Office of Financial Aid
Beginning in fall 2009, Bethel University will participate in the William D.
Ford Federal Direct Loan Program. This means that parents will now get PLUS
Loans directly through the Department of Education, rather than through private
lenders participating in the Federal Family Education Loan Program (FFELP).
All Parents borrowing a PLUS loan for 2009-2010 must complete a new
Master Promissory Note (MPN), for each dependent student by following the
instructions below.
(Parents without internet access should contact the financial aid office at 651.638.6241)
Complete a Master Promissory Note (MPN) - ALL PLUS
borrowers: Complete one Master Promissory Note for each of your
dependent students at the Federal Student Aid Direct Loan website. For questions
about PLUS Master Promissory Note or approval status, contact the Loan
Origination Center at 800.557.7394.
All parent borrowers must complete a new Direct PLUS Master Promissory Note even if you have previously borrowed a PLUS Loan at Bethel.
Direct PLUS (Parent) loans have a 7.9% fixed interest rate.
The
fee for a Direct PLUS Loan is 4%; however, a 1.5% interest rate rebate
reduces this fee to a net of 2.5%. Once you begin repayment you must
make 12 on-time monthly payments to retain this benefit.
Repayment
begins 60 days after the full amount borrowed for a school year has
been disbursed (around April 1 for a full-year loan). However, parents
may request that repayment be delayed until 6 months after the student
graduates or is no longer enrolled at least half-time.
To
request this deferment, parents must contact the Direct Loan Servicing
Center at 1.800.848.0979. Information regarding repayment may be found
online on the Direct Loan Servicing website at www.dl.ed.gov and all repayment questions should be directed to Borrower Services at the Direct Loan Servicing Center at 1.800.848.0979.
For additional information regarding the Direct Loan Program, visit the U.S. Department of Education's Direct Loan website at http://www.direct.ed.gov/student.html or choose one of the links below.