Student Loans
The Federal Family
Loan Program
The Federal Family Loan Program makes low-interest (capped at 8.25%)
loans available to students. There are two types of loans available
under this program: subsidized and unsubsidized.
The Subsidized Federal
Stafford Loan requires that students demonstrate financial
need, be enrolled at least half-time, be citizens or permanent residents
of the United States, and maintain satisfactory academic progress.
It allows students to borrow up to $8500
per academic year, and interest is not accrued until after
the students leave school.
The Unsubsidized Federal
Stafford Loan is not based on financial need. It allows students
to borrow up to $38,500 (minus any approved
subsidized loan amount). Students are responsible for all
interest that accrues during the in-school, grace, and deferment
periods. (They have the option of either paying the interest that
accrues while enrolled or allowing the lender to capitalize the
interest until repayment begins.) Repayment of both types of loans
begins six months after the student graduates or drops below half-time
enrollment.
To apply for the Federal Family Loan Program,
you must complete the following forms:
- The Free Application
for Federal Student Aid (FAFSA).
http://www.ed.gov/prog-info/SFA/FSFSA This form gathers the information needed to award you institutional
as well as federal aid. The form is submitted to a federal processing
agency. There is no charge for processing, and an instruction
booklet is included to help you complete the form. Be sure to
mail the FAFSA in the envelope provided and indicate our Institution
Code: 001466.
Please note: If your application
is selected for verification by the Federal Government, you will
be required to submit copies of your tax return or verification
of other means of support.
- Barry University's
Graduate and Professional Financial Aid Application. This
form serves to collect demographic information and will assist
us in building a budget for your program of study.
- The Federal Stafford
Loan Application. This form is your application for the
low interest loans offered through the Federal Family Loan Program
(see description above). Remember that under the Federal Family
Loan Program there are two types of loans for which you may be
eligible: subsidized and unsubsidized.
If you should have any questions regarding
these forms, please call Barry University's Office of Financial Aid
at 305-899-3673 or toll-free at 1-800-695-2279 or e-mail Finaid@mail.barry.edu.
A financial aid counselor will be happy to assist you.
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