Office of University Financial Aid
College of Arts & Sciences
Federal Perkins Loan
Due to limited Perkins funding, not all Bethel students will have the opportunity to borrow a Perkins Loan. Students that were awarded Perkins Loan eligibility but who do not complete the Perkins Loan application process by July 1 may have their Perkins eligibility reduced or cancelled.
How to Apply Online
(Students without internet access should contact the financial aid office at 651.638.6241.)
- Entrance Counseling: First-time Perkins borrowers must complete the online Perkins Loan Entrance Counseling (at the Mapping Your Future website) by July 1.
- Promissory Note: First-time Perkins borrowers must complete a Federal Perkins Loan Master Promissory Note (PDF format). Students should print, sign, and mail the Perkins Promissory Note to the Office of University Financial Aid, Bethel University, 3900 Bethel Drive, St. Paul, MN 55112. Facsimiles of a promissory note are not acceptable. Repeat Perkins borrowers do not need to complete a new Perkins Promissory Note.
- Authorize Loan Amount: All Perkins borrowers must complete and return their Financial Aid Loan Response Form (received with their Award Letter), alerting the financial aid office how much Perkins Loan they need to borrow. Students should complete this process by July 1 to prevent losing their Perkins eligibility.
Interest Rate
- 5% fixed interest
Features
- Loan counseling is required (entrance and exit).
- Interest charges begin when student enters repayment, nine months after graduating or dropping below half-time student status.
- Minimum payment is $40/month.
- Perkins is a need-based loan.
- Due to limited Perkins loan funds, priority is given to freshmen and sophomores who meet the April 15 financial aid application deadline.
- Bethel awards eligible freshmen up to $2,000 and sophomores up to $1,000 of Perkins Loan.