Most students take out loans to help fund a portion of their seminary expenses. Loans must be repaid, so be sure to plan your finances carefully and borrow only what you can afford.
A federal loan available for students who qualify and need to borrow more than their unsubsidized loan amount.
Cost of attendance minus other aid
Graduate or professional students enrolled at least half time who need to borrow more than the maximum Unsubsidized Loan amounts. You must pass a credit check for approval, unless you get the loan endorsed by someone who does not have an adverse credit history.
Fixed interest rate of 7.21% for Direct PLUS Loans first disbursed after July 1, 2014, to June 30, 2015
The fee for a Direct PLUS Loan is 4.288% after 12/1/2013. Beginning October 1, 2014, the PLUS fee will change to 4.292%.
Payment of principal and interest begins 60 days after your loan is fully disbursed. Learn more about repayment.
If you’ve borrowed your maximum annual Unsubsidized Loan but need additional funds, contact our office to find out if you’re eligible to apply for the Direct PLUS loan.
If you've applied for financial aid and want to borrow a Graduate PLUS loan, here's what you should do to complete the process:
Contact the financial aid office to see if you're eligible to borrow a PLUS loan.
Select Start Direct PLUS Application Process.
Choose the Graduate Direct PLUS loan type.
This includes a credit check. You'll need to specify a loan amount. If you select the maximum amount, we'll process your loan for your maximum eligibility.
Once you've completed the application, you'll receive notice from the Department of Education if you're approved or denied.
Bethel will let you know if you need to complete this step of the process.
If you want to change the loan amount you requested in the application process, send an email to email@example.com. Please include your name, Bethel ID#, and the adjusted amount you want to borrow.
For questions about the Direct PLUS Master Promissory Note or approval status, contact the Loan Origination Center at 800.557.7394.
A federal loan offered by the U.S. Department of Education to students who qualify through the Free Application for Federal Student Aid (FAFSA).
You must complete the Free Application for Federal Student Aid (FAFSA) to be eligible for an Unsubsidized Direct Loan.
Unsubsidized Loans are not based on need. You are responsible for interest that accrues. You can choose to pay the interest while you’re in school or have the accrued interest added to your loan when you enter repayment.
Direct Unsubsidized Loans have a fixed interest rate for the life of the loan. This interest rate for graduate students is 6.21% for loans first disbursed between July 1, 2014, and June 30, 2015.
The fee for Direct Unsubsidized Loans is 1.051% after 7/1/2013. Beginning October 1, 2014, this fee will change to 1.073%.
After you apply for aid, you'll get a financial aid award letting you know if you're eligible for a Direct Unsubsidized Loan.
If you plan to borrow this loan, make sure to process your loan at least 1 month before you start classes.
If you’re a new Bethel borrower, you must complete loan entrance counseling and a master promissory note (MPN). Be sure to select "Complete Master Promissory Note" and "Complete Entrance Counseling." Please note - if you complete the "Financial Awareness Counseling," this does not satisfy the loan entrance counseling requirements.
You'll need your Federal Student Aid PIN to log in to complete entrance counseling and sign your MPN. Select Minnesota as the School State when completing your entrance counseling, regardless of your geographic location.
It’s typical for students to borrow a loan for the whole school year. Keep in mind that your direct loans are disbursed equally over each eligible term even though your student charges are based on your enrollment per term and may not be equal.
Request the amount you’d like to borrow online through Blink [Student Services > Financial Aid Awards channel > Financial Aid Awards].
To maintain Direct Loan eligibility, you must be enrolled at least half time (3 credits per term for master's degree students, 6 credits per term for licensure-only students).
Various lenders offer private loans for students who need to borrow more than their federal loan eligibility. You will be responsible for paying interest while you're in school.
Your private loan can't exceed the amount listed as "private" or "other loan eligibility" on your financial aid award letter.
Interest rates vary depending on lenders and your credit score. Some lenders require you to pay interest while you’re in school. Others give you the option to add the interest that accrues while you’re in school to your total loan amount when you enter repayment.
Fees vary depending on lenders and your credit score.
Repayment terms will vary by lender, although repayment typically begins 6 months after you graduate or drop below half-time enrollment. You won't be penalized for paying off your loan early.
If you haven’t applied for financial aid through Bethel, contact a financial aid counselor before applying for a private loan.
It takes a minimum of 30 days from the date of application for a private loan to be processed and the loan funds to be disbursed by the lender.
The maximum amount you can borrow is listed either as "PLUS/Private Loan eligibility" or "Other Loan Eligibility" on your award letter.
Select a lender and complete the lender's online application and promissory note. These lenders may have more than one loan program that you can choose from.
If you choose not to borrow from a Bethel preferred lender, please give us the name of the lender, the lender's phone number, the amount you requested, and if the loan is for a particular term. Contact your lender directly for application instructions.
All lenders will require a self-certification form, which they provide. Some will require proof of identity or income. All requested information must be given to your lender before your loan can be processed.
It’s important that you’re actively involved in the loan process so your loan funds can be disbursed in a timely manner. Check your junk email to be sure you haven't missed any communication from your lender.
To help you choose a private lender, we evaluate potential lenders each year. Here are our current preferred lenders and the criteria we take into account when recommending lenders.
All of our preferred lenders meet these expectations:
Students are free to select any lender for their educational loans. However, after a thorough review of available lenders, we encourage our students to consider our recommended lenders to ensure they receive the highest level of customer service, avoid delays, and have access to the best borrower benefits available.
The Bethel University Office of Financial Aid adheres to the National Association of Student Financial Aid Administrators' Statement of Ethical Principles and Code of Conduct and Bethel's Code of Conduct Governing Educational Loan Activities.