Apply for a Loan

• Subsidized: for students with demonstrated financial need, as determined by federal regulations. The Department of Education pays the interest on these loans while students are enrolled at least half-time and during grace/deferment periods. Once the loan is in repayment, interest accrues according to the established interest rate. If a student does not have financial need, they may still borrow the total loan amount based on their year in school as an unsubsidized loan.

• Unsubsidized: not based on financial need and interest is charged once the loan is disbursed. Interest will accrue on this loan during the time a student is in school as well as during grace and deferment periods according to the established interest rate. Federally Independent students or students' whose parents have been denied a Parent PLUS loan may be eligible for an additional unsubsidized amount (up to $4,000 for Freshman & Sophomores, $5,000 for Juniors & Seniors).

The subsidized loan program is need-based and the federal government pays the interest on the loan while the student is enrolled at least half-time. The amount that may be borrowed is limited to the difference between the student’s financial aid budget and all other financial aid received. Unsubsidized loans are not need-based and may be borrowed for as much as the difference between the federal loan limits listed below and the amount of subsidized Federal Direct Stafford Loan. For additional information regarding current interest rates and origination fees, please visit The Federal Student Aid Webiste.

To be eligible to qualify for federal student aid (loans, grants and federal work-study funds) you must:

• demonstrate financial need (for most programs);
• be a U.S. citizen or an eligible noncitizen;
• have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
• be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program;
• be enrolled at least half-time to be eligible for Direct Loan Program funds;
• maintain satisfactory academic progress in college or career school;
• sign the certification statement on the Free Application for Federal Student Aid (FAFSA^®) stating that
  • you are not in default on a federal student loan and do not owe money on a federal student grant and
  • you will use federal student aid only for educational purposes; and
• show you’re qualified to obtain a college or career school education by
  • having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate; 
  • completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law); or
  • enrolling in an eligible career pathway program and meeting one of the "ability-to-benefit" alternatives described below.

To maintain eligibility, you must continue to meet the basic criteria above. If you are incarcerated, have a conviction for a drug offense, or are subject to an involuntary civil commitment after completing a period of incarceration for a sexual offense, your eligibility for federal student aid may be limited. Learn more about how criminal convictions can impact federal student aid eligibility.

For more information on federal student aid and loan eligibility, please visit the Federal Student Aid website.

Effective for loans first disbursed on or after July 1, 2021 and prior to July 1, 2022:
Fixed Interest Rate:  3.73%

Effective for loans first disbursed on or after July 1, 2022 and prior to July 1, 2023:
Fixed Interest Rate:  4.99%

Effective for loans first disbursed on or after July 1, 2023 and prior to July 1, 2024:
Fixed Interest Rate:  5.50%

Effective for loans first disbursed on or after July 1, 2024 and prior to July 1, 2025:
Fixed Interest Rate:  6.53%

For loans where the first disbursement is made on or after October 1, 2020 and before October 1, 2023:
Origination Fee: 1.057%
Net Fee of 1.057% is deducted from the amount borrowed.

Steps to Apply

1. Complete the Federal Student Loan Form in your MyBarnard Portal if you wish to apply for a Federal Direct Stafford Loan.

Barnard Grant Recipients:  Students who receive financial aid can accept the loan included in their package through their Accept Awards page and do not have to complete the loan form. Students who wish to borrow the additional unsubsidized loan amount can submit the Federal Student Loan Form found in their MyBarnard Portal to request the additional loan.

2. Complete the Free Application for Federal Student Aid (FAFSA) for 2024-2025, if you have not already done so. Barnard's Federal School Code is 002708.

3. Complete Entrance Counseling online.

This helps you to understand your responsibilities regarding your loan and is required before the first disbursement of your loan. If you have borrowed a Stafford loan before, you do not need to do another Entrance Counseling session. Check your financial aid portal to determine if your Entrance Counseling was received.

4. Complete the Master Promissory Note (MPN) online.

This is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. If you borrowed a Federal Direct Stafford Loan in the past and completed an MPN, you do not need to do another MPN. Check your financial aid portal to determine if your MPN was received.

5. If you were selected for federal verification after completing the FAFSA, additional documents will be required. The Financial Aid Office will contact you by email to clarify which documents will be required to complete the verification process.

If You Wish to Decrease or Cancel Your Federal Loan you may do so by completing the Loan Adjustment Form online.

Disbursement of Loans: Your loan is for a full academic year and a disbursement will be made at the beginning of each term.

Repayment of Loans: When you graduate, drop below half-time, or withdraw from Barnard College, you will receive a six-month grace period for your loans. Once your grace period ends, you must begin repaying your loan.

You may choose to pay interest on your Direct Unsubsidized loan while you are in school. If you choose not to pay the interest while you're in school, it will be added to the unpaid principal amount of your loan, called capitalization.

Click here to review the Direct Loan Repayment plans.

