FINANCIAL AID PROCESS

STEP 1:

Complete the Free Application for Federal Student Aid (FAFSA).  The FAFSA will allow you to be awarded federal aid for one academic year.  You must file a Renewal FAFSA each subsequent year to continue receiving federal aid.
      
Go to www.pin.ed.gov to apply for a PIN with the US Department of Education.  The PIN will be used as your signature for the FAFSA, make corrections to the FAFSA, and access all your Federal student aid records.  If you are a dependent student, one parent must also apply for a PIN in order to electronicly sign the FAFSA.  

Complete the FAFSA online at  www.fafsa.ed.gov.   Bethel College School Code is 003480.  You will need your curent year tax return and W-2's.  Tennessee residents must file the FAFSA by February 15 to be considered for the TSAC Grant.  


STEP 2:

If additional information is required, you will receive a letter from the Bethel College Financial Aid Office.  The US Department of Education randomly selects student FAFSA's for a process called verification.  If your FAFSA is selected, the Financial Aid Office must receive documentation to verify the information you reported on your FAFSA.  You will be asked to complete a Verification Worksheet and provide signed copies of your current year tax return and W-2 form.  If you are a dependent student, we will also need a signed copy of your parents' current year tax return and W-2 forms.  All documentation must be received before an award package will be sent to the student.  The Verification Worksheets can be downloaded below:
 
2007-08 Dependent Verification Worksheet 
2007-08 Independent Verification Worksheet 

2008-09 Dependent Verification Worksheet
2008-09 Independent Verification Worksheet


STEP 3:

Receive and accept your Award Letter.  You will receive an award letter in the mail showing all the Financial Aid for which you qualify.  (New students must be accepted for admission before an award letter will be sent.)  You may accept or decline each award.  Sign and return one copy of the award letter to the Financial Aid Office.  If your award letter contains a Federal Stafford loan, you must also apply for the loan by following the instructions on this website under "How to Apply for an Education Loan".  If the award letter shows you will still owe a balance after your financial aid is applied, a dependent student's parent may choose to be considered for a Parent Plus loan.   Parent Plus loan information is also found under "How to Apply for an Education Loan".  Another option is our interest-free payment plan. 

BETHEL COLLEGE SCHOLARSHIPS AND GRANTS

Bethel College offers a variety of institutional scholarships and grants.  All awards are based on full-time enrollment (12-17 credit hours per term).  No institutional aid is offered for summer terms.  A student may qualify for federal aid for summer terms.  Bethel College reserves the right to limit institutional aid to the cost of tuition, double room/meal and activity fee when combining institutional aid with federal, state, or other "outside" scholarship resources.  Click on the link below for more information on our institutional scholarships. 

Bethel College Scholarships

FEDERAL AND STATE FINANCIAL AID PROGRAMS

Bethel College partcipates in the following Federal and State Aid programs:

Federal Pell Grant
Federal Supplemental Educational Opportunity Grant (SEOG)
Academic Competitiveness Grant (ACG)
National Science and Mathematic Access to Retain Talent Grant (SMART)
Tennessee Student Assistance Award (TSAA)
Tennessee Educational Lottery Scholarships (TELS)
Other Tennessee Scholarships
Federal Stafford Loan Program
Federal Parent Plus Loan Program
Federal Perkins Loan Program
Federal Grad Plus Loan Program
Federal College Work-study Program
Vocational Rehabilitation Grants

 

FEDERAL PELL GRANT
The Federal Pell Grant is awarded to students with financial need as determined by the FAFSA.  Grants for full-time students range up to $4731 per year for 2008-09.  Grants for part-time students will be based on number of hours enrolled.

FEDERAL SUPPLEMENTAL EDUCATIONAL OPPORTUNITY GRANT (SEOG)
The SEOG Grant is awarded to Pell eligible students who have exceptional financial need as determined by the FAFSA.  The award ranges from $200 to $2000 per year and is awarded at the discretion of the Financial Aid Director. 
 

