Your FAFSA indicates your eligibility for federal grants and loans to cover the cost of your college education.
- Grants=FREE money awarded based on financial needs
- Loans=Borrowed money, expected to be paid back at a low interest rate
- Subsidized Loan=Interest deferred while attending college full-time
Your federal grants are free money based on your financial needs.
Pell Grant: up to $5,920
FSEOG: $200-$1,000 (Federal Supplemental Educational Opportunity Grant)
TEACH: $4,000 (Teacher Education Assistance for College and Higher Education Grant Program)
- Available for 4 years
- 3.25 cumulative GPA
- Completing (or plan to complete) coursework and requirements necessary to begin a career in teaching
- Teach 4 out of 8 years following college in a Title 1 school.
- Teach in one of the following fields: Math, Science, Foreign Language, Bilingual Education, Special Education, Reading Specialist.
- Warning: Students who do not complete their obligations will have their TEACH grant aid treated as a Federal Direct Unsubsidized Loan.
Your federal loans are borrowed money you’re expected to pay back with a low interest rate.
Subsidized Direct Loan
Awarded based on your demonstrated need. You’ll be able to defer the interest while you are attending college full-time. Payments will begin six months after graduation or if a student drops below half time.
- Interest rate: 4.45% fixed
Maximum amounts for annual loans:
Unsubsidized Direct Loan
You are eligible to receive this loan, regardless of demonstrated need. You will begin accumulating interest fees as soon as you receive the money.
- Interest rate: 4.45%
- $2,000 awarded to every student
The PLUS (Parent Loan to Undergraduate Students) Loan is made to the parent of a dependent student. Parents are eligible to apply for a loan up to the full remaining cost after other aid. Repayments on PLUS Loans start 60 days after the final disbursements. However, you may request a deferment while your child is enrolled at least half-time and for an additional six months after your child graduates, leaves school, or drops below half-time enrollment.PLUS Loan
- Interest rate: 4.276%
What if I need additional funds?
If you have used all your available government aid and still need additional funds to help pay for school, alternative loans (link) (alternative to government loans) may be available through different lenders.
Fast Choice provides a list of lenders our students used last year. You are welcome to use other lenders as well. We do not recommend one lender over another. These loans are generally more expensive than the government loans.
Ready to invest in your future?
- Complete your application to start the scholarship awarding process.
- File the Free Application for Federal Student Aid (FAFSA), available online at www.fafsa.ed.gov. This federal form determines your eligibility for state and federal funds by analyzing income and asset data. Bethel College’s FAFSA code is 001905.
- Contact Clark Oswald, director of financial aid, with any questions or for a free financial aid counseling session.
- Review the net price calculator to get an idea of your available aid.