Loans
What is a Stafford Loan?
What is a Stafford Loan?
What is a Stafford Loan?
Stafford loans are federal student loans borrowed through a bank and are used to supplement personal and family resources, scholarships and grants. Based on your need it can be subsidized (Government pays the interest while you are in school) or unsubsidized (Interest accrues while you are in school).
Nearly all student are eligible to receive Stafford loans. Credit is not an issue for the Stafford loans. The Stafford loans, subsidized and unsubsidized, offer a 6 month grace period upon graduation or if the student fails to register at least half time.
The loan amounts are determined by your units completed, for a complete overview of the amounts you may be eligible for check our loan counseling page.
Subsidized Loan
This loan is offered to students with a demonstrated financial need. A subsidized loans is the loan where the government pays the interest while you are in school at least halftime. Currently the interest is at 6%
Unsubsidized Loan
With this loan the government does not pay the interest, but it accrues monthly until you graduate or fall below halftime. Currently the interest is at 6.8%
Perkins Loan
The Federal Perkins loan is a "need-based" loan program that makes it possible for students to borrow up to $2,000 per academic year and is funded by Bethany University. You will be notified by the Financial Aid office if you are eligible to be awarded this loan (for the 2008/2009 academic year you must have an EFC of $5,000 and below). Repayment of the loan commences 9 months after graduation or failure to enroll at least half-time (6 units). The interest rate is currently 5% per year on the unpaid principal (interest does not start accruing until the grace period ends). Interest rate is as of the 2007/2008 Federal regulations
Parent PLUS Loan
The Federal PLUS (Parent loan) Program is available to qualified parents of dependent students. A parent borrowing under the Federal PLUS program on behalf of a dependent student may borrow up to the cost of attendance less other aid. This is a credit based loan and the parent of the eligible dependent student is responsible for the loan. Check with the lender of your choosing to see who will accommodate your needs the best.
For a list of our lenders and additional funding sources click here then go to lender list or additional funding sources
We understand that sometimes it would be easier to just call someone and ask, well you can. Here at Bethany we believe in a more personal touch and we are available for your calls or emails. Just go to our contacts page to reach us.
Remember that a higher education is attainable and we are here to assist you in reaching your educational goals