Frequently Asked Questions
1) Q: How do I apply for financial aid?
A: Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available on the government’s secure internet site at http://www.fafsa.gov.
2) Q: When should I apply for financial aid?
A: There is no official deadline to apply for federal loans for graduate students; however, in order to allow sufficient time for processing, student should apply at least 6 weeks in advance of the term for which they are requesting aid.
3) Q: What is the FAFSA?
A: The Free Application for Federal Student Aid (FAFSA) is the universal form that students complete to be considered for financial aid at every college and university in the United States.
4) Q: What does the FAFSA do?
A: The FAFSA collects financial and other information about you and determines your degree of financial need, as well as verifies other pertinent information needed to determine financial aid eligibility.
5) Q: Who is eligible to receive financial aid?
A: To be eligible for financial aid, a student must be a U.S. citizen or eligible non-citizen, enrolled in a degree-seeking program at least ½ time at an accredited college or university.
6) Q: What type of financial aid is available?
A: There are scholarships, tuition discounts, graduate assistantships and student loans available for graduate and professional students. Federal student loans are processed through the Financial Aid Office. Scholarships, discounts and assistantships are awarded by individual schools and departments. Further information can be found in the Graduate Catalog.
7) Q: Do I have to be a full-time student to receive financial aid?
A: Federal loans are available to students enrolled at least half-time. Half-time enrollment consists of 4 or more credits per term for most graduate programs. Refer to your program of study for further information.
8) Q: What is Barry University's Title IV Federal School Code?
A: Barry University's Title IV Federal School Code is 001466
9) Q: Can I transfer my financial aid from another college?
A: Most financial aid awards cannot be transferred from one institution to another. If you are planning to transfer to Barry University from another educational institution, you must make sure that Barry University receives your FAFSA results. You can accomplish this by adding Barry University’s Title IV Federal School Code (001466) to your FAFSA form.
10) Q: What are Federal Stafford Loans?
A: Federal Direct Loans are low-interest, federally-guaranteed loans available to students. There are two types of Direct Loan: subsidized and unsubsidized. The Federal Direct Subsidized Loan is based on financial need. The government pays the interest while the student is enrolled at least half time. Federal Direct Unsubsidized Loans are not need-based. The Federal Direct Loan interest rate is 6.8% fixed. The maximum award is $20,500 annually. Repayment begins six months after graduation or when the student drops to less than half-time enrollment. The lifetime aggregate limit for Federal Direct Loans is $138,500.
11) Q: What is the Federal Graduate PLUS Loan?
A: The Federal Direct PLUS Loan program is a non need-based federal loan program offered to graduate and professional students who have borrowed the maximum annual amount of Stafford loans and require additional funds, or have exhausted their lifetime Stafford loan eligibility. Students may borrow up to the full cost of attendance minus other financial aid received. The interest rate is 7.9% fixed. A credit check is also required.
12) Q: When will I know what financial aid will I receive?
A: After we receive your FAFSA results, we will mail you an estimated financial aid award letter that will list the loans for which you qualified, along with the amount and semester for which you are awarded. Student who require additional aid should apply for either a Federal Direct PLUS or Alternative Loan. Students who wish to decrease their award amount should notify the Office of Financial Aid in writing.
13) Q: Do I have to apply for financial aid every year?
A: Students should complete the Free Application for Federal Student Aid (FAFSA) every year after January 1 if they wish to continue receiving federal loans.