ACADEMIC COMPETITIVENESS GRANT (ACG)
The ACG is awarded to full-time undergraduate students who are enrolled as a degree seeking student.  The student must also be a U.S. citizen, eligible for the Pell Grant, and have successfully completed a rigorous high school program of study.  First academic year students must have graduated from high school after January 1, 2006 and are eligible for up to $750.  Second academic year students must meet the same criteria and also must have maintained a 3.0 GPA.  Second year students are eligible for up to $1300.

 

NATIONAL SCIENCE AND MATHEMATIC ACCESS TO RETAIN TALENT GRANT (SMART)
The SMART Grant is awarded to full-time undergraduate students enrolled in their third and fourth academic year.  The student  must be a U.S. citizen, eligible for the Pell Grant, and have declared a major in  physical, life or computer sciences, engineering, technology, mathematics, or a critical-need foreign language.  They must also have maintained a 3.0 GPA.  The award is $4000 per year.


TENNESSEE STUDENT ASSISTANCE AWARD (TSAA)
TSAA is awarded to Tennessee residents with financial need as determined by the FAFSA.  The student must be enrolled at least half time.  Funds are limited, so it is important that Tennessee residents complete the FAFSA as early as possible after January 1 each year.  Funds are often depleted by March 1.  The award will be assigned to the first Tennessee school listed on the FAFSA.  This may be changed by notifying the Tennessee Student Assistance Corp. on this form.  Bethel College's school code for this program is 12.  Awards range up to $4644 for 2008-09. 

TENNESSEE EDUCATIONAL LOTTERY SCHOLARSHIPS (TELS)
TELS is awarded to Tennessee residents who qualify based on the academic criteria established by the state of Tennessee.  The student must file the FAFSA by September 1 each year.  They also must  have graduated after December 1, 2004 from a Tennessee high school, home school, or GED program and enroll in an accredited Tennessee college or university within 16 months of high school graduation.  There are several lottery scholarship available.  For more information on academic criteria go to www.collegepaystn.com.   Click on the "Students & Parents" section and then "Lottery Scholarships".


OTHER TENNESSEE SCHOLARSHIPS
There are other scholarships available to Tennessee residents based on academic and other criteria.  For more information go to www.collegepaystn.com.  Click on  the "Students & Parents" section and then "Applications". 

 

FEDERAL STAFFORD LOAN PROGRAM
These government guaranteed loans are available to degree seeking students enrolled at least half-time.  For 2008-09 Stafford Subsidized loans for undergraduates have a fixed 6% interest rate.   Undergraduate Stafford Unsubsidized loans and Graduate Subsidized and Unsubsidized loans have a fixed 6.8% interest rate.  Payment begins six months after a student graduates or is no longer enrolled at least half-time.  There are two types of Stafford loans.  The Stafford Subsidized loan is need based.  The Federal government pays the interest while the student is enrolled at least half-time.  The Stafford Unsubsidized loan is non-need based.  The student is responsible for the interest which may be paid while enrolled or capitalized (added to the principal of the loan).  The type loan a student receives is determined by the FAFSA.

Once awarded a Stafford loan, a new borrower at Bethel College must complete a Master Promissory Note (MPN),  Loan Entrance Counseling, and a Loan Request Form.  The MPN is a Serial Note that is good for up to 10 years.  A repeat borrower at Bethel College needs only to complete a Loan Request form each year.  
 

The maximum amount a student may borrow in a given year (which includes a fall, spring, and summer semester) is based on their academic grade level and dependency status as determined by the FAFSA.  The chart below lists the maximum annual amounts allowed.
                                                                                                             

*  The total amount of Financial Aid received (including loans) cannot exceed the cost of attendance.
** If a parent is denied a Parent Plus loan, a dependent student may be eligible for additional Stafford Unsubsidized loan.

Annual Graduate Stafford Loan Limits:  $20,500 (of which no more than $8500 may be Subsidized).  The total amount of Financial Aid received (including loans) cannot exceed the cost of attendance.  


FEDERAL PARENT PLUS LOAN PROGRAM
This Federal Education loan is designed for credit-worthy parents of undergraduate students.  Parents may borrow up to the cost of attendance minus any financial aid the student may receive.  The interest rate for 2008-09 is a fixed 8.5%,  Repayment of the Plus loan begins within 60 days of the final disbursement and has a repayment term of ten years.  Bethel College requires parents to receive a pre-approval for this loan.