Office of Financial Aid
Graduate School
Direct PLUS for Graduate Students
Beginning
in fall 2009, Bethel University will participate in the William D. Ford
Federal Direct Loan Program. This means that students will now get PLUS
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 PLUS loan for 2009-2010
must complete a new Master Promissory Note (MPN), by following the instructions below.
How to Apply Online for 2009-2010
(Students without internet access should contact the financial aid office at 651.638.6241)
- Complete the steps to apply for financial aid: Follow the instructions on the How to Apply webpage and wait to receive your Financial Aid Award letter showing your loan eligibility before you apply for loans.
Complete Entrance Counseling (new PLUS borrowers only): New PLUS borrowers must complete PLUS Loan Entrance Counseling online at the Federal Student Loan Servicing website.
Complete a Master Promissory Note (MPN) - ALL PLUS borrowers: Complete a Master Promissory Note at the Federal Student Aid Direct Loan website. For questions about PLUS Master Promissory Note or approval status, contact the Loan Origination Center at 800.557.7394.
All student borrowers must complete a new Direct PLUS Master Promissory Note even if you have previously borrowed a PLUS Loan at Bethel.
- Authorize loan amount: To tell the financial aid office how much you plan to borrow, use the Direct PLUS Loan Response Form available on our website. Your PLUS loan will not be processed until
you submit the loan amount request to the financial aid office.
Interest Rate
Direct PLUS loans have a 7.9% fixed interest rate.
Loan Fees
The fee for a Direct PLUS Loan is 4%; however, a 1.5% interest rate rebate reduces this fee to a net of 2.5%. Once you begin repayment you must make 12 on-time monthly payments to retain this benefit.
Features
- Repayment begins 60 days after loan is fully disbursed.
- Students may borrow up to the cost of attendance minus other aid.
- The minimum payment is $50/month.
- A credit check is required.
Direct Loan Information
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.