Guide to Your Financial Aid Award Letter

Academic Year 2020-2021

Federal Cost of Attendance

Full-time Enrollment (12 or more credits per semester)
Period covers Fall & Spring Semester: August 2020 through May 2021

Technology Fee $150$150$150
Room/Board $11,506$12,500$1,512
Transportation $1,076$2,870$1,890
Living/Misc $3,552$3,764$1,132
Loan fee$116$116$116
Total COA$48,500$51,500$36,900
Direct Costs$42,106$30,600$30,600

Please note that the cost of attendance is an estimated average. Your actual costs may be lower or higher depending upon your housing selection, lab fees, health insurance, and other miscellaneous fees.

Federal, State or Barry scholarship, grant or award.

You need to do nothing at this time. We will complete the processing necessary to acquire those funds.

Note: Some scholarships and grants are based on your enrollment status, that is being a full-time student versus part-time. (12 credits or more). Additionally, Some are awarded at a higher amount if you live in university housing. Should your anticipated enrollment or housing status change please contact the Financial Aid Office for further guidance.

Verification Pending

Your FAFSA was selected by the federal processor for verification. Visit our for instructions and forms.

Verification is a routine process whereby the federal government asks schools to check one or more items on your FAFSA. We may need to ask you for certain documents in order to complete the verification process.

In most cases after verification is complete there is no change in financial aid. However, if during the verification process we discover mistakes or omissions on the FAFSA your financial aid could potentially change. It could increase or decrease.

Warning: Your financial aid is not official and remains on hold until the verification process is concluded. Your financial aid is subject to termination if you do not respond to our requests for information.

Your Housing Status

Living on or off campus may change your financial aid awards. We have made assumptions based on information you have provided us on the FAFSA or other documents. If the information is not correct please contact us.

Federal Work-Study

Federal Work Study is a part-time job on campus in one of the many departments at Barry or off campus in community service positions. As part of Barry’s “hands-on” approach to education, we try when possible to place you in a position within your desired area of study. An accounting major might work in our Finance Division with numbers, or our social work majors may work in community service positions in non-profit organizations off-campus.

Please note that all Federal Work Study positions are real jobs and will require real work. You will be paid only for the hours worked. Performing homework when you should be working is not acceptable.

Visit our Federal Work-Study website for full details and necessary forms at

Do not begin working until you are officially authorized by the Human Resources Office.

Federal Direct Loans

If you decide that you need to borrow loans, then complete an entrance interview and a Master Promissory Note (MPN) at If you have never borrowed a Federal Direct loan at Barry, you must complete BOTH the loan counseling and the MPN to receive your loan.

If you have borrowed at Barry last year then you do not need to complete the entrance counseling or MPN. However, you do need to review the amount of the loan on your financial aid award letter and inform us if you wish to borrow less than the amount listed or to not borrow at all. If we do not receive instructions from you we will assume you wish to borrow the maximum amount of student loans listed on your award letter.

What is the difference between Subsidized and Unsubsidized?

  • A Direct Subsidized Stafford Loan is awarded on the basis of financial need as determined by the FAFSA. The federal government pays the interest on these loans while students are in school.
  • A Direct Unsubsidized Stafford Loan is awarded regardless of financial need but you will be responsible for the interest from the time the loan is disbursed until it is paid in full. Go here for more information:

How Much Should I Borrow?

Only what you need. The amount on your award letter is the maximum the government allows. You may and probably should borrow less than the amount listed.

If you apply for a loan and don't inform us of a different amount, we will process the loan(s) for the maximum amount you are eligible to receive.

To borrow less than the maximum, provide us with the amount in a signed and dated letter, or email us from your Barry email account.

Note that if you do not apply for a loan by completing the Master Promissory Note and the Entrance Counseling you will not receive loans.

Monitor Your Federal Loan Debt

We encourage you to monitor your federal student loans using the National Student Loan Data System.

Use your federal PIN number and review your federal loan debt from all schools you attended. Private and institutional loans are not included.

Federal Direct PLUS or Parent Loan

A PLUS Loan is a federal loan for parents of dependent students. PLUS loans are not based on financial need; however, the loan cannot exceed the cost of attendance minus other financial aid.

