Loan Counseling
Loan Counseling
Loan Counseling
In order to receive Federal loans you must pass the entrance test for each Federal loan you take out.
There are two types of Federal loans you may qualify for: the Federal Perkins Loan (Bethany is the lender) and the Federal Stafford Loans ( you choose the lender). Each one of these has a test associated with it but not to worry these tests are set up to educate you on borrowing Federal Funds and are borrower friendly.
We understand that some people here the word test and go into panic mode but we will be here every step of the way to assist you. The best way to reach us is through our contact page.
If you are really nervous about taking the test you can always take a practice test in order to prepare. Once you finish the practice test you will still have to take the actual test which mirrors the practice test. You can take the test at Edfund, just follow the directions and you are on your way.
Remember as a graduate student you must take the graduate entrance test.
Please remember that you must take these test in order for any Federal funds to be applied to your student account.
What you will need.
Once you begin taking the test on Edfund you will need some personal information. They will ask you for your social security number, your phone number and they will ask you for some references. It will go by much quicker if you have this information ready before hand.
What is a Perkins?
The Federal Perkins loan is a "need-based" loan program that makes it possible for students to borrow up to $4,000 per academic year (up to $20,000 during undergraduate education) 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.
What is a Stafford loan?
Federal Subsidized Stafford loans are available for dependent and independent students with an unmet need as determined by filing a FAFSA. As a graduate student you are considered independent. The amounts for graduate students are:
|
Graduate Student
|
Stafford Subsidized at 6% apr |
Stafford Unsubsidized At 6.8% apr |
|
Loan Amounts |
$8,500 | $12,000 |
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