Loans / Federal Aid
Barclay College participates in the Federal Family Education Loan Program. Students interested in taking out a loan to help finance their education at Barclay may apply online with our preferred lenders. All lenders offer applications that can be completed and signed online.
Apply for a Federal Loan
Federal Subsidized Stafford Loan
This is a long term, low-interest loan designed to provide students with additional funds for school. The interest is paid by the government while the student is enrolled at least half-time. This is a need-based loan as determined by the FAFSA. The loan does not go into repayment until 6 months after graduation or dropping below half-time. The student must repay this aid.
Federal Unsubsidized Stafford Loan
This is different from the subsidized loan in that the student is responsible for the interest on the loan amount while still in school. Interest can be paid as you go, or it can be added to your loan amount. This is a non-need-based loan as determined by the FAFSA. The loan does not go into repayment until 6 months after graduation or dropping below half-time. The student must repay this aid.
Parent Loan for Undergraduate Students (PLUS)
Parents of dependant students that have filed a FAFSA may apply for a loan for their child's education. The repayment begins 60 days after receiving the loan. Interest rates are currently at 6.8%. This is a credit-based loan. If a PLUS loan is denied, the dependent student will be treated as independent for the calculation of loans.
Veteran's Benefits
Barclay College is approved to offer education to veterans eligible to receive Veteran's Benefits. Information on veterans' educational benefits is available on the U.S. Department of Veterans Affairs website www.gibill.va.gov. You may obtain an application from the Financial Aid Office.
Financial aid for active and reserve members of the military forces is available through the DANTES (Defense Activity for Non-Traditional Education Support) program. Contact your service's Education Center or your unit education representative. Information is available on the DANTES website www.dantes.doded.mil.
Alternative Loans
Sometimes the standard loans are not enough for students, this is where alternative loans become an option. These loans have a higher interest rate than the Stafford and PLUS loans. We do not add these to the award letter unless a student specifically asks. More information is in the Student Financial Services Office.