Financial AidFinancial aid for graduate studentswww.barry.edu/future-students/graduate/admissions/ 305-899-3664 or 1-800-945-2279, Ext. 3664The purpose of the Office of Financial Aid is to provide financial aid and financial planning services to students who need assistance in order to enroll or to continue their enrollment at Barry University. The Office of Financial Aid fulfills its purpose by following established procedures and practices which ensure the equitable and consistent treatment of all financial aid applicants. The programs are administered in accordance with nationally established philosophies of financial aid for post-secondary education. The basis of these philosophies is the belief that the family is the primary resource for meeting educational expenses and financial aid is available for bridging the gap between those resources and college costs. The total cost of attending college will include not only tuition and fees, room and board, books and supplies, but personal and travel expenses as well. The Free Application for Federal Student Aid (FAFSA) is the document used by Barry University to collect confidential information from students for the purpose of determining eligibility primarily for federal student financial aid. This information is processed by a federally-approved Multiple Data Entry processor, and the results are sent to Barry at the request of the student.Determining Eligibility for Financial AidA student is eligible for student aid when he or she meets all of the following criteria: • Enrollment, or acceptance for enrollment, in a degree-seeking program of study. • Registration as at least a half-time student.* • U.S. citizenship, or qualification as an eligible non-citizen. • Satisfactory academic progress. • Completion of the necessary financial aid applications by the appropriate deadlines.* Half-time enrollment for most graduate programs is defined as 4 or more credits per semester. For further information regarding academic progress and what constitutes “half-time” enrollment, refer to the specific requirements pertaining to the academic program the student is pursuing. In order to qualify as an eligible non-citizen, students must be permanent residents with an Alien Registration Card, Form I-551 or Form I-551C, with a currently valid expiration date. Passports stamped “Processed for I-551” with a valid expiration date are also acceptable. Students may also present a “Temporary Resident Card,” Form I-688, with a valid expiration date to qualify as eligible non-citizens. Note that the I-688A and I-688B do not qualify the student as an eligible non-citizen. No federal financial aid is available to international students.Applying For Financial AidAfter applying for admissions students should submit the Free Application for Federal Student Aid (FAFSA). Individuals whose applications are selected for verification may have to submit additional documentation. Students will be notified if their tax returns or verification forms are required to complete the verification process. You are encouraged to complete the FAFSA on the internet at http://www.fafsa.gov/. Please remember to enter Barry University’s Federal School Code of 001466 on the FAFSA, and to sign your application electronically with your Personal Identification Number (PIN). You may also print the signature page and mail it to the address specified. Incoming students who apply for financial aid can expect to receive notification of their financial aid awards following notifications of acceptance to Barry. Returning students will be notified of their financial aid awards upon completion of their financial aid file.Types of Financial AidLoansBarry 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 three types of federal loans for graduate and professional students: the Subsidized Federal Stafford Loan, the Unsubsidized Federal Stafford Loan and the Graduate PLUS Loan.The Subsidized Federal Stafford Loan is need based. The government assumes the interest for the Subsidized Stafford Loan while the student is in school and during the six month grace period. The annual limit is $8,500. The maximum aggregate debt (Lifetime limit) that can be accumulated is $65,500, including the debt assumed for the undergraduate study. The interest rate is a fixed rate of 6.8%. There is an origination fee of 1%, and an up-front rebate of .5%, which is credited at the time of disbursement. Repayment begins six months after the student ceases to be enrolled at least half-time. The Unsubsidized Federal Stafford Loan provides additional 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 received under the Subsidized Stafford Loan program. (Students in the School of Podiatric Medicine see Podiatric Medicine (D.P.M.) Loans.) The interest rate is a fixed rate of 6.8%. There is an origination fee of 1% and an up-front rebate of .5%, which is credited at the time of disbursement. Repayment begins six months after the student ceases to be enrolled at least half-time.The Federal PLUS Loan for Graduate and Professional StudentsThe Graduate PLUS Loan is an additional loan that graduate or professional students can apply for after they apply for Federal Stafford loans. Students can borrow the Graduate PLUS loan 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. The interest rate is a fixed rate of 7.9% with no aggregate limit. There is an origination fee of 4% and an up-front rebate of 1.5%, which is credited at the time of disbursement. Repayment begins immediately after the student ceases to be enrolled half-time; however, payments may be deferred during periods of at least half-time enrollment.The Federal Perkins Loan ProgramThis low-interest (5%) loan, made by Barry University, but federally subsidized, is awarded to students based on exceptional financial need. A student must complete and sign a promissory note with the school. Repayment begins 9 months after leaving school. These loans are generally awarded in amounts ranging from $1,000 up to $8,000 annually and are subject to funding availability.The Alternative or Private Loan Programs are for students who find the 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. The Financial Aid Office maintains information on these loan programs.Total Withdrawal and Return Of Title IV Funds When a student receiving Title IV student financial aid withdraws from all courses, the aid must be adjusted in accordance with rules established by the U.S. Department of Education. These calculations may result in the student owing the University a balance.If you withdraw or stop attending classes before completing 60% of the term, a portion of the total federal aid you received, excluding Federal Work Study earnings, may need to be repaid immediately. The amount of federal aid that you must repay is determined via the Federal Formula for Return of Title IV funds. This law also specifies the order in which funds are to be returned to the financial aid programs from which they were awarded, starting with loan programs.Order of Return of Title Iv FundsUnsubsidized Federal Stafford Loans Subsidized Federal Stafford Loans Federal Perkins Loans Federal Graduate PLUS Loans Other Title IV assistance (not including FWS)You may be required to make a repayment when cash has been disbursed from financial aid funds, in excess of the amount of aid that you earned (based on the date of your total withdrawal) during the term. The amount of Title IV aid earned is determined by multiplying the total Title IV aid (other than FWS) for which you qualified by the percentage of time during the term that you were enrolled.If less aid was disbursed than was earned, you may receive a late disbursement for the difference. If more aid was disbursed than was earned, the amount of Title IV aid that you must return (i.e. not earned) is determined by subtracting the earned amount from the amount actually disbursed.The responsibility for returning unearned Title IV aid is shared between the University and you. It is allocated according to the portion of disbursed aid that could have been used to cover University charges, and the portion that could have been disbursed directly to you once those charges were covered. Barry University will distribute the unearned aid back to the Title IV programs, as specified by law. You will be billed for the amount that you owe to the Title IV programs, as well as any amount due to the University, as a result of Title IV that were returned that would have been used to cover University charges.For additional information on refunds to Title IV sources, please contact the Office of Financial Aid at 1-800-695-2279 or (305) 899-3673.