There are several federal student loan programs for which students may apply. Federal loan programs generally offer lower interest rates and favorable repayment terms, including deferment and forbearance options. In order to qualify for federal student loans, you must be a U.S. citizen or eligible non-citizen, be accepted for enrollment on at least a half-time basis, and show satisfactory academic progress.
Financial Aid Student Loans
William D. Ford Direct Stafford Loan Program
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Under the Federal Direct Unsubsidized Loan program, you do not have to demonstrate financial need to borrow funds; furthermore, the interest is not subsidized by the federal government. Consequently, you will have to make interest payments or allow the bank to capitalize the interest accrued during the period of enrollment. Podiatric Medicine students may borrow up to $40,500 in their first year of study, and $47,167 annually thereafter, with a maximum aggregate debt (lifetime limit) of $224,000 -- including any debt incurred during undergraduate study. The interest rate is a fixed rate of 6.8%, with an origination fee of 1%. Repayment begins six months after you graduate or drop below half-time enrollment.
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If you are a graduate student who has borrowed the annual maximum in federal loans or you have exhausted your lifetime loan eligibility, you may be interested in the Federal Direct PLUS Loan. This loan allows you to borrow up to the full cost of attendance, minus any other financial aid you receive. You do not need to demonstrate financial need to qualify, but you must show that you are creditworthy. The interest rate is a fixed rate of 7.9%, with an origination fee of 4%. There is no lifetime borrowing limit. Repayment of principal and interest begins 60 days after the loan is fully disbursed; however, you may defer repayment as long as you are enrolled at least half-time. Interest may be paid periodically or capitalized. After graduation, you may consolidate PLUS Loans with Direct Loans.
Note: You will not be denied a loan because you do not have a credit history. If you do have an adverse credit history, you may still receive a PLUS Loan if you obtain an endorser who does not have an adverse credit history.
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Alternative loans are loans borrowed from a private lending institution. Therefore, interest rates and repayment terms will vary. Generally, you must be enrolled at least half-time and demonstrate satisfactory progress to receive an alternative loan; however, some lenders do offer loan products for students enrolled less than half-time. Students may borrow up to the cost of attendance minus any other financial aid received. Alternative loans are not eligible for federal loan consolidation.
Note: If you wish to borrow an alternative loan, please apply with the lender of your choice. Once approved, the lender will submit a certification request to Barry University on your behalf.
How To Apply
Federal Direct Stafford Loan
Students who wish to apply for a Federal Direct Loan should complete the following documents. Financial aid is awarded after all documents are submitted and you are at least provisionally accepted into a degree program.
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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.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 Direct Loan Master Promissory Note/Loan Entrance Counseling: The Master Promissory Note allows students to apply for low-interest, federally-guaranteed student loans. It is a contract between the student and the U.S. Department of Education to repay your student loans. Students can complete a promissory note online at www.studentloans.gov. First-time borrowers must also complete loan entrance counseling.
Federal Direct Plus
Students should apply for a Federal 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 $20,000 in 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 PLUS or Alternative loans; the amount you receive will be determined by your cost of attendance.
To apply for a Federal Direct 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.gov.
- Direct PLUS Loan Master Promissory Note/Loan Entrance Counseling: The Master Promissory Note 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. Students can complete a promissory note online at www.studentloans.gov. First-time Graduate PLUS borrowers must also complete loan entrance counseling.
- Federal Direct PLUS Loan Request Form: This form allows students to indicate the amount they wish to borrow in a Direct PLUS loan. You may not borrow in excess of the cost of attendance. You may download the form at www.barry.edu/faforms
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 gradfa@barry.edu. A financial aid counselor will be happy to assist you.