College of Adult & Professional Studies

Students who have not applied for financial aid should contact a counselor in the financial aid office prior to applying for a private loan.

How to Apply Online:

If you need assistance with this process, contact the financial aid office at 651.638.6241.

1. Determine your loan amount. The maximum amount students can borrow in a private loan is listed on their Financial Aid Award Letter as "Other Loan Eligibility."
2. Select a lender and complete a private loan application and promissory note. Our recommended lenders are listed below. Click the "To Apply" button below to proceed to the FASTChoice website where you can compare the private loans offered by these lenders and apply online. If you choose to borrow from a lender not listed below, please contact the financial aid office and provide the name of the lender, the lender's phone number, and the amount you requested.
3. Provide supplemental information to your lender if requested. Some lenders require proof of identity and/or proof of income. All requested information must be provided to your lender before your loan can be processed.
   

Features

• Students do not need to complete a FAFSA to borrow these loans.
• Repayment begins six months after students graduate or drop below half time. There is no penalty for early repayment.
• Repayment terms vary by lender.

Interest

• Interest rates are based on credit and are variable.
• Interest accrues while student is enrolled and is capitalized at repayment if not paid.
• Some lenders require interest-only payments while student is enrolled.

Recommended Lenders

• Chase
  
• Citibank
• Discover
• Sallie Mae
• SELF (Minnesota Office of Higher Education)
• U.S. Bank
• Wells Fargo

Lender Selection Policy Disclosure

To assist students in selecting a lender, the financial aid office conducts an annual evaluation of potential lenders. All preferred lenders must satisfy the following expectations:

• Demonstrate a commitment to helping borrowers avoid going into default (e.g., proactively contacting borrowers who are late on payments, providing resources that help borrowers manage their money and avoid borrowing too much).
• Demonstrate the commitment and ability to provide educational loans for the long term.
• Clearly communicate the terms and conditions of their educational loans.
• Provide high levels of customer service, including, but not limited to, online loan applications, access to loan status online, disbursement of loan funds via electronic funds transfer, online loan information tailored specifically for Bethel borrowers, and prompt response to any loan processing issues identified by our borrowers or our staff.

In addition, we have a strong preference for working with lenders that are familiar to our borrowers (name recognition) and partner with guarantee agencies located in Minnesota.

Students are free to select any lender for their educational loans. However, after a thorough review of lender data, we encourage borrowers to strongly consider one of the current recommended lenders to ensure that they receive the highest level of customer service, avoid delays in processing loans, and have access to the best borrower benefits available to Bethel students.