Parent PLUS Loan

Determining Your Cost

The cost of attending Barry University varies based on your student’s program of study, residency status, housing arrangements, transportation and other expenses, and the financial aid your family is eligible to receive.

You can determine what your cost will be with these resources:

• Tuition and Fees
• Scholarships
• Cost of Attendance
• Net Price Calculator

FAFSA

The Free Application for Federal Student Aid, or FAFSA, is required to determine students’ eligibility for federal, state, and institutional financial aid, including grants, student loans, work study, and many scholarships. The FAFSA application opens October 1 for the following academic year. The earlier you apply, the better. By getting a head start on the application process, you will be eligible for priority funding and make better decisions on how to plan for your education. Barry University FAFSA code is 001466. 

All students under the age of 24, unless deemed independent, will need their parents’ tax information to complete the FAFSA. 

Tips for Parents

• Most undergraduates between the ages of 18-24 are considered “dependent” for federal, state and university aid. However, most communication from the university, including financial aid offers and tuition bills are sent directly to the students.
• We communicate through the student's campus email and most transactions are completed through our secure student portal. It may be helpful to remind your student to forward important communications from the university on to you.
• Student records are protected by the federal Family Educational Rights and Protection Act (FERPA). The FERPA web page will explain what our office can and cannot release to parents. Complete the FERPA form. Please contact the Registrar’s Office for questions.
• Remind your student to file for financial aid each year by submitting the Free Application for Federal Student Aid (FAFSA). Parent's federal tax information and FSA ID username and password are needed to complete the FAFSA.
• If your family has experienced a recent hardship that is not reflected on the current FAFSA form, such as a loss of income, divorce, death in family, or unusually high medical expenses, you may request to have our office review your unusual circumstances for a professional judgment.

Options For Paying For College

You have many options when it comes to financing educational costs. The best option varies with individual family situations. Some families choose to use their student’s federal student loan eligibility to help finance the expected parent contribution. See our information about Federal Direct Loans for the student loan program most commonly used. Some families prefer to do any borrowing in the parents' names. The Federal Direct PLUS Loan is one available option. Private (non-federal) parent loans are another option to consider.

Federal Parent Loans

The Federal PLUS Loan (also known as the William D. Ford Direct PLUS Loan) may be available to parents of dependent students. The lender is the U.S. Department of Education rather than a bank or other financial institution.

Watch a video about the Parent PLUS Loan.

FATV Playlist: Parent PLUS Loan - Overview

Parent PLUS Loan - Overview

Who can Apply

To be eligible to apply, you must be: a biological or adoptive parent, regardless of whether or not your info is provided on the FAFSA; or a stepparent (their information must be provided on the FAFSA). Grandparents and other relatives are not eligible for this type of loan.

When to Apply

Just like the FAFSA, you must apply for the parent PLUS loan each year you want to receive it. For the fall semester, it's recommended that you apply no later than the first week of August to allow time for processing and avoid late fees on the bill.

The PLUS loan will pay toward your student's bill. You will receive email notification when your loan disburses.

Loan Features

• This loan requires a credit check for the parent borrowing the loan.
• The interest rate is variable, which changes each July 1st. There is also an origination fee deducted by the Department of Education.
• Repayment begins 60 days after the loan is fully disbursed. Parents can contact the Direct Loan Servicer after the loan has disbursed to request a deferment for up to 6 months after your student leaves school or drops below half-time. Interest will be capitalized at the end of the deferment period.
• Parents may borrow up to the full cost of attendance, less other financial aid received.
• If the parent applicant is not approved for the loan, he or she will have the ability to obtain an endorser or the student can be offered additional Federal Direct Unsubsidized Loan.
• It is possible for a parent to qualify for a PLUS loan with a bad credit score, so long as they don't have an adverse credit history (i.e., no more than 90 days late on any debt and no defaults, bankruptcies or other adverse action on any Title IV debt).

More information about Parent PLUS Loans is available from the Department of Education.

