Federal Direct Loans
Barry University participates in the U.S. Department of Education’s William D. Ford Federal Direct Loan Program. The Direct Loan Program provides students with a low interest way to borrow money to pay for their higher education. Your first step in applying for federal loans is to fill out the Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov.
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 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.
How to Apply for a Federal Direct Stafford LoanStep 1: Complete the Free Application for Federal Student Aid (FAFSA) at https://fafsa.ed.gov. After Barry University reviews your, FAFSA and if you are eligible for Federal Direct Loans (subsidized or unsubsidized), they will be included in your financial aid package.
Step 2: Complete a Federal Direct Loan Master Promissory Note (MPN) on the U.S. Department of Education's Direct Loan MPN website:https://studentloans.gov/ After logging in, please select the link, “Complete Loan Agreement", then select the subsidized/unsubsidized loan MPN option. Follow the steps to complete the MPN.
Step 3: Complete Loan Entrance Counseling online at https://studentloans.gov/. SSelect the link, "Complete Loan Counseling", and select the "Entrance Counseling" option. Entrance counseling takes about 30 minutes to complete and will familiarize you with your right and responsibilities as a borrower.
Remember, we cannot process your Direct Loan unless you have completed all three steps above. If you are experience difficulty completing the MPN or counseling, please contact the Department of Education's Student Loan Support Center at 800-557-7394.
Types of Direct Loans
Subsidized: available to undergraduate students with financial need. The Department of Education pays the interest during periods of at least half-time enrollment, as well as grace and deferment periods. The interest rate on subsidized loan is 4.45%, with an origination fee of 1.066%. The maximum annual award will depend upon grade level.
Please note that first-time borrowers after July 1, 2013 may not receive subsidized loans for more than 150 percent of the published length of your program of study.
Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods. The interest rate on undergraduate unsubsidized loans is 4.45%, with an origination fee of 1.066%. The maximum annual award will depend upon grade level, cost of attendance, and other aid received.
Parent PLUS: available to eligible parents of dependent undergraduate students to help pay for education expenses. Interest is charged during all periods. The interest rate on PLUS loans is 7%. There is an origination fee of 4.264%. The maximum award is limited to the cost of attendance minus all other aid received. Repayment begins immediately after the last disbursement is received. A credit check is required to qualify.
What Amounts can You Borrow?
|First-year||$5,500 (no more than $3,500 of this amount may be in subsidized loans)||$9,500 (no more than $3,500 of this amount may be in subsidized loans)|
|Second-year||$6,500 (no more than $4,500 of this amount may be in subsidized loans)||$10,500 (no more than $4,500 of this amount may be in subsidized loans)|
|Third-year and beyond||$7,500 (no more than $5,500 of this amount may be in subsidized loans)||$12,500 (no more than $5,500 of this amount may be in subsidized loans)|
Other Ways to Finance Your Education
Alternative Loans: If you have utilized all other forms of financial aid and still require additional funding for your educational costs, there are banks and other lending organizations that offer education loans. These loans require a credit check, and in some instances, you may need a cosigner. Loan terms will vary from lender to lender, so research multiple lenders, and review each loan’s terms and conditions carefully before applying to ensure that you find the one that best meets your needs.
National Student Loan Data System (NSLDS)
Student borrowers and parents of student borrowers are advised that all Title IV loan data is submitted to the National Student Loan Data System (NSLDS), and is accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
Direct Loans Resources
- Direct Loan Entrance or Exit Counseling
- Electronic Master Promissory Note
- Repayment Information
- Direct Loan Servicing
- National Student Loan Data System (NSLDS)
- Loan Repayment Calculator
Please contact the Financial Aid Office at 1-800-695-2279 or e-mail us at firstname.lastname@example.org if you need assistance.
Additional Gift Aid Available
The Barry University Scholarship System is available to assist you in finding scholarship opportunities for which you may be eligible. These scholarships are funded through donations from private donors, alumni, faculty, staff, campus organizations, and corporations. For more information, visit www.barry.edu/scholarships. www.barry.edu/scholarships.