Graduate Student Loans
Barry University participates in the William D. Ford Federal Direct Loan Program. Direct Loans provide students with a low-interest way to borrow money to pay for their higher education. The U.S. Department of Education is the lender for Direct Loans rather than a bank or other financial institution. Direct Loans are:
- Simple: You borrow directly from the federal government, who will assign your loans to a loan servicer. Typically all of your loans will be assigned to the same servicer, even if you receive Direct Loans at different schools.
- Convenient: You will have online access to your Direct Loan account information 24 hours a day, 7 days a week.
- Flexible: You can choose from a variety of repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans as your needs change.
Types Of Direct Loans
Unsubsidized: Non-need based loan. Interest is charged during all periods – including the time a student is in school and during grace and deferment periods. The interest rate is variable is charged during all periods. There is also an origination fee deducted by the Department of Education. Students can opt to let interest accrue, or make quarterly interest payments to their servicer.
Graduate PLUS: Available to graduate and professional students to help pay for education expenses. Interest is charged during all periods. There is also an origination fee. The maximum award is limited to the cost of attendance minus all other aid received. A credit check is required to qualify.
What Amounts Can You Borrow?
|Graduate or Professional||$20,500||$138,500 (no more than $65,500 of this amount may be in subsidized loans)|
|Podiatric Medicine||$40,500 (Year 1)|
$47,167 (Years 2-4)
|$224,000 (no more than $65,500 of this amount may be in subsidized loans)|
How To Apply For A Federal Direct Unsubsidized Loan
Step 1: Complete the Free Application for Federal Student Aid (FAFSA).
Step 2: Complete a Federal Direct Loan Master Promissory Note (MPN) for Subsidized and Unsubsidized Loans. The MPN is your promise to repay your loans and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loans.
Step 3: Complete Loan Entrance Counseling. Entrance counseling takes about 30 minutes to complete and will familiarize you with your rights and responsibilities as a borrower.
Step 4: Complete the Annual Student Loan Acknowledgment. Students must complete the Annual Student Loan Acknowledgment every year they borrow a loan. Existing borrowers will review and acknowledge their amount owed and how much more they can borrow. New borrowers will acknowledge their responsibility to repay their loans.
Remember, we cannot process your Direct Loan unless you have completed all of the steps above. If you experience difficulty, please contact the Department of Education's Student Loan Support Center at 1-800-557-7394.
How To Apply For A Federal Direct Graduate Plus Loan
Students may consider applying for a Graduate PLUS loan if they have received the maximum Direct Unsubsidized Loan and still require additional funds, or if they have exhausted their lifetime eligibility. The Graduate PLUS loan requires a credit check for approval. The maximum award is limited to the cost of attendance minus all other aid received.
In addition to the FAFSA, students must have completed the following items to apply for a Graduate PLUS Loan:
- Federal Direct Graduate PLUS Loan Request Form: This form allows students to indicate the amount they wish to borrow in a Direct PLUS loan. The form can be downloaded and submitted via the Financial Aid Portal.
- Direct PLUS Loan Master Promissory Note (MPN).
- Entrance Counseling
- Annual Student Loan Acknowledgment
Other Ways To Finance Your Education
Alternative Loans: If you have utilized all other forms of financial aid and still require additional funding for your educational costs, there are banks and other lending organizations that offer education loans. These loans require a credit check, and in some instances, you may need a cosigner. Loan terms will vary from lender to lender, so research multiple lenders, and review each loan’s terms and conditions carefully before applying to ensure that you find the one that best meets your needs.
National Student Loan Data System (NSLDS)
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central record for student aid. It contains information from schools and guaranty agencies about the Direct Loan program as well as other federal aid programs. The NSLDS database provides students with a centralized view of their federal student loans and grants throughout the entire aid cycle from aid approval to disbursement to repayment (if applicable).
To view your NSLDS history, log into the Federal Student Aid website.
If you borrow a federal student loan, you must complete Exit Counseling each time you graduate, drop below half-time enrollment, or otherwise leave school. Exit Counseling provides you with important information about your loan obligations to prepare you to repay your loans. Students who are required to complete counseling will receive an email notification from the Financial Aid Office.
Exit Counseling can be completed online and will take approximately 20-30 minutes to complete. If you have any questions as you complete the process, please contact the Financial Aid Office.