How to Apply

1. Complete the FAFSA with your student. The Free Application for Federal Student Aid (FAFSA) has to be done every year.
2. Submit a Parent PLUS Loan Request on the Financial Aid Portal. After logging in, click the “+/- Request” button in the top right-hand corner to select a Parent PLUS Loan Request. Once the task is created, download the form, a parent must complete the form in full (including signature), and upload completed form.
   • Authorize a Credit Check. By signing and submitting the Parent PLUS Request Form, the parent is authorizing a credit check. If the credit is approved, you will receive a notification from our office and the loan will appear on the student’s financial aid award letter. If the loan request is more than the parent is eligible for, it will be reduced accordingly.
   • Authorizing Loan to Pay All Charges. Parent PLUS loans are limited to pay toward tuition, fees and on-campus room and board charges only unless you choose to authorize aid to pay all charges. You will be given the option to authorize the loan to pay toward all charges by opting in on the Parent PLUS Loan Request Form. If you do notauthorize the loan to pay additional charges, you may receive a refund - even if you still owe the university money.
   • Loan Refund Option You are provided an option for how remaining loan amounts will be refunded. If you elect for the student to receive the refund, it will be sent to their direct deposit. If you elect to receive the refund directly, a check will be mailed to you (this process could take up to two weeks).
3. Complete a Master Promissory Note (MPN) and the Annual Student Loan Acknowledgement through studentaid.gov.
   • The parent will be mailed a PLUS loan disclosure statement from the Federal Direct Loan Servicer which will verify the loan has been approved.

Important Note: Loans must be processed by our office the week prior to the last week of the term.

Use an Endorser

If credit is denied, the parent will have the ability to obtain an endorser by completing the request on studentaid.gov. The endorser will need the PLUS Endorser Code to connect the endorsement to the denied PLUS loan. This can be found by logging into studentaid.gov and selecting "Endorse a PLUS Loan" from the "Apply for Aid" drop-down in the top navigation. We highly recommend using an electronic endorser as it is the fastest way to complete this request. If you choose to complete your request with a paper endorser, you must notify our office when the endorser is approved, or your loan may be delayed.

If the parent does not have an endorser, the student can contact our office to request an additional unsubsidized Federal Direct Loan.

Submit an Appeal

You can appeal to the Department of Education with proof the credit information used was incorrect or has been corrected or extenuating circumstances relating to the credit history. Sign in to studentaid.gov and select "Appeal a Credit Decision" from the "Apply for Aid" drop-down in the top navigation. After you complete your appeal you will be contacted by the Federal Loan Origination Center within three business days to discuss your appeal. If you do not receive a call, you may contact them at 1-800-557-7394.

Complete PLUS Credit Counseling

If you qualify for a Direct PLUS Loan after obtaining an endorser or documenting extenuating circumstances, you will be required to complete PLUS Credit Counseling online at studentaid.gov. Select the 'Parent' tab and click 'Complete PLUS Credit Counseling'.

Tips for Parent Borrowers

• Be sure to use your (parent borrower) FSA ID when applying, not your student's.
• When applying, select the Parent PLUS Loan application and not the Graduate PLUS version.
• Make sure you account for the loan origination fee in your requested loan amount.
• You must complete a PLUS loan application each year you wish to receive the loan, just like the FAFSA.
• The PLUS Loan proceeds are applied to the student’s bill. Any remaining proceeds will be sent to the parent via paper check unless the parent authorizes the funds to be released to the student’s bank account via direct deposit, which is much faster.

Student Employment

Studies show that students who work a moderate amount tend to make better grades, learn to manage their time efficiently, are more likely to persist to graduation, and may have to borrow less in student loans. Students can save their earnings to help pay the bill by the due date. Human Resources manages the Federal Work-Study program and has resources for on- and off-campus jobs.

Scholarships

Search for all available scholarships. Don't forget to search within your own community, starting with organizations you or your parents belong to. At Barry University, your admissions application will serve as an application for some scholarships. Research other scholarship opportunities.

Savings

If you have set money aside for college, it's time to use it. Using your savings for college expenses is an investment in your future. It is a huge benefit to graduate with little to no student debt. Consider Section 529 College Savings Plans.

Florida Prepaid College Plan

The Florida Prepaid College Plan is a program through which families prepay for their child’s education at a guaranteed fixed rate. It is guaranteed by the State of Florida. The phone number for the Florida Prepaid College Plan is 1-800-552-GRAD (4723). For more information, please contact the Cashier Business Office.

Payment Plans

The Cashier Business Office offers optional payment plans that allow tuition and fees to be paid in monthly installments. Undergraduate and graduate students, or their authorized payers, may enroll.

Earned Education Benefits

If you have earned AmeriCorps funding or Veterans benefits, consider using these funds if you are eligible to do so. 

Private Loans

Private student loans should only be considered after you have reviewed any federal loans offered. Private loans are offered by private lenders and eligibility depends on a credit score. Compare federal and private loans. The amount of time it takes for a private loan to process varies and will depend on your lender. Typically, most lenders require a waiting period once the loan is finalized before it will disburse. From the time you apply for a private loan to the time it applies toward your bill can take a few weeks. The process will be quicker if you work closely with your lender to ensure all your application documents are complete.