Graduate Student Loans

It is your right as well as your responsibility to choose the lender you wish to borrow your Federal Stafford or (PLUS) loan from and then provide that information to us. Please see our guide to choosing a lender below for the key items you need to be aware of in your lender selection.

The U.S. Department of Education also provides a guide to student loans as well as The GreenTree Gazette.

Barry University does not maintain a “preferred lender list”. We will certify and process your loan through any lender you select that is eligible to participate in the Federal Family Educational Loan Program (FFELP). Another resource in reviewing lender benefits and features is the Greentree Gazette’s Online Student Loan Guide.

APPLY FOR A LOAN

After Barry University has provided you with your financial aid award letter, you may log onto the OpenNet website to start the loan application process.  You will set up your pin number with them so you can electronically sign your Master Promissory Note (MPN). There is an entrance interview required which reviews your legal rights and responsibilities. Then you will have an opportunity to select your lender from a list of close to 100 lenders. 

If you wish to borrow from a lender that is not listed, please obtain the name and the lender ID number for your lender of choice, and contact the Financial Aid Office for assistance at 800-695-2279.

Federal Student Loan Programs for Graduate and Professional Students

Federal Subsidized Stafford Student Loan Program

Through this program students may borrow up to $8,500 per academic year from a bank, a savings and loan association, or other lenders who participate in the program. The loan will have a fixed interest rate of 6.8%. Repayment begins six months after the student graduates or drops below half-time status. In order to qualify for the program, students must demonstrate financial need; be enrolled or accepted for enrollment on at least a half-time basis; and show satisfactory academic progress. Students must be citizens or permanent residents of the United States . The aggregate limit for graduate study is $65,500, which includes all undergraduate subsidized Stafford Loans.

Unsubsidized Stafford Student Loan Program

Under the Federal Unsubsidized Stafford Student Loan Program, students do not have to demonstrate financial need to borrow funds. Furthermore, the interest is NOT subsidized by the federal government while the student is in attendance. Consequently, the student will have to make interest payments or allow the bank to capitalize the interest accrued during the period of enrollment. Students may borrow up to $20,500 minus any approved Subsidized Stafford amount. The loan will have a fixed interest rate of 6.8%. The aggregate limit for graduate study is $138,500. This includes all undergraduate Stafford Loans, both subsidized and unsubsidized loans borrowed to date.

*MEDICAL STUDENTS enrolled in the Graduate School of Medical Science's Podiatric Program may be eligible to borrow up to $38,500 per year. For additional information, please contact the Financial Aid Office.

Federal Graduate PLUS Loan Program

If you are a graduate student who has borrowed the annual maximum for Federal Stafford Loans or you have exhausted your lifetime Stafford Loan eligibility, you may be interested in the new Federal Graduate PLUS program. This Program allows you to borrow up to the full cost of attendance, minus any other financial aid you receive. You do not need to demonstrate financial need to qualify, but you must show that you are credit worthy.

KEY FACTS:

• Available to graduate and professional student only
• Not based on financial need
• You may borrow the cost of attendance minus other aid
• Interest rate is 8.5 percent
• Fees of up to 4 percent may be deducted from the loan amount

You must pass a basic credit check. You may not receive this loan if your credit history includes any of the following during the five years preceding the date of the credit report:

• 90 or more days delinquent on the repayment of a debt
• A default determination
• Bankruptcy discharge
• Foreclosure
• Repossession
• Tax lien
• Wage garnishment
• Write-off of a Title IV debt

Please note: You will not be denied a loan because you do not have a credit history. If you do have an adverse credit history, you may still receive a Federal Graduate PLUS loan if you obtain an endorser who does not have an adverse credit history.

Repayment of principal and interest begins 45 to 60 days after the loan is disbursed. You may defer repayment as long as you are enrolled at least half time. Interest may be paid periodically or capitalized.

After graduation, you may consolidate Federal Graduate PLUS Loans with other Federal (Subsidized/Unsubsidized) Stafford Loans.

Requirements:
To receive a Federal Graduate PLUS Loan, you must:

• Enroll at least half time in a degree-seeking graduate or professional program
• Be a U.S. citizen or an eligible non-citizen
• File a current Free Application for Federal Student Aid (FAFSA), available at www.fafsa.ed.gov
• Complete and sign the Federal Graduate PLUS Master Promissory Note, available at OpenNet.

