Financial Aid Berk Trade and Business School

FEDERAL DIRECT UNSUBSIDIZED STUDENT LOAN (FDUSL)
A Federal Direct Unsubsidized Student Loan is for those students whose needs analysis does not allow for part or all of the Federal Subsidized Student Loan. The programs have the same eligibility criteria. The main difference is that the in-school interest is not paid by the federal government. The interest may be paid by the borrower on a quarterly basis or deferred until repayment of the loan.

THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP)
Federal Family Education Loan Program is the private sector student loan program that helps make higher education affordable and accessible. The FFELP is an unique public-private partnership between the federal government, lenders, schools, guarantors, students and taxpayers. This program has helped make the dream of higher education a reality for more than 50 million students and their families.

FEDERAL DIRECT LOAN PROGRAM (FDLP)
The Federal Direct Loan Program is an entitlement program that enables eligible applicants and their parents to obtain student loans to meet their school-related expenses. Federal regulations require that students complete a FAFSA application before applying for a student loan. And, before the loan process is complete, the student must meet with a financial aid coordinator for a loan entrance interview pertaining to the student's rights and responsibilities under the program. The student is also required to meet with a loan coordinator during the last term of attendance for a loan exit interview.

THE FEDERAL DIRECT PARENT LOAN PROGRAM (PLUS)
Federal Direct Parent Loans for Students are available to parents of dependent students to help meet a student's educational expenses. The student for whom the loan is borrowed must meet all Title IV eligibility criteria. Federal Parent loans do not require a financial needs test but PLUS loan borrowers are subject to a credit check. All PLUS loan borrowers have a loan origination and insurance premium fee which is deducted from the original loan amount. The maximum PLUS loan is equal to the cost of attendance at the School less other expected financial aid. Federal PLUS Loans have a variable interest rate, and repayment will begin forty-five days after the loan is fully disbursed.

For additional information, please call the Office of Financial Aid at 718.729.0909 or email your questions or comments to: financialaid@berktradeschool.com