You are eligible to borrow a Federal Direct PLUS Loan if you:

• are borrowing to pay the educational costs of a dependent undergraduate student taking at least six credits each term.
• are a U.S. citizen or eligible non-citizen (i.e. permanent resident).
• do not have an adverse credit history.
• have an adverse credit history, but either obtained an endorser with no adverse credit history, or you document to the U.S. Department of Education’s satisfaction that extenuating circumstances exist.
• are not in default on a Federal Stafford Loan, Federal PLUS Loan or Federal Direct Student Loan, or if you are in default on one of those loans, you have made satisfactory repayment arrangements.

You may borrow the full cost of education minus any other aid the student receives.

Effective for loans first disbursed on or after July 1, 2022 and prior to July 1, 2023:
Fixed Interest Rate:  7.54%

Effective for loans first disbursed on or after July 1, 2022 and prior to July 1, 2023:
Fixed Interest Rate:  8.05%

Effective for loans first disbursed on or after July 1, 2024 and prior to July 1, 2025:
Fixed Interest Rate:  9.08%

For loans where the first disbursement is made on or after October 1, 2020 and before October 1, 2023:
Origination Fee: 4.228%
Net Fee of 4.228% is deducted from the amount borrowed.

Sample Parent Loan (if the first disbursement is made on or after October 1, 2020 and before October 1, 2023:

Steps to Apply

1. Complete the 2024-2025 Free Application for Federal Student Aid (FAFSA), if you have not already done so. Barnard's Federal School Code is 002708.

2. Visit the Department of Education Direct Loan website https://studentaid.gov/plus-app/ and click on the Parent section.

3. Select Apply for a PLUS Loan.

4. Log In using your FSA ID.

5. Follow the instructions online and submit the application for a credit check.  The Loan Period is September 2024 -  May 2025.

6. The application will automatically be sent electronically to the Financial Aid Office for processing.

7. If you are approved and have not previously completed a Direct Parent PLUS Loan Master Promissory Note for Barnard, complete the MPN online. (Click on 'I am a Parent of an Undergraduate Student')

8. Once the loan application approval and all required documents are received, the loan will be credited to the student’s account.

9. Loans for the full academic year will be disbursed directly to Barnard in two equal installments, half for each semester.

To Increase your PLUS Loan:

1. Visit the Department of Education Direct Loan website www.studentloans.gov and click on the Parent section.

2. Select Apply for a Parent PLUS Loan.

3. Log In using your FSA ID.

4. When you are asked to specify a reason for submitting this Direct PLUS Loan Request, select "Change the application." and then specify the new total loan amount.

To Decrease or Cancel your PLUS Loan:

1. The parent borrower should email the Financial Aid Office at finaid@barnard.edu to decrease or cancel your parent loan.
If you need to decrease your loan you will need to specify in your email the amount you wish to decrease your loan for the academic year.

• Appeal the decision. The parent may appeal the denial with the Direct Loan Origination Center at 800-557-7394.
• Apply with an endorser (co-signer).  If you are denied a PLUS loan because of an adverse credit history, you may still be eligible to borrow a PLUS loan with a co-signer. The entire process can be completed online at www.studentloans.gov. Click on Parent Borrowers and click on Endorsers can Complete an Electronic Endorser Addendum and allow 20 minutes to complete the process in a single session.
• Cancel PLUS Application.  If you do not have a co-signer, your dependent student is then eligible for additional Federal Direct unsubsidized loan funds. First-years and sophomores are eligible for up to $4,000 and juniors and seniors are eligible for up to $5,000.

• Interest accrues after the first disbursement.
• First payment is due 60 days after the second disbursement, unless eligible for deferment.  Your assigned loan servicer will contact you directly.
• To defer repayment of your PLUS loan, review deferment and forbearance information on the Department of Education’s website.
• Repayment period is normally 10 years (standard plan), however extended and graduated plans are also available. Click here to review Repayment Plans.

• Direct Loans - Students and Parents:  https://studentaid.ed.gov/sa/types/loans
• Direct Loan Master Promissory Note: www.studentloans.gov
• Direct Loan Entrance Counseling: www.studentloans.gov
• Direct Loan Consolidation Center: https://studentaid.ed.gov/sa/repay-loans/consolidation
• FSA ID: https://studentaid.gov/ (to register for a Department of Education Parent FSA ID--this replaces the FAFSA PIN.)
• Federal Student Aid Information: www.studentaid.ed.gov
• National Student Loan Data System: https://nslds.ed.gov/nslds/nslds_SA/

• Direct Loan Origination Center: 800-557-7394 (to appeal denial of PLUS loan)
• Direct Loan Consolidation Center: 800-557-7392
• Federal Student Aid Information Center: 800-433-3243
• Student Loan Support Center: 800-557-7394

Steps to Apply

1. Apply directly with the private loan lender.

2. Once approved, submit the Barnard Private Loan Certification Request Form online.