Loan Programs For Graduate And Professional Students
Barry University participates in the William D. Ford Federal Direct Loan Program. The Direct Loan Program offers students low-interest loans to pay their educational costs. There are two types of federal loans for graduate and professional students: the Unsubsidized Federal Stafford Loan and the Graduate PLUS Loan. Your first step in applying for Federal Student Aid is to fill out the Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.
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 and have a single contact - the Direct Loan Servicing Center- for everything related to the repayment of your loans, even if you receive Direct Loans at different universities.
- 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 several repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans if your needs change.
Federal Direct Unsubsidized Loan
The Federal Direct Unsubsidized Loan provides funds for educational expenses. This is a non-need based loan. Graduate and professional students can borrow up to $20,500 per year, with an aggregate loan limit (lifetime limit) of $138,500 minus any funds borrowed for undergraduate study. For loans first disbursed after July 1, 2017, the interest rate is a fixed rate of 6 percent. Beginning October 1, 2017, there is an origination fee of 1.066 percent. Both the interest rate and origination fee are subject to change annually. Re-payment begins six months after the student ceases to be enrolled at least half-time.
Federal Direct Graduate Plus Loan
The Federal Direct PLUS Loan for Graduate and Professional Students is an additional loan that graduate or professional students can apply for after they apply for Federal Stafford loans. Students may borrow up to the cost of attendance less other financial aid. Students interested in this program must be credit worthy, but the credit review is less stringent than with private loans. For loans first disbursed after July 1, 2017, the interest rate is a fixed rate of 7 percent with no aggregate limit. Beginning October 1, 2017, there is an origination fee of 4.264 percent. Both the interest rate and origination fee are subject to change annually. Repayment begins six months after the student ceases to be enrolled half-time.
Alternative or Private Loans are for students who find federal loans insufficient to meet their educational expenses. These loans are offered by private lending institutions and vary in interest rates and terms. While they are not need based, students must be credit worthy to borrow. Many of these loans are specifically tailored to graduate and professional students. Students who are interested in alternatives loans should contact the lender of their choice.
Further information is available from the Office of Financial Aid. You can reach the office at firstname.lastname@example.org or by calling (305) 899-3673 or 1-800-695-2279.