Office of University Financial Aid
(Students without internet access should contact the financial aid office at 651.638.6241.)
|
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 |
Graduate Students |
|
|
Subsidized |
Unsubsidized |
All Stafford Loans |
|
July 1, 2007 to June 30, 2008 |
6.8% |
6.8% |
6.8% |
|
July 1, 2008 to June 30, 2009 |
6.0% |
6.8% |
6.8% |
Funds are disbursed directly to the student's Bethel account. Half of the funds (less any loan fees) are posted at the beginning of fall term; half of the funds are posted at the beginning of spring term.
July 1 for full-year and fall semester loans; November 15 for spring semester loans; May 1 for summer semester loans.
To assist students in selecting a lender, the financial aid office conducts an annual evaluation of potential lenders. 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 following preferred 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.
All of Bethel's preferred lenders offer financial benefits to their
borrowers. Please visit the lenders' websites listed below to learn more about the
specific benefits they offer (e.g., rebates of principal, reduced
interest rates for graduation and/or automatic payments).
Stafford Lender |
Initial Loan Fees Paid by Borrower |
Citibank
|
1% default fee |
U.S. Bank
|
1% default fee |
Wachovia Education Finance
|
1% origination fee 1% default fee |
Wells Fargo
|
1% default fee |
* These benefits are for loans processed for the 2008-2009 academic year and are subject to change without notice. The information above is correct as of February 1, 2008. Visit the lenders' websites for current information.
Effective April 1, 2008, Academic Funding Group (AFG), Bremer Bank, EFSI, Student Loan Xpress (SLXpress), and TCF Bank (TCF) are no longer participating in the Federal Family Education Loan Program (FFELP). Therefore, you will not be able to borrow a Stafford, Parent PLUS, or Grad PLUS loan from these lenders for the 2008-2009 year. These lenders also terminated their private educational loan products. Prior borrowers of Stafford and PLUS loans from these lenders will need to select a new lender and complete a new Master Promissory Note for 2008-2009. Prior borrowers of private loans from these lenders will need to select a new lender for the private loan. If you have any questions, please contact the financial aid office by email at finaid@bethel.edu or by telephone at 651.638.6241.
May 28, 2008 update: Total Higher Education (T.H.E.) temporarily suspended their participation in the FFELP from April 1, 2008 through May 27, 2008. As a result of this suspension, T.H.E. forfeited its "preferred lender" status with Bethel University for the 2008-2009 academic year. For more information regarding T.H.E.'s educational loan products, visit www.theloanprogram.org .
To see a current list of lenders that are no longer participating in the federal loan programs, visit http://www.finaid.org/loans/lenderlayoffs.phtml and scroll down to the "Loan Program Suspensions" table.