Barry University participates in the William D. Ford Federal Direct Loan Program. Direct Loans provide students with a low-interest way to borrow money to pay for their higher education. 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, who will assign your loans to a loan servicer. Typically all of your loans will be assigned to the same servicer, even if you receive Direct Loans at different schools.
- 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 a variety of repayment plans that are designed to meet the needs of almost any borrower, and you can switch repayment plans as your needs change.
- Unsubsidized: Non-need based loan. Interest is charged during all periods – including the time a student is in school and during grace and deferment periods. The interest rate is variable is charged during all periods. There is also an origination fee deducted by the Department of Education. Students can opt to let interest accrue, or make quarterly interest payments to their servicer.
- Graduate PLUS: Available to graduate and professional students to help pay for education expenses. Interest is charged during all periods. There is also an origination fee. The maximum award is limited to the cost of attendance minus all other aid received. A credit check is required to qualify.