looking for funding solutions to finance higher education. And college graduates often come out of school with several separate loans, with various terms and payments. To help ease the burden of paying for college and/or paying off college debt, Johns Hopkins Federal Credit Union offers a competitive private student loan program to help pay for all qualified education expenses or to consolidate other private loans.
JHFCU’s Private Student Loan offers:
- No origination fees
- 30-Day No-Fee Return Policy allows you to cancel the loan without fees or interest
- Ability to use for ALL Qualified Education Expenses such as tuition, room & board, books, computer, even past due tuition bills (qualified expenses are determined by the school during the certification process)
- Option to borrow as little as $2,000 or up to $10,000 per year
- Competitive rates based on credit, with potential rate reduction for good grades, to as low as Prime +.25% APR*
- Benefit of building your credit while attending school by making interest payments or nominal monthly $25 proactive payments
- Option to defer full payments until 6 months after you graduate, leave school, or fall below half-time status
- Cosigner Release Available for creditworthy borrowers after 60 consecutive on-time principal and interest payments during the Repayment Period
Eligibility & Credit Requirements:
- Borrower must be enrolled in an eligible school and pursuing a degree program on at least a half-time basis
- Borrower must be a JHFCU member (or eligible to join) to apply
- Borrower and cosigner must be US Citizens or Permanent Residents
- Borrower must meet all underwriting criteria for loan approval
*APR = Annual Percentage Rate. Rates and terms based on credit criteria and are all subject to change. Assuming a $10,000 loan amount, a 3.44% APR and the full payments option, you would make 54 monthly payments of $25, while enrolled in school followed by 120 monthly payments of $101.41 to repay this loan. If the APR is 9.13% and the loan amount remains $10,000 you would make 54 monthly payments of $25 while you are enrolled in school followed by 120 monthly of $170.97 repay this loan. The APR may be increased after consummation.
JHFCU’s Private Student Consolidation Loans
- One easy monthly payment
- Interest-Only Repayment Option - up to 2 years for eligible borrowers followed by 11 years of principal + interest repayment
- Cosigner Release Available after 60 consecutive on-time principal & interest payments
Eligibility and Income Requirements.
- $7,500 - $75,000 in undergraduate private student loan debt ($7,500 - $100,000 in graduate debt)
- Applicants must have reliable gross annual income of $40,000 to apply alone. To apply with a cosigner, applicants must have reliable gross monthly income and cosigners must have reliable gross annual income of $40,000.
- US Citizen or Permanent Resident
- Private Student Loan Consolidation is available to borrowers who are carrying private student loan debt. Federal student loans cannot be consolidated with the Private Student Loan Consolidation.
Johns Hopkins Hospital Employee School of Nursing Tuition Loan
Johns Hopkins Health System Corporation/Johns Hopkins Hospital (JHHSC/JHH) employees who are enrolled at the School of Nursing can finance their tuition through a special loan program. Through this partnership, the loan covers each semester’s tuition, with no interest charges to the student (some restrictions apply). The School of Nursing will cover loan interest while eligible students are enrolled. When the employee completes a semester’s coursework with qualified grades they can request reimbursement from JHHSC/JHH, through the Tuition Assistance Program, to pay off the loan. For more information about this program, contact the JHHSC/JHH Benefits Office at 410-614-6504.