The loan repayment plans have also been expanded to allow more options for repaying the loan, through extended, graduated, and income contingent plans. Loan repayment information will be sent with the promissory note and at time of repayment. Homewood Select Loan Hopkins has established a loan program in conjunction with SallieMae that is tailored to the needs of the Hopkins student. It is a private low-cost supplemental loan that Hopkins guarantees. A 3 percent guarantee fee is withheld from the proceeds at the time of disbursement.
Interest accrues throughout the life of the loan.
Repayment begins six months after the completion of studies and may extend up to 15 years. Several repayment options are available. Borrower benefits which reduce the interest rate are offered at the time of repayment. This federal loan is available to students who demonstrate financial need. The Federal Perkins Loan program is administered by Hopkins, and money borrowed is paid back to Hopkins.