Guide to your Financial Aid Offer Letter
Your Financial Aid award letter lists the names of the financial aid awards for which you are eligible, along with the amounts. Your award letter generally consists of awards from different sources: institutional, federal, state, or outside. This guide describes some of the most common awards you may receive, and isn’t meant to be a complete listing. If you have questions about any of your awards, please contact the Financial Aid Office.
- Tuition charges are reduced or adjusted in any way
- Enrollment status changes (full-time vs part-time)
- Housing status changes (living on campus or off campus)
- Making changes to your FAFSA
- You receive additional financial assistance that results in an over award
- Failure to maintain academic progress
- Information received that affects your eligibility for federal, state or institutional financial aid
Institutional funds are awarded to you by the school you attend. Barry University offers a number of merit-based and need-based awards.
At Barry, merit-based scholarships are determined by GPA and test scores. These scholarships are available to freshmen (including test optional), transfers, international, DACA, and Dreamer applicants. Scholarships are awarded to students in traditional non-discounted undergraduate programs, and are applied to tuition/fees.
Below is a list of merit-based scholarships:
- Presidential Scholarship: $12,000 - $19,000
- Trustee Award: $10,00 - $17,500
- Dean's Award: $8,000 - $14,500
- Red, Black and Silver: $6,000 - $12,500
- Achievement Award: $2,000 - $7,500
The Barry Access Grant is awarded to assist students who demonstrate financial need. Award amounts will vary. Funding is limited, and is awarded on a first-come, first-served basis. Students are considered for this grant upon completing the Free Application for Federal Student Aid (FAFSA).
The Barry Housing Grant is awarded to students with demonstrated financial need who plan to reside in on-campus housing. Students are considered for this grant upon completing the Free Application for Federal Student Aid (FAFSA). Students must live on campus to receive this award; if your housing status changes, the award will be cancelled.
Note: Barry University merit and need-based awards require full-time enrollment (12 credits or more). If you enroll less than full-time, your awards will be cancelled.
State funds are awarded to you from your state of legal residence. If you are offered funds from the state of Florida, you must your parent’s (or yours, if you are an independent student) Florida residency status to receive the funds awarded to you. If you have an award from another state, be sure you follow their instructions to ensure that you actually receive the funds.
Effective Access to Student Education (EASE) Grant
This program provides tuition assistance to undergraduate students attending eligible private, independent colleges and universities in the state of Florida. Students must document and meet Florida residency requirements to receive funds. The maximum award is $3,500 and is subject to state budget appropriations.
Florida Student Assistance Grant (FSAG)
This need-based grant provides approximately $2,000 to degree-seeking, undergraduate students who demonstrate substantial financial need. Students must document and meet Florida residency requirements to receive funds. Students must demonstrate financial need by submitting an error-free Free Application for Federal Student Aid (FAFSA). You must be enrolled full-time to receive this award.
Florida Bright Futures Scholarship Program
Students who have earned the Florida Academic Scholarship or the Florida Medallion Scholarship can utilize these funds at Barry University. The state of Florida pays a predetermined amount per credit hour; the final scholarship amount is based on actual hours enrolled. Students must document and meet Florida residency requirements to receive funds.
Special note about Florida Bright Futures scholarships: The state pays per academic credit completed. That means the more credits you enroll in and complete, the more money they provide. However, if you drop a class any time during the semester, even at the end of the semester, the state requires us to send the funding for those dropped credits back to the state.
Federal funds are awarded to you by completing the Free Application for Federal Student Aid (FAFSA). Federal awards can be either need-based or non-need based.
Available to students who demonstrate exceptional financial need and have not earned a bachelor’s degree. Pell Grant amounts are determined by Congress and can change annually. The maximum amount is $7,395. Pell Grants are awarded based on full-time assumed enrollment, and are prorated if you enroll less than full-time. Pell Grants do not need to be repaid.
Federal Supplemental Educational Opportunity Grant (FSEOG)
Awarded to students with the highest financial need. The award amount is $800. Funding is limited and is first-come, first-served. This is a grant and does not need to be repaid.
Federal Work Study provides part-time employment to students with financial need, allowing them to earn money to help pay educational expenses. Students may work on campus, or off campus in various community service positions. Funds are paid directly to the students as wages for hours worked.
