Apply for a Loan
Barry University graduate programs are awarded using a Borrower-Based Academic Year (BBAY). The BBAY runs concurrently with a student’s attendance; students can receive a Federal Direct Loan for any period of ½-time enrollment. Using a Borrower-Based Academic Year allows students to borrow a new Direct Loan faster than the traditional scheduled academic year.
Graduate students who are at least provisionally accepted into a degree program and have a valid FAFSA on file with Barry University will initially be offered the maximum amount in Federal Direct Loans for a two-semester period. Students will automatically be offered the maximum loan amount for each subsequent two-semester loan period. It is the student’s responsibility to contact the Financial Aid Office in writing if they wish to borrow a lower amount than the one offered, or not at all.
How to Apply for a Federal Direct Loan
Students who wish to apply for a Federal Direct Loan should complete the following documents. Financial aid is awarded after all documents are submitted and you are at least provisionally accepted into a degree program.
Free Application for Federal Student Aid (FAFSA):
The FAFSA is a federal form that determines a student’s initial eligibility for federal student aid. The FAFSA can be completed electronically athttps://fafsa.ed.gov. Barry’s Federal School Code is 001466.
If you have not already done so, create a Federal Student Aid ID online athttps://fsaid.ed.gov. The FSA ID will allow you to save, sign, and submit your FAFSA. You will also use the FSA ID access the FAFSA to make any necessary updates.
Once your FAFSA is filed, you will receive a Student Aid Report (SAR) from the Federal Processor. Please review your SAR carefully and make any required corrections.
Federal Direct Loan Master Promissory Note/Loan Entrance Counseling:
The Master Promissory Note is a contract between the student and the U.S. Department of Education to repay your federal loans according to the terms indicated in the MPN. Students can complete a promissory note online athttps://studentloans.ed.gov. First-time borrowers must also complete loan entrance counseling.
Complete a Federal Direct Loan Master Promissory Note (MPN) online athttps://studentloans.ed.gov. Once on this site, please select the link, “Complete Loan Agreement”, then select the subsidized/unsubsidized loan option. Follow the steps to complete the MPN. If you are experiencing technical difficulties signing the MPN, please contact the Department of Education's Student Loan Support Center at 800-557-7394.
How to Apply for Federal Direct Graduate PLUS/Alternative Loans
Students may consider applying for a Federal PLUS or Alternative loan if they received the maximum Stafford Loan award and still require additional funds, or if they have exhausted their lifetime eligibility. Both loans require a credit check for approval. Generally, students may request up to $20,000 in PLUS or Alternative loans, depending on their Cost of Attendance.
NOTE: You may not be awarded the amount that you have been approved for in PLUS or Alternative loans; the amount you receive will be determined by your cost of attendance.
To apply for a Federal Direct PLUS loan, please complete the following:
- Free Application for Federal Student Aid (FAFSA): The FAFSA should be completed electronically at https://fafsa.ed.gov.
- Direct PLUS Loan Master Promissory Note/Loan Entrance Counseling: Sign intohttps://studentloans.ed.gov and select the link, “Complete Master Promissory Note”. Select the “Graduate PLUS” promissory note option. First-time borrowers should also complete Entrance Counseling.
- Federal Direct Graduate PLUS Loan Request Form: This form allows students to indicate the amount they wish to borrow in a Direct PLUS loan. You may not borrow in excess of the cost of attendance. Download the Federal Direct Graduate PLUS loan request form, and submit the completed form to the Office of Financial Aid.
If you are interested in an Alternative loan, please apply directly with the lender of your choice. Students should research several loan products to find the one that best meets their needs.