Office of Financial Aid
Beginning in fall 2009, Bethel University will participate in the
William D. Ford Federal Direct Loan Program. This means that students
will now get Stafford Loans directly through the Department of
Education, rather than through private lenders participating in the
Federal Family Education Loan Program (FFELP). All students borrowing a Stafford loan for 2009-2010 must complete a new Master Promissory Note (MPN), see instructions below.
(Students without internet access should contact the financial aid office at 651.638.6241.)
Entrance Counseling:
New Bethel borrowers must complete Stafford Loan Entrance Counseling
online at the Federal Student Loan Servicing website. (If you borrowed
a Federal Stafford loan previously at Bethel and completed entrance
counseling in a year prior to 2009-2010, you do not have to complete
Direct Loan Entrance Counseling)
Complete a Master Promissory Note:
All students must complete a new Master Promissory Note (MPN) at the
Federal Student Aid Direct Loan website even if you have previously
borrowed a Stafford Loan at Bethel.
You
may sign your MPN online by using your Department of Education PIN (the
same PIN that you may have used to sign your FAFSA). If you do not
have a Department of Education PIN, or you have lost your PIN, you may
obtain one by visiting www.pin.ed.gov.
Request Loan Amount: You may request your Stafford Loan amount online via BLink.
If you prefer not to accept your loan online, you may complete and submit a paper Federal Direct Stafford Loan Request Form. Your Direct Stafford Loan will not be processed until you have requested the loan amount.
|
Dependent Student |
Independent Student |
|
|
1st Year |
$5,500 - No more than $3,500 of this amount may be subsidized |
$9,500 - No more than $3,500 of this amount may be subsidized |
|
2nd Year |
$6,500 - No more than $4,500 of this amount may be subsidized |
$10,500 - No more than $4,500 of this amount may be subsidized |
|
3rd and 4th Years (each) |
$7,500 - No more than $5,500 of this amount may be subsidized |
$12,500 - No more than $5,500 of this amount may be subsidized |
|
Maximum Total Stafford Loan Debt When You Graduate |
$31,000 - No more than $23,000 of this amount may be in subsidized loans |
$57,500 - No more than $23,000 of this amount may be in subsidized loans |
|
Loans First Disbursed |
Undergraduate Students |
Undergraduate Students |
|
|
Subsidized |
Unsubsidized |
|
July 1, 2009 to June 30, 2010 |
5.6% |
6.8% |
| July 1, 2008 to June 30, 2009 | 6.0% | 6.8% |
| July 1, 2007 to June 30, 2008 | 6.8% | 6.8% |
The fee for Direct Subsidized and Unsubsidized Loans is 1.5%; however, a 1% interest rate rebate reduces this fee to a net of .5%. Once you begin repayment you must make 12 on-time monthly payments to retain this benefit.
Students should complete this process by October 15 for fall semester,
March 15 for spring semester, and July 15 for summer semester. Federal
Stafford loans cannot be processed after a semester has ended or when a
student is no longer enrolled.
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.