Decide if this loan is necessary. Then apply online at

The PLUS loan is also based on credit. In the event that the parent loan is denied, then the federal government allows the student to borrow an additional Unsubsidized Stafford Loan.

If the PLUS loan is not approved, then contact our office if you wish to borrow the additional Unsubsidized Stafford Loan. The maximum amount will be $4,000 for students with less than 60 credits completed, or $5,000 for students who have completed 60 or more credits.

As with all loans, you do not have to borrow the maximum. Borrow only what you need.

Outside Scholarship

An outside scholarship is one you obtained through your own efforts with an outside organization. While we may list it on your award letter, it is your responsibility to make sure the organization sends the funds to Barry's financial aid office in your name so that we can credit it to your student account.

You are responsible to ensure that you fulfill all of the requirements that the organization requires.

More important information!

** Your Financial Aid may change if any of these factors change:

  • Tuition charges are reduced or adjusted in any way.
  • Enrollment status changes. (Full-time vs part-time).
  • Housing status changes. (Living on campus or off campus)
  • FAFSA changes. (If you make any changes to your FAFSA)
  • Academic Progress. (Undergraduate students must complete at least 24 credits with at least a 2.0 cumulative GPA per academic year.)
  • Any other changes or factors that affect your eligibility for federal, state or institutional financial aid.

Renewing your Award

Your financial aid package is offered this year only. Students should complete the Free Application for Federal Student Aid as soon as possible after October 1st for the upcoming Fall semester. ( Changes in your family's situation, your academic performance, your housing status, and availability of funds may cause your financial aid award to change from year to year.

Satisfactory Academic Progress

In order to continue to receive federal financial aid students are required to make academic progress toward their degree. Minimum full-time academic progress is defined as completing at least 12 credits per semester, (Fall and Spring) with at least a 2.0 cumulative GPA.

At the end of each semester progress will be monitored for all students receiving financial aid. Students not making satisfactory progress will be notified and placed on financial aid warning.

Students placed on financial aid warning could lose all of their financial aid should they fail to reach the academic progress standards in the subsequent semester.

Students experiencing problems affecting their ability to maintain academic progress have many opportunities for assistance at Barry University.

State Awards

If you are offered funds from a State of Florida program, be sure to indicate on their website that you are attending Barry University. If you have an award from another state, (such as Pennsylvania, Rhode Island, Vermont, Delaware, DC, etc.) be sure you follow their instructions to insure that you actually receive the funds.

Special note about Florida Bright Futures scholarships: The state pays per academic credit completed. That means the more credits you enroll in and complete, the more money they provide. However, if you drop a class any time during the semester, even at the end of the semester, the state requires us to send the funding for those dropped credits back to the state.

Federal Direct Loan Interest Rates and Fees

The Federal government is the lender for all Direct Loans. Interest rates are fixed; however, they do change annually. Currently, loans disbursed between July 1, 2017 and June 30, 2018 have a 4.45% interest rate.

Origination fees are charged by the federal government to cover the cost of processing loans and are deducted from the amount you borrow. For disbursements between July 1, 2017 and June 30, 2018, there is a 1.066% fee for subsidized and unsubsidized loans and 4.264% for PLUS loans. While you do not receive these funds, you are responsible for repaying the entire amount that you borrow. More information can be found at

Alternative or Private Loans

Alternative loans, also known as private loans, are consumer loans offered by banks and other private lenders to pay for educational costs not covered by federal, state, or institutional financial aid. Interest rates and repayment terms will vary from lender to lender, so students and parents should research each loan product thoroughly to determine which one if right for their situation. Barry University does not maintain a preferred alternative lender list.


Barry University has a Priority Date of March 30th for us to receive your completed and accurate FAFSA results. Barry receives specific funding amounts for some federal, state and institutional aid programs. Once we award all of the funds from a program it is closed and may not be awarded to late applicants.


The purpose of the FAFSA is to determine the level of financial need that you and/or your family have and to qualify you for certain financial aid programs. The degree of need is indicated by the EFC (Expected Family Contribution). The EFC can range from zero to 99,999. The lower the EFC the greater the perceived financial need.

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