PBA participates exclusively in the William D. Ford Federal Direct Loan program. Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The Direct Loan program offers loans that are issued by the United States Department of Education, rather than by a traditional bank.
With Direct Loans, you
The following loans are made through the Federal Direct Loan Program, which is administered by the U.S. Department of Education:
Direct Subsidized Loans are for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
Direct Unsubsidized Loans are not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
Direct PLUS Loans are unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
To Apply for Subsidized / Unsubsidized Loans:
To Apply for Graduate PLUS Loan:
To Apply for Parent PLUS Loan:
Parents of dependent students can apply for a Parent PLUS loan by following these instructions.
To be eligible for a PLUS Loan, you must not have an adverse credit history, which the Department will check when you apply for the loan. If you are found to have an adverse credit history, you may still borrow a PLUS Loan by using an endorser or appealing your credit decision. An endorser (who does not have an adverse credit history) is someone who agrees to repay the loan if you do not. The endorser may not be the student on whose behalf a parent obtains a PLUS Loan. If you believe there are extenuating circumstances related to your adverse credit history, you may submit an appeal with the Direct Loan Center to reverse the credit decision.
|Undergraduate Direct Loans (Subsidized & Unsubsidized)||3.76%|
|Graduate & Pharmacy Direct Loans (Unsubsidized)||5.31%|
|Direct PLUS Loans (Parent/Grad)||6.31%|
|Freshman||$5,500 - No more than $3,500 may be subsidized.||$9,500 - No more than $3,500 may be subsidized.|
|Sophomore||$6,500 - No more than $4,500 may be subsidized.||$10,500 - No more than $4,500 may be subsidized.|
|Junior / Senior||$7,500 - No more than $5,500 may be subsidized.||$12,500 - No more than $5,500 may be subsidized.|
|Graduate||$20,500 - Unsubsidized only|
|Pharmacy (90+ hours)||$33,000 - Unsubsidized only|
Please note: If the parent of a dependent student is unable to obtain a Parent PLUS loan, the student may receive the independent max loan amount.
Once you are no longer enrolled at least half time in an eligible program, you will receive a 6-month grace period on your Direct Subsidized and Unsubsidized Loans during which you are not required to make loan payments. You must begin repayment at the end of your grace period.
If you have an in-school deferment on a Direct Subsidized or Unsubsidized Loan that entered repayment at an earlier date (before you returned to school) and you graduate, drop below half-time enrollment, or withdraw from school, you will be required to immediately begin making payments on the loan because the 6-month grace period has already been used up; there is no second grace period.
$31,000 - No more than $23,000 may be subsidized
$57,500 - No more than $23,000 may be subsidized
Graduate - $138,500
Pharmacy - $224,000
Please make sure that both PBA and your loan servicer know that you are no longer enrolled. If you don't begin making payments when required, there is the possibility that you will lose repayment incentives you may have received or even go into default.
PBA is required to ensure that you receive exit counseling before you graduate or withdraw. Check with the Financial Aid Office to see how exit counseling is conducted, whether as a personal or group exit interview or as a session that you can complete online at the StudentLoans.gov website.
When considering private student loans, it is extremely important from a personal finance standpoint that you have first exhausted ALL other financing options such as grants, scholarships, and considered all types of federal student loan options. Without excellent credit histories, students will likely need to find willing, creditworthy individuals to co-sign their Private Loan applications in hopes of being approved.
If you are having trouble choosing a lender, view the list we have compiled on FASTChoice. Palm Beach Atlantic University provides a preferred lender list which is reviewed biannually by a board of professionals. The list is comprised of lenders that the board has deemed competitive. The criteria are based on historical data with Palm Beach Atlantic University and information provided about specific loan products. Carefully review and compare loan products, and apply for the product that best suits your eligibility and needs. You may use a lender that is not on the list.
We recommend you request a free copy of your credit report from each of the three credit bureaus (Equifax, Experian, and TransUnion), at www.annualcreditreport.com, as you are entitled annually by law. While you must pay a fee to each of the three credit bureaus to obtain your actual credit score(s), it is important to at least check your credit report(s) annually for any errors or illegal use.