Private Education Loans

After exhausting the opportunities available from the federal aid programs, many students will consider private education loans as a source of additional funding. The Office of Financial Aid strongly encourages all students to maximize their eligibility for institutional, federal and state financial aid programs, before borrowing any private education loans. Private education loans should only be considered after all other federal financial aid programs have been exhausted.

Private education loans are non‑federal loans offered by private lending institutions and are based on credit, as well as other criteria established by the lender. These loans often have variable interest rates, may require a credit‑worthy cosigner, and generally provide fewer repayment and borrower protection than federal student loans. Please be advised that terms, interest rates, and repayment options vary by lender. These loans, like federal loans, must be repaid.

Students may borrow up to the Cost of Attendance, less any other financial aid received. Because private education loans are credit‑based, students and co-signers are encouraged to review their credit history and carefully compare loan terms, interest rates, fees, and repayment options among lenders.

Barry University does not endorse or recommend any private lender. Students are free to select any lender of their choice, including lenders not listed on the University’s historical lender list. Students with questions regarding private education loans or additional borrowing eligibility are encouraged to contact the Financial Aid Office for guidance before applying.

Some Items to Consider When Choosing a Private Loan

• Cosigner Release option
• Interest Rate
• Fixed or variable interest rate
• Fees, including origination and other potential fees
• Repayment length
• In-school deferment
• Loan forgiveness
• Death and disability benefits
• Total Cost of the loan

Historical Lender List

Our historical lender list of private education loan providers is comprised of lenders our students have borrowed from over the past three years, and that still offer private education loans to students attending Barry University. You are not required to use private loan lenders on this list.

As part of the application process, students will be required to complete the Private Education Loan Applicant Self-Certification Form (PDF), which is available through the lender's website. The Self-Certification Form should be turned into the lender, not the Financial Aid Office. Certain information needed to complete this form, such as cost of attendance, may be obtained on your Student Self Service portal at https://studentportal.barry.edu.

To assist you in comparing private student loan options, we recommend using ELMSelect, an independent tool that allows you to evaluate lenders, interest rates, repayment terms, and borrower benefits. Click on compare loan options to go to ELMSelect.

Code of Conduct for Financial Aid Professionals

Barry University financial aid professionals are expected to maintain the highest standards of professional conduct in all aspects of their responsibilities. In doing so, the Financial Aid Office is committed to administering student financial aid with integrity, transparency, and in compliance with all applicable federal and state regulations, including the Higher Education Opportunity Act (HEOA), as well as the ethical principles established by the National Association of Student Financial Aid Administrators (NASFAA).

Financial aid professionals are expected to uphold both the letter and spirit of these standards in all interactions with students, parents, colleagues, lenders, servicers, and external partners.

Financial aid professionals will:

• Refrain from taking any action for personal benefit or that creates an actual or perceived conflict of interest.
• Refrain from any action that is contrary to applicable laws, regulations, or the best interests of students and their families.
• Provide information that is accurate, complete, and unbiased, and does not reflect any preference arising from actual or potential personal gain.
• Exercise objectivity in making decisions and advising the University regarding relationships with any entity involved in student financial aid. 
• Disclose to the University any outside employment, financial interest, or other relationship that could create an actual or perceived conflict of interest.
• Not award financial aid to themselves or to members of their immediate family. Such determinations will be made by an institutionally designated official to avoid the appearance of a conflict of interest. 

Barry University will maintain strict compliance with federal requirements and prohibits the following:

• The University shall not enter into any revenue-sharing arrangement with any lender.
• No University officer or employee within the Financial Aid Office, or any employee with responsibilities related to education loans, shall solicit or accept any gift (including gratuities, favors, discounts, entertainment, hospitality, loans, or any item of monetary value exceeding a de minimis amount) from a lender, guarantor, or servicer of education loans.
• No University officer or employee within the Financial Aid Office, or any employee with responsibilities related to education loans, shall accept any fee, payment, or other financial benefit (including stock or investment opportunities) from any lender or affiliate as compensation for consulting or other services.
• The University shall not request or accept any offer of funds for private education loans in exchange for:
  • A specified loan volume or number of loans;
  • Loan guarantees or insurance commitments; or
  • A preferred lender arrangement. 
• The University shall not request or accept assistance from any lender with call center or financial aid office staffing.
• Employees within the Financial Aid Office, or those with responsibilities related to education loans, shall not serve on advisory boards, commissions, or similar groups established by lenders, guarantors, or groups of lenders or guarantors. 

If the University maintains or references a preferred lender list, it will adhere to the following principles:

• The list will be developed solely for the benefit of students using transparent, objective, and documented criteria.
• The process for selecting preferred lenders will be fully disclosed and made available upon request. 
  Students will not be auto-assigned to any lender under any circumstances.
• A student’s choice of lender will not be denied, impeded, or unnecessarily delayed, including lenders not included on any institutional list. 

Financial aid offers and related materials will:

• Clearly distinguish between grants/scholarships, loans, and work-study employment.
• Include a breakdown of Cost of Attendance, identifying:
  • Direct costs (billed by the University)
  • Indirect costs (not billed by the University)
• Provide an estimated net price where applicable.
• Use consistent terminology aligned with NASFAA’s glossary and federal guidance.
• Include renewal requirements for each type of aid offered.
• Provide clear next steps and Financial Aid Office contact information. 

All required consumer information will be prominently displayed on the University’s website(s) and included in applicable printed materials. Information will be clearly labeled as “Consumer Information” and organized to ensure it is easily accessible and understandable to students and families.

Barry University financial aid professionals are expected to comply with all applicable federal and state laws, regulations, and institutional policies governing student financial aid.

Employees are expected to seek guidance when ethical or regulatory uncertainty arises and to act at all times in the best interest of students and families.

Failure to comply with this Code of Conduct may result in disciplinary action, up to and including termination of employment, in accordance with University policy.

As a member institution of the National Association of Student Financial Aid Administrators (NASFAA), Barry University also adheres to NASFAA’s Statement of Ethical Principles and professional standards for institutional financial aid professionals. These principles guide ethical decision-making and reinforce the University’s commitment to integrity, transparency, and student-centered financial aid administration.

TRUTH IN LENDING ACT (TILA) AND PRIVATE LOANS

The Higher Education Opportunity Act of 2008 (HEAO) added section 128(e) (3) to TILA which requires private loan lenders to obtain a completed and signed U.S. Department of Education Self-Certification Form from the applicant. In addition, the private loan lender must provide disclosures to borrowers at different stages of the application process.