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 Stafford loan for any period of ½-time enrollment. Using a Borrower-Based Academic Year allows students to borrow a new Stafford loan faster than the traditional Scheduled Academic Year.

Graduate students who apply for a federal Stafford loan will initially be offered the maximum amount in federal loans for a two-semester period. Students will automatically be offered the maximum Stafford loan for each subsequent two-semester loan period, provided they have a valid FAFSA on file.  It is the student’s responsibility to contact the Financial Aid Office if they wish to borrow a lower amount than the one offered, or not at all.

Students who wish to apply for a federal Stafford loan should complete the following documents. Financial aid is awarded after all documents are submitted and the student is at least provisionally accepted into a degree program.

• Free Application for Federal Student Aid (FAFSA):  The FAFSA is a required federal form that determines a student’s initial eligibility for federal student aid. Please use your prior year’s federal tax return to file. Barry University’s school code is 001466. The FAFSA should be completed electronically at www.fafsa.ed.gov.
• Sign your FAFSA electronically using your 4-digit Personal Identification Number (PIN). If you do not have a PIN – or if you forget your PIN – you may request it online at www.pin.ed.gov.

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. If your application is selected for verification by the federal government, you will be required to submit a signed copy of your federal tax return along with other documents.

• Federal Stafford Loan Master Promissory Note (MNP)/Loan Entrance Counseling: This document allows students to apply for low-interest, federally-guaranteed student loans. It is a contract between the student and the lender to repay your student loans. Students can complete a promissory note online at www.opennet.salliemae.com.

Steps to Complete MPN

• Log onto www.opennet.salliemae.com
• Select the link, “I am a student or parent borrower”. Then select state (FL) and school (Barry University/001466-00)
• If you have an Opennet account, enter your user ID and password and click on Log In. If you have not established an Opennet account, click on Create New Account
• Create your user ID and password and complete the information requested
• Click on Next and review the information provided. Then click on Submit
• Enter newly created user ID and password
• Click on Go next to the appropriate loan type under START A LOAN
• Select “I am a student”
• To complete a federal Stafford loan Master Promissory Note, select the option “Undergraduate or Graduate – Start a Federal Stafford Loan”
• Enter your demographic information, a loan period and lender. Click on Next
• Review the lender’s privacy policy and click on Next to proceed or Edit Lender to change your lender selection
• Review the application instructions, and follow the prompts to complete the application. Once your application is completed, you will be taken to the Select Processing Options page, which gives you the option to sign your application/promissory note electronically (E-Signature)
• Follow the prompts and instructional text to complete the signature and printing process
• Keep print out of the promissory note for your records

GRADUATE PLUS/ALTERNATIVE LOANS
Students should apply for a Graduate PLUS or Alternative loan after they have exhausted their Stafford loan eligibility for the year. Both loans require a credit check for approval. Generally, students may request up to $25,000 in Graduate 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 Graduate PLUS or Alternative loans; the amount you receive will be determined by your cost of attendance.

To apply for a Graduate PLUS loan, please complete the following:

• Free Application for Federal Student Aid (FAFSA):  The FAFSA is a required federal form that determines a student’s initial eligibility for federal student aid. Please use your prior year’s federal tax return to file. Barry University’s school code is 001466. The FAFSA should be completed electronically at www.fafsa.ed.gov.
• Graduate PLUS Loan Master Promissory Note/Loan Entrance Counseling: This document allows students to apply for federal loan funds in excess of the maximum Stafford loan amount. It is the contract between the student and the lender to repay your student loans. A credit check is required. You may not borrow in excess of your cost of attendance. Students can complete a promissory note online at www.opennet.salliemae.com.

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.