Lender Selection Disclosure

Lender Selection Policy Disclosure

To assist students in selecting a lender, the financial aid office conducts an annual evaluation of potential lenders. All preferred lenders must satisfy the following expectations:

• Demonstrate a commitment to helping borrowers avoid going into default (e.g., proactively contacting borrowers who are late on payments, providing resources that help borrowers manage their money and avoid borrowing too much).
• Demonstrate the commitment and ability to provide educational loans for the long term.
• Clearly communicate the terms and conditions of their educational loans.
• Provide high levels of customer service, including, but not limited to, online loan applications, access to loan status online, disbursement of loan funds via electronic funds transfer, online loan information tailored specifically for Bethel borrowers, and prompt response to any loan processing issues identified by our borrowers or our staff.

In addition, we have a strong preference for working with lenders that are familiar to our borrowers (name recognition) and partner with guarantee agencies located in Minnesota.

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 current recommended 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.