Entrance & Exit Counseling
If you’re borrowing federal loans, you’ll need to complete entrance counseling before you receive your funds and exit counseling when you leave Bethel to go over your rights and responsibilities.
Loan Entrance Counseling
You must complete this online counseling prior to the disbursement of your loan. Parents who borrow a PLUS loan are not required to complete entrance counseling.
Remember to complete entrance counseling for each type of loan you will use:
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Direct Loan entrance counseling for Direct Subsidized, Direct Unsubsidized and Graduate PLUS (on the StudentLoans.gov website). Be sure to select "Complete Entrance Counseling." Please note - if you complete the "Financial Awareness Counseling," this does not satisfy the loan entrance counseling requirements.
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Perkins Loan entrance counseling (on the ECSI website)
Loan Exit Counseling
Upon graduation, withdrawing, or dropping below half-time status, you must complete loan exit counseling to review your rights and responsibilities as you enter repayment of your student loans.
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Subsidized, Unsubsidized, and PLUS Loan exit counseling can be completed on the StudentLoans.gov website. Completing this session satisfies Bethel University's exit counseling requirements.
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Perkins Loan exit counseling is located on the ECSI website. If you have questions about Perkins Loan Exit Counseling, contact Jane Thielen at j-thielen@bethel.edu or 651.635.1003.
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 |