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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 award 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

1.051% (after 7/1/2013)

1.051% (after 7/1/2013)

4.204% (after 7/1/2013)

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

3.86% fixed (first disbursed 7/1/2013-6/30/2014)

3.86% fixed (first disbursed 7/1/2013-6/30/2014) 6.41% fixed (first disbursed 7/1/2013-6/30/2014) 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, 2012, and June 30, 2013, was $22,361. Assuming a 6.8% interest rate and 10 years to repay their loans, average undergrad students borrowers will make monthly loan payments of about $257.

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.

The Budget Calculator and Loan Payment Calculator offered by the U.S. Department of Education are good tools to help 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 BorrowedEstimated 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

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