Frequently Asked Questions
1. Q: How do I apply for financial aid?
A: Complete the Free Application for Federal Student Aid (FAFSA) online using Barry University’s Title IV Federal School Code – 001466. The FAFSA is available on the government’s secure internet site at http://www.fafsa.gov.
2. Q: When should I apply for financial aid?
A: There is no official deadline to apply for federal loans for graduate students; however, in order to allow sufficient time for processing, student should apply at least 6 weeks in advance of the term for which they are requesting aid.
3. Q: What is the FAFSA?
A: The Free Application for Federal Student Aid (FAFSA) is the universal form that students complete to be considered for financial aid at every college and university in the United States. It collects financial and other information about you and determines your degree of financial need, as well as verifies other pertinent information needed to determine financial aid eligibility.
4. Q: Who is eligible to receive federal financial aid?
A: To be eligible for federal financial aid, a student must be a U.S. citizen or eligible non-citizen, enrolled in a degree-seeking program at least ½ time at an accredited college or university.
5. Q: What types of financial aid are available?
A: There are scholarships, tuition discounts, graduate assistantships and student loans available for graduate and professional students. Federal student loans are processed through the Financial Aid Office. Scholarships, discounts and assistantships are awarded by individual schools and departments. Further information can be found in the Graduate Catalog, or by contacting the academic school or program of interest.
6. Q: Do I have to be a full-time student to receive federal financial
A: Federal loans are available to students enrolled at least half-time. Half-time enrollment consists of 4 or more credits per term for most graduate programs. Refer to your program of study for further information.
7. Q: Can I transfer my financial aid from another college?
A: Most financial aid awards cannot be transferred from one institution to another. If you are planning to transfer to Barry University from another educational institution, you must make sure that Barry University receives your FAFSA results. You can accomplish this by adding Barry University’s Title IV Federal School Code (001466) to your FAFSA form.
8. Q: What are Federal Direct Stafford Loans?
A: Federal Direct Stafford Loans are low-interest, federally-guaranteed loans available to students. There are two types of Direct Loan: subsidized and unsubsidized. Graduate students qualify for federal unsubsidized loans. Federal Direct Unsubsidized Loans are not need-based. The Federal Direct Loan interest rate is 6.21% fixed. The maximum award is $20,500 annually. Repayment begins six months after graduation or when the student drops to less than half-time enrollment. The lifetime aggregate limit for Federal Direct Loans is $138,500.
9. Q: What is the Federal Direct Graduate PLUS Loan?
A: The Federal Direct PLUS Loan program is a non need-based federal loan program offered to graduate and professional students who have borrowed the maximum annual amount of Stafford loans and require additional funds, or have exhausted their lifetime Stafford loan eligibility. Students may borrow up to the full cost of attendance minus other financial aid received. The interest rate is 7.21% fixed. A credit check is also required.
10. Q: When will I know what financial aid will I receive?
A: After we receive your FAFSA results and you are accepted into a degree program, we will mail you an estimated financial aid award letter that will list the loans for which you qualified, along with the amount and semester for which you are awarded. Students who require additional aid should apply for either a Federal Direct PLUS or Alternative Loan. Students who wish to decrease their award amount should notify the Office of Financial Aid in writing.
11. Q: Do I have to apply for financial aid every year?
A: Students should complete the Free Application for Federal Student Aid (FAFSA) every year after January 1 if they wish to continue receiving federal loans.
12. Q: How do I use federal loans to pay my tuition?
A: If you financial aid file is complete, and you are enrolled at least half time, loans will disburse to your student account during the first week of school to pay tuition/fees. If you have an amount left over after tuition/fees are paid, you will receive a refund from the Cashier/Business Office.