STUDENT Loan Programs 


Steps required for student loans at Berry College.

Berry College participates in the William D. Ford Federal Direct Loan Program (Direct Loan). All loans are funded by the U.S. Department of Education.

There are two kinds of Federal Direct Student Loans:

Federal Subsidized Direct Loans are based on need, and the federal government pays the interest while you are in school at least half-time. The Subsidized Direct Student Loan has an origination fee that is deducted from the loan proceeds before the funds are applied to your tuition account. The interest rate on Direct Subsidized Student Loans is fixed. Repayment of direct loans begins six months after you are no longer enrolled at least half-time. You only receive one six-month grace period.

Federal Unsubsidized Direct Loans are not need-based and the student is responsible for interest that accrues while attending school. Unsubsidized loans have an origination fee that is deducted from the loan proceeds before the funds are applied to your tuition account. The interest rate on Direct Unsubsidized Student Loans is fixed. Repayment of your direct loans begins six months after you are no longer enrolled at least half-time. You only receive one six-month grace period.

Visit www.studentaid.ed.gov for current interest rates and fees.

General Requirements and Regulations:

  • Students must be U.S. citizens or eligible non-citizens.
  • Students must complete Entrance Loan Counseling. Entrance counseling is valid while the student is consecutively enrolled at least half-time (minimum of 6 credits).
  • Students must be accepted in a degree-seeking program.
  • Students must be registered at least half-time (minimum of 6 credits).
  • Students must attend classes and maintain satisfactory academic progress to continue to be eligible for their loans.
  • Students must complete the Master Promissory Note (MPN) to receive direct loan funds. The MPN is active for up to a ten-year period.¬†
Year Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
First Year Undergraduate
(0 - 29 credit hours)
$5,500--No more than $3,500 of this amount may be subsidized loans. $9,500--No more than $3,500 of this amount may be in subsidized loans.
Second Year Undergraduate
(30 - 59 credit hours)
$6,500--No more than $4,500 of this amount may be in subsidized loans. $10,500--No more than $4,500 of this amount may be in subsidized loans.
Third Year and Beyond Undergraduate $7,500 per year--No more than $5,500 of this amount may be in subsidized loans. $12,500 per year--No more than $5,500 of this amount may be in subsidized loans.
Graduate or Professional Degree Students Not Applicable $20,500
Maximum Total Debt from Subsidized and Unsubsidized Loans $31,000--No more than $23,00 of this amount may be in subsidized loans. $57,500 for undergraduates--No more than $23,00 of this amount may be in subsidized loans.

$138,500 for graduate or professional students--No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes all federal loans received for undergraduate study.