Contact Us

Bard College
Office of Financial Aid

PO Box 5000
(30 Campus Road)
Annandale-on-Hudson, NY 12504-5000

Location:
Physical Plant, Rm 108
Phone: 845-758-7526 or 845-758-7525
Fax: 845-758-7336
E-mail:
Undergraduate: finaid@bard.edu
Graduate: gradfinaid@bard.edu

Loan Processing

Bard College participates in the Federal Direct Loan Program.

Students eligible for federal aid will be packaged with the maximum direct loan eligibility. The student will need to complete a Master Promissory Note (MPN) and Entrance Counseling. Click here to complete your MPN and Entrance Counseling online. Once the Financial Aid Office receives notification that you have completed the requirements, we will be able to process the loan for this academic year. If you decide not to use the Federal Direct Loan, please indicate 'decline' next to the offered loans on the student's financial aid award letter or notify our office by sending an e-mail to finaid@bard.edu.

Loan Exit Counseling is required for all student borrowers once they are no longer enrolled at Bard. Click here to complete Exit Counseling online. Students may visit the Department of Education's National Student Loan Data System website which contains the central database for all federal loan and grant history. Log on to check your loan balance for all federal loans you may have used at any institution.

Frequently Asked Questions

What is a Direct Loan?

The William D. Ford Federal Direct Loan Program offers low-interest loans for students and parents to help pay for the cost of education after high school. The lender is the U.S. Department of Education rather than a bank or other financial institution.

What kinds of Direct Loans are available?

  • Direct Subsidized Loans available for students with demonstrated financial need, as determined by federal regulations. No interest is charged while the student is enrolled at least half time and during deferment periods.
  • Direct Unsubsidized Loans available for students regardless of financial need; interest is charged during all periods.
  • Direct PLUS Loans low-interest loans available to parents of dependent students. Interest is charged during all periods. PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).
  • Direct Graduate PLUS Loans low-interest loans available to graduate/professional students. Interest is charged during all periods. Grad PLUS loan borrowers cannot have an adverse credit history (a credit check will be done).

What are the interest rates and fees for Direct Loans?

For loans disbursed on or after 7/1/2013 and before 11/30/2013:

Federal Direct Subsidized and Unsubsidized Loans for Undergraduate Students have a Fixed Interest Rate of 3.86% (10-Year Treasury Note Index of 1.81% plus 2.05%) and Origination Fee of 1.051%. Federal Direct Unsubsidized Loans for Graduate/Professional Students have a Fixed Interest Rate of 5.41% (10-Year Treasury Note Index of 1.81% plus 3.60%) and Origination Fee of 1.051%. 

Direct PLUS Loans for Parents of Dependent Undergraduates and PLUS Loans for Graduate/Professional Students have a Fixed Interest Rate of 6.41% (10-Year Treasury Note Index of 1.81% plus 4.60%) and Origination Fee of 4.204%.

For loans first disbursed on or after 12/1/2013 and before 9/30/2014:

Federal Direct Subsidized and Unsubsidized Loans for Undergraduate Students have a Fixed Interest Rate of 3.86% (10-Year Treasury Note Index of 1.81% plus 2.05%) and Origination Fee of 1.072%. Federal Direct Unsubsidized Loans for Graduate/Professional Students have a Fixed Interest Rate of 5.41% (10-Year Treasury Note Index of 1.81% plus 3.60%) and Origination Fee of 1.072%. 

Direct PLUS Loans for Parents of Dependent Undergraduates and PLUS Loans for Graduate/Professional Students have a Fixed Interest Rate of 6.41% (10-Year Treasury Note Index of 1.81% plus 4.60%) and Origination Fee of 4.288%.

How do I complete the Federal Direct Loan Master Promissory Note (MPN)?

The Master Promissory Note (MPN) explains the terms and conditions of your loan. By signing an MPN you promise to repay all loans and any accrued interest and fees to the U.S. Department of Education. You can borrow additional loan funds under a single MPN for up to 10 years. Before receiving your first Direct Loan, you must sign an MPN. Complete your MPN online. You will need your federal PIN to process the MPN.

How do I complete the Federal Direct Loan Entrance Counseling?

Entrance counseling will explain your rights and responsibilities as a borrower. All first-time borrowers must complete entrance loan counseling prior to disbursement of loan funds. Complete Entrance Counseling online. You will need your PIN to complete your entrance counseling.

Where can I find more information about the Direct Loan Program?

The United States Department of Education’s website has a lot of information about the Federal Direct Loan Program including loan limits, interest rates, repayment calculators, deferment, and Direct Loan consolidation. Visit their website go to the Direct Loan page for students.