The U.S. Department of Education’s federal student loan program is the William D. Ford Direct Loan Program. Through this program, the Department of Education is your lender. Unlike grants, loans must be repaid with interest. Typically, you will begin repaying your loans 6 months after you graduate or cease being enrolled at least ½-time – whichever occurs sooner. There are several types of Direct Loans available: Direct Subsidized, Direct Unsubsidized, and Direct PLUS.
Direct Subsidized Loans are made to eligible undergraduate students who demonstrate financial need. The government pays the interest on these loans while you are enrolled in school at least ½-time and during your grace period.
Direct Unsubsidized Loans are offered to students, regardless of financial need. Interest accrues on these loans during all periods.
Direct PLUS Loans can be made to parents of dependent undergraduate students to help pay for educational expenses not covered by other financial aid. A credit check is required. Borrowers with an adverse credit history must meet additional requirements to qualify.
Other Aid Sources
After reviewing your institutional, state, and federal aid eligibility, you may still consider aid from other sources. Aid from outside sources, such as outside scholarships, or alternative loans typically do not appear on your first award letter; however, they may be added at a later time as the Financial Aid Office receives notification.
An outside scholarship is one you obtained from an outside organization through your own efforts. While it will be included as part of your financial aid package, it is your responsibility to make sure the organization sends the funds to Barry's financial aid office in your name so that they may be applied to your student account. Scholarships are applied to the term(s) specified by the organization; if nothing is specified, scholarships greater than $1,000 are typically divided equally between fall and spring semesters.
Each organization maintains their own scholarship criteria; you are responsible to ensure that you fulfill all of the requirements that the organization requires.
Your FAFSA was selected by the Department of Education for verification.
Verification is a routine process whereby the Department of Education asks schools to review one or more items on your FAFSA for accuracy. Students are randomly selected for verification. If selected, you will need to provide certain documents in order to complete the process. Visit the verification website for additional information and instructions.
In most cases there is no change in financial aid as a result of verification. However, if we discover mistakes or omissions, we are required to make corrections to your FAFSA information. If this happens, your financial aid could potentially change. It could increase or decrease.
Warning: Your financial aid is not official and will not be disbursed until the verification process is completed. Your financial aid will be cancelled if you do not submit the required documents.
Your estimated cost is balance you owe after your financial aid is applied to your institutional charges, such as tuition, mandatory fees, or room and board. This balance is only an estimate and is provided for planning purposes only; you will be notified of your actual balance after you are registered for classes and your actual charges are figured. Your charges will vary based certain factors, including:
- Additional fees for certain courses or programs
- Whether you participate in the University’s health insurance plan
- Whether you live on or off campus (as well as the type of room you select)
You have several options available to pay your outstanding balance. You can apply for additional loans, such as the Direct Parent PLUS or an alternative loan. The Cashier/Business Office has payment plan options and accepts various payment methods.
Renewing Your Awards
Your financial aid package is offered for this year only. Some awards are automatically renewed as long as you maintain academic progress; however, there are some awards for which you must meet eligibility requirements each year. Changes in your family's situation, your academic performance, housing status, and availability of funds may cause your financial aid award to change from year to year.
For federal aid, students should complete the Free Application for Federal Student Aid (FAFSA) as soon as possible each year after October 1st.
Satisfactory Academic Progress (SAP)
In order to continue to receive federal financial aid students are required to make academic progress toward their degree. Minimum academic progress for undergraduate students is defined as maintaining a minimum 2.0 cumulative GPA, and successfully passing at least 67% of credits that you are enrolled in.
At the end of each semester, students’ progress will be evaluated. Students not meeting the minimum progress standards will be notified and placed on financial aid warning. Students who do not meet minimum standards for two consecutive semesters will be placed on termination and have their federal financial aid will be cancelled.
Learn more about the Satisfactory Academic Progress (SAP) policy.
To assist you in maximizing your financial aid eligibility, Barry University has a priority date of March 30th to receive your FAFSA results. Barry receives limited funding for some federal, state and institutional aid programs. Once funds from these programs are fully awarded, it is closed and may not be awarded to late applicants.