Tuition & Financial Aid
Most students take out loans to help pay a portion of their seminary bill. Weigh your options to make sure you're borrowing loans you can manage.
Refer to your financial aid offer to see what loans you're eligible to borrow.
Which loan is best for you?
Take a look at the differences between educational loan programs to find the best loan based on your eligibility.
| Loan Type | Fees | Make payments while in school? | Interest rate | Repayment | More info |
|---|---|---|---|---|---|
| Direct Unsubsidized loans | 1.057% | Interest accrues. Optional in-school payment. |
8.08% fixed (first disbursed 7/1/2024- 6/30/2025) |
10 years | Unsubsidized loans |
| Direct PLUS loans | 4.228% | Yes |
9.08% fixed (first disbursed 7/1/2024- 6/30/2025) |
10 years | PLUS loans |
| Private loans | Varies | Yes | Varies | Varies (10+ years) | Private loans |
Note
Graduate and professional students are no longer eligible to receive federal Direct Subsidized loans after 7/1/2012.
What's the average student loan debt?
The average student loan debt of seminary borrowers who graduated between July 1, 2023 and June 30, 2024, was $38,342. Assuming a 6.8% interest rate and 10 years to repay their loans, average seminary student borrowers will make monthly loan payments of about $439. Default rates were significantly impacted by the federal payment pause. During the pause, borrowers were not required to make payments and no ED-held loans entered default. Thus, the most recent Bethel and National Cohort default rates both were 0%.
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 creating your budget and Loan Simulator tools offered by the U.S. Department of Education. These 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 |