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 such as banks or credit unions.
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 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.
Fees vary depending on lenders and your credit score.
The maximum amount you can borrow is listed as "PLUS/Private Loan Eligibility" on your award letter. If your award doesn’t include a private loan amount, contact the financial aid office to determine your eligibility.
Bethel evaluates potential lenders each year. The criteria we use to determine which lenders are on our preferred lender list may be reviewed here: evaluation criteria.