Private loans are an additional way to finance the costs of higher education when federal options are exhausted. You can borrow private loans through lenders whose loans are unassociated with any federal student loan program.

You should consider your federal options before applying for a private loan. If you haven’t applied for financial aid through Bethel, call our office at 651.638.6241 before applying for a private loan. 

Interest

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.

Repayment

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.

Loan Fees

Fees will vary depending on lenders and your credit score. 

Amount

Your private loan can't exceed the amount listed as "other loan eligibility" on your financial aid award letter.

Evaluating Lenders

Bethel evaluates potential lenders each year. Take a look at the evaluation criteria we use to determine which lenders will be on our preferred lender list.

When to Apply

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.

How to Apply

If you’re still interested in private loans after receiving your award, here’s how to apply:

1. Follow the steps to apply for financial aid.
2. Bethel will send you a financial aid award with your loan eligibility.
3. After reviewing your loan eligibility, walk through Bethel's recommendations for applying for private loans.