Graduate School

Educational Loans

Most students borrow to pay a portion of their school bill. When choosing a loan, students should begin with the Federal Stafford loan and then if additional funds are needed, other educational loans. Loans must be repaid; therefore, students are encouraged to borrow only what they need, and only what they can afford to repay.

Federal Stafford Loan

(See the Stafford Loan webpage for more information and the application procedure.)

Eligibility: Students who demonstrate financial need are eligible for a Subsidized Federal Stafford Loan for which the federal government pays the interest until students enter repayment (six months after graduation or dropping below half time). Students who do not qualify for the interest subsidy may borrow an Unsubsidized Federal Stafford Loan for which the government does not pay the interest (i.e., the borrower is responsible for the interest while in school and through the grace period).

Amount: Up to $20,500 per year - no more that $8,500 of this amount may be in subsidized loans. The cumulative maximum debt from Stafford Loans when you graduate is $138,500 - no more than $65,500 of this amount may be in subsidized loans. (The cumulative graduate debt limit includes Stafford Loans received for undergraduate study.)

Features: Stafford loans disbursed after 7/1/2006 have a 6.8% fixed interest rate. Beginning with the 2009-2010 academic year, Bethel University will participate in the Federal Direct Loan Program in which students will get their Direct Stafford Loans directly through the U.S. Department of Education, rather than through private lenders.

Federal PLUS Loan

(Grad PLUS for Graduate Students)

(See the PLUS Loan webpage for more information and application instructions.)

Amount: Cost of attendance minus other aid.

Eligibility: Graduate or professional students who need to borrow more than the maximum subsidized and unsubsidized loan amounts. Student must be enrolled at least half time.  A credit check will be conducted and students must not have an adverse credit history (unless the student can get the loan endorsed by someone who does not have an adverse credit history).

Features: Beginning with the 2009-2010 academic year, Bethel University will participate in the Federal Direct Loan Program in which students will get their Direct PLUS Loans directly through the U.S. Department of Education, rather than through private lenders. Direct PLUS loans have a 7.9% fixed interest rate. Repayment of principal and interest begins 60 days after loan is fully disbursed.

Private Student Loans

(See the Private Loan webpage for more information, Bethel's list of preferred lenders, and the application procedure.)

Amount: Cost of attendance minus other aid.
Features: Variable interest rates. Repayment generally begins after students graduate. Students responsible for interest while enrolled. Fees and interest rates vary depending on lenders and credit check. Co-signer required by some lenders.