Loan Exit Counseling
The Federal Direct Loan Program allows students and parents to borrow loans directly from the federal government rather than private banks.
Applying for a Federal Direct Loan (Student)
Complete and submit a Free Application for Federal Student Aid (FAFSA) if you have not already done so. Direct Loan eligibility is determined by the federal government and reported to Barton College’s Office of Financial Aid for inclusion in your financial aid award letter.
If this is your first year using Direct Loans, complete the Direct Loan Entrance Counseling form and the Direct Loan Master Promissory Note (MPN) at https://www.studentaid.gov. For more information, click here:
Direct Loan Origination Fees
The loan origination fee is an expense of borrowing Direct Subsidized/Unsubsidized Loans. The Direct Loan origination fee effective July 1, 2021 will be 1.057%. By law, these fees will be subtracted proportionately from each loan prior to disbursement. These fees are subject to change for the 2021-2022 award year. (More information will be provided during the online entrance counseling session.)
Federal Direct Parent Loan for Undergraduate Students
The Federal Direct Parent Loan for Undergraduate Students (PLUS) is a low-interest federally insured loan for parents (as defined by the FAFSA form) of dependent students to help pay college costs. The loan may be used to cover any educational expenses not covered by other forms of financial aid. Under the Federal Direct PLUS program, parents may borrow up to the full cost of their student’s education minus other financial aid received. For more information, click here:
Eligibility for Parent PLUS
To be eligible for a Federal Direct PLUS Loan for Parents, the student and parent must be U.S. citizens or eligible non-citizens. The borrower must not be in default on any federal education loans or owe an overpayment on a federal education grant. The student must complete a FAFSA form and be enrolled or accepted for enrollment in a degree program on at least a half-time basis (six semester hours) as an undergraduate student. The parent borrower must not have an adverse credit history (a credit check will be performed).
Alternative Student Financing Options
Alternative student loans are offered by banks or lending institutions to help students and parents bridge the gap between the cost of education and the amount of financial aid received. These are alternative supplemental loans that are NOT guaranteed by the federal government. Terms and conditions can vary according to specific guidelines.
Applying for Alternative Student Loans
Step 1: Select a lender. Barton College does not endorse any particular lenders. You can research lender options at https://finaid.org/loans/privatestudentloans/.
Step 2: Once the student has selected a lender, simply click on the “Apply Now” option located in the lender’s detailed description to begin the loan application.
Step 3: The lender will notify the student of additional documentation needed or approval of the loan. The lender then will send a certification request to the Office of Financial Aid for authorization of the loan.
Step 4: Students may check the status of the loan by contacting the lender.
To help defray your college expenses, we offer various part-time jobs on campus, such as in the library, dining hall, and departmental offices, as part of the federally sponsored College Work Study Program. If you are interested in working on campus, positions are posted by the Office of Academic and Career Planning via College Central. In order to apply for a position, you will need to contact the department offering the position. To qualify for federal work study, you will need to complete the FAFSA form at http://www.fafsa.ed.gov.