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Most students take out loans to pay a portion of their school bill. Weigh your options to make sure you can manage the loans you borrow.
Refer to your financial aid offer to see what loans you're eligible to borrow.
Which loan is best for you?
Compare the educational loan programs to find the best loan based on your eligibility.
| Direct Subsidized Loans | Direct Unsubsidized Loans | Direct PLUS Loans | Private Loans | |
|---|---|---|---|---|
| Borrower | Student | Student | Parent of dependent students only | Student (may require credit-worthy cosigner) |
| Fees |
1.057% |
1.057% |
4.228% |
Varies |
| Make payments while in school? | No | Interest accrues. Optional in-school payment. | Yes | Interest accrues. Some require interest payments while in school. |
| Interest rate |
5.50% |
5.50% |
8.05% |
Varies |
| Repayment | Up to 10 years | Up to 10 years | Up to 10 years | Varies (10+ years) |
| Bethel's advice |
1st choice |
2nd choice | Compare benefits to see if it's the best option. | Compare benefits of each to find the best option. |
| More info | Subsidized Loans | Unsubsidized Loans | PLUS Loans | Private Loans |
What's the average student loan debt?
The average student loan debt of borrowers who graduated from Bethel's College of Adult & Professional Studies between July 1, 2021, and June 30, 2022, was $23,660. Assuming a 6.8% interest rate and 10 years to repay their loans, average undergrad students borrowers will make monthly loan payments of about $271. Bethel's most recent cohort default rate was 1.1% compared to the national cohort default rate of 2.3%.
How much should you borrow?
It’s important to avoid borrowing more than you’ll be able to repay after graduation. A reasonable monthly student loan payment would be 8-10% of your monthly income.
Check out the Budgeting and Loan Repayment Calculator information offered by the U.S. Department of Education. Theses are good tools to help you plan your expenses and loan debt.
Take a look at this chart based on a 10-year repayment period to see what your monthly payments could look like. Payments reflect a 6.8% interest rate.
Sample loan repayment:
| Amount Borrowed | Estimated Monthly Payment |
|---|---|
| $3,500 | $50 |
| $5,500 | $63 |
| $7,500 | $86 |
| $10,500 | $121 |
| $15,000 | $173 |
| $18,500 | $213 |
| $23,000 | $265 |
| $31,000 | $357 |
| $40,000 | $460 |
| $50,000 | $575 |
| $60,000 | $690 |
| $65,500 | $754 |
| $80,000 | $920 |
| $100,000 | $1,151 |
| $138,500 | $1,594 |