How the PLUS compares with Stafford:
Before considering the Federal Graduate PLUS, you should borrow all of your annual eligibility under the Federal Stafford program. This will give you a significant savings in the interest you owe.

Interest rate for Federal Stafford Loans = 6.8 percent

Interest rate for Graduate PLUS Loans = 8.5 percent

Alternative / Private Student Loans

Alternative Loans are available to assist students in the School of Graduate Medical Sciences and other graduate students enrolled in programs with high educationally related expenses. Creditworthy students may borrow from $2,000 - $20,000 depending on their cost of attendance. Students must demonstrate financial need, be enrolled in school at least half-time, and be making satisfactory progress.

Alternative, or private loans, are credit based education loans offered by banks and other lending organizations. These loans are not guaranteed by the Federal government. Students should usually consider these options only after exhausting Federal Stafford loans. While Barry University may provide you with the names of several lenders offering these loans, it is the student's responsibility to investigate the product and compare interest rates, fees, repayment options and so forth. These items change frequently, and we are not always notified.

The following items should be compared when shopping for an Alternative loan:

Origination Fees: This can be a flat amount, or a certain percent of the amount you borrow. If there is an up-front fee, sometimes the amount is deducted from the amount you borrow and sometimes it is added to the amount you borrow.

Repayment Fees: In some cases, there is a fee that is charged at the start of repayment. This can be a flat amount, or a percentage of your balance.

Interest rate: Discover what the current interest rate is, what it is based on, how often it changes, and if there is a cap that the interest rate cannot exceed.

Payments: Most alternative loans have options to defer repayments. It is important to understand what options are available to you, when, for how long, and what the cost to you will be. In some cases, your loan will continue to be charged interest. Some cases you are allowed to pay the interest during the deferment.

If you have previously borrowed an alternative/private loan, it is usually best to borrow again from the same lender. Barry University works with many national lenders, including those listed below.

Federal Perkins Loan Program: This low-interest (5%) loan, made by Barry University , but federally subsidized, is awarded to students based on exceptional financial need. Repayment begins nine months after leaving school or dropping below half-time enrollment. Funding for this program is extremely limited.

Which Lender Do I Choose?

While Federal Stafford loans are regulated by the federal government; banks and other lending organizations provide the funds for the program. Thus it is necessary for you, the borrower, to choose a lender. It is your right as well as your responsibility, to choose the lender you wish to borrow your Federal Stafford loans from, and provide that information to us.

If you already have a Federal Stafford loan, it is generally best to retain the same lender.

Since Federal Stafford loans are well regulated by the Federal government, there often is no significant difference between lenders. We encourage you to be educated consumers and investigate the features and benefits offered by the various lenders in order to choose the most appropriate lender for your needs. Pay particular attention to the following:

Default Fee
For all Federal Stafford and PLUS loans there is a guarantee fee up to 1% of the amount borrowed. Some guarantor agents will absorb the fee and that is beneficial to you.

Origination Fee
Lenders may charge up to 3% of the amount borrowed as an origination fee. In some cases, some lenders may charge 2%, 1% or in some cases, no fee at all. This can save you money up front. However, you should also consider the repayment benefits offered and pick the lender with the best overall benefits .

Repayment Benefits
Once you start repayment of your Federal Stafford loan, each lender may offer financial incentives for on-time payments. In some cases this could be a percent returned to you at the start of repayment, discounts for setting up automatic debits, or reduced interest rates for making on-time payments for a specific period of time. Pay special attention to the fine print, as to receive some benefits you must make consecutive on-time payments for a substantial period of time (24, 36 or 48 months). Missing one payment, sometimes by just one day, may disqualify you from receiving the benefit.

Loan Servicing
Some lenders will sell your loan to another company after it is fully disbursed. It is important to be aware of this so that you can keep track of your loans. Whenever possible, it is usually best to have all of your loans serviced by the same organization.

Sample Estimated Monthly Repayment Chart
Based on a ten year repayment schedule

Please contact the Financial Aid Office at 1-800-695-2279 or e-mail us at finaid@mail.barry.edu should you require any assistance.