(Alternative Loans)
After exhausting the opportunities available from the federal aid programs, many students will consider private education loans as a source of additional funding. The Office of Financial Aid strongly encourages all students to maximize their eligibility for institutional, federal and state financial aid programs, before borrowing any private education loans. Private education loans should only be considered after all other federal financial aid programs have been exhausted.
Private education loans are non‑federal loans offered by private lending institutions and are based on credit, as well as other criteria established by the lender. These loans often have variable interest rates, may require a credit‑worthy cosigner, and generally provide fewer repayment and borrower protection than federal student loans. Please be advised that terms, interest rates, and repayment options vary by lender. These loans, like federal loans, must be repaid.
Students may borrow up to the Cost of Attendance, less any other financial aid received. Because private education loans are credit‑based, students and co-signers are encouraged to review their credit history and carefully compare loan terms, interest rates, fees, and repayment options among lenders.
Barry University does not endorse or recommend any private lender. Students are free to select any lender of their choice, including lenders not listed on the University’s historical lender list. Students with questions regarding private education loans or additional borrowing eligibility are encouraged to contact the Financial Aid Office for guidance before applying.
Some Items to Consider When Choosing a Private Loan
- Cosigner Release option
- Interest Rate
- Fixed or variable interest rate
- Fees, including origination and other potential fees
- Repayment length
- In-school deferment
- Loan forgiveness
- Death and disability benefits
- Total Cost of the loan
Historical Lender List
Our historical lender list of private education loan providers is comprised of lenders our students have borrowed from over the past three years, and that still offer private education loans to students attending Barry University. You are not required to use private loan lenders on this list.
As part of the application process, students will be required to complete the Private Education Loan Applicant Self-Certification Form (PDF), which is available through the lender's website. The Self-Certification Form should be turned into the lender, not the Financial Aid Office. Certain information needed to complete this form, such as cost of attendance, may be obtained on your Student Self Service portal at https://studentportal.barry.edu.
To assist you in comparing private student loan options, we recommend using ELMSelect, an independent tool that allows you to evaluate lenders, interest rates, repayment terms, and borrower benefits. Click on compare loan options to go to ELMSelect.
