Loans
Bethany Lutheran College | www.blc.edu
| 2011-12 | 2012-13 |
Investing in your future
For many students, scholarships and grants make up only part of their total financial aid package. Education loans are very useful in helping with college costs, but we encourage students to borrow only what they need and what they can afford to repay.
After applying for aid, you will receive a financial aid package, which will detail what types of loans you may be eligible for and how much you may need to borrow.
Loan Types
There are four different types of loans for which you may be eligible, each with their own advantages and limitations. In the following loan comparison table, click the name of the loan type for additional details and further instructions.
| Loan | Borrower | Requirements | Loan Limits | Initial Fees |
Int. Rate |
Recent Rate (07-01-12) |
Grace period | |
| FAFSA | Co-signer | |||||||
| Federal Direct | Student | Yes | No | Varies per grade level and dependency status |
1% | Fixed | 6.8% | 6 months |
| Federal Perkins | Student | Yes | No | $5,500 | None | Fixed | 5.0% | 9 months |
| Federal Direct PLUS | Parent | Yes | No | Cost of education minus other aid |
4% | Fixed | 7.9% | 60 days after disbursement |
| Alternative | Either | No | Varies | Cost of education minus other aid |
Varies | Varies | Varies | Varies |
