/Institutions/Barry-University/json/2020-2021/Graduate-Catalog-local.json

/Institutions/Barry-University/json/2020-2021/Graduate-Catalog.json

Types of Financial Aid

A number of sources of financial aid are available to qualified students, including federal loans, scholarships, and discounts. These are detailed in this Financial Aid section and in the chapters of specific schools and programs.

Grants

The Teacher Education Assistance for College and Higher Education (TEACH) Grant offers grant funding to students who intend to teach critical shortage subjects in an elementary or secondary school, or educational service agency that serves low-income students and families. Graduate students may receive up to $4,000 annually, with an aggregate limit of $8,000. TEACH Grant recipients must teach four complete academic years in the subject for which they received the grant, otherwise the grant will convert to an unsubsidized Direct Loan. Students must meet the following criteria to qualify for the TEACH Grant at Barry University:

• Complete the Free Application for Federal Student Aid (FAFSA).
• Be a U.S. Citizen or eligible non-citizen.
• Be accepted or enrolled in either the M.S. in Exceptional Student Education or Reading.
• Have a minimum cumulative 3.25 undergraduate GPA or score above the 75th percentile on a college admissions test, such as the GRE or MAT.
• Complete TEACH Grant Entrance and Subsequent Counseling as well as the Agreement to Serve each year.

Loans

Barry University participates in the William D. Ford Federal Direct Loan Program. The Direct Loan Program offers students low-interest loans to pay their educational costs. There are two types of federal loans for graduate and professional students: the Direct Unsubsidized  Loan and the Direct Graduate PLUS Loan.

The Federal Direct Unsubsidized Loan provides funds for educational expenses. This is a non-need based loan. Graduate and professional students can borrow up to $20,500 per year, with an aggregate loan limit (lifetime limit) of $138,500 minus any subsidized loans received. For loans first disbursed after July 1, 2020, the interest rate is a fixed rate of 4.30 percent. Beginning October 1, 2020, there is an origination fee of 1.057 percent. Both the interest rate and origination fee are subject to change annually. Repayment begins six months after the student ceases to be enrolled at least half-time. Podiatric Medicine (D.P.M.) students are eligible for increased annual and aggregate unsubsidized Direct Loan amounts. The maximum a first year student may borrow cannot exceed $40,500 and the maximum a second, third, or fourth year student may borrow cannot exceed $47,167 per year. The total aggregate debt that can be accumulated is $224,000, including any debt assumed during undergraduate study.

The Federal Direct PLUS Loan for Graduate and Professional Students—The Graduate PLUS Loan is an additional loan that graduate or professional students can apply for after they apply for Federal Stafford loans. Students may borrow up to the cost of attendance less other financial aid. Students interested in this program must be credit worthy, but the credit review is less stringent than with private loans. For loans first disbursed after July 1, 2020, the interest rate is a fixed rate of 5.30 percent with no aggregate limit. Beginning October 1, 2020, there is an origination fee of 4.228 percent. Both the interest rate and origination fee are subject to change annually. Repayment begins six months after the student ceases to be enrolled half-time.

The Alternative or Private Loan Programs are for students who find the federal loans insufficient to meet their educational expenses. These loans are offered by private lending institutions and vary in interest rates and terms. While they are not need based, students must be credit worthy to borrow. Many of these loans are specifically tailored to graduate and professional students. Students who are interested in alternative loans should contact the lender of their choice.

Scholarships

Various academic schools provide scholarships, either at the time of admission or during the course of the program to eligible students. Scholarship availability is dependent upon the funding level, as well as the qualifications of the student. Students should inquire with the program to which they are applying regarding the availability of scholarships as well as the eligibility requirements. Students are also encouraged to research and apply for any outside scholarships for which they may be eligible.

Discounts

Barry University offers a variety of discounts to qualified students. All full-time Florida teachers, as well as ordained clergy employed in full-time active ministry and members of religious communities (sisters, brothers, etc.), receive a discount through the Professional Recognition Scholarship Program. Registered Nurses are also eligible for program discounts. Proof of eligibility must be submitted. Please contact the Office of Graduate Admissions or the program of interest for additional information.

Graduate Assistantships

Graduate research assistantships provide graduate students with well-rounded, professional experience in their chosen area of study. Barry University has a limited number of assistantships available. Research assistantships may cover up to 18 credits of tuition yearly; however, the amount is dependent upon departmental funding. For information on available assistantships, please contact the program to which you are applying.

State of Florida Programs

Financial assistance programs offered through the state of Florida are subject to change. Additional programs for graduate students may also be available. The most current information regarding state of Florida financial programs is available online at www.floridastudentfinancialaid.org.

The Jose Marti Scholarship Challenge Grant Fund is a need-based merit scholarship that offers financial assistance to students of Hispanic origin. The student will be a Florida resident and U.S. Citizen or eligible non-citizen, enrolled full-time, and not owe a repayment or be in default on any state or federal grant, loan, or scholarship program. Preference is given to undergraduate students.

Florida Bright Futures Scholarship Program recipients who graduate with a baccalaureate degree after the 2010–2011 academic year may be able to apply the unused portion of the Florida Academic Scholarship (FAS) or Florida Medallion Scholars (FMS) award toward one semester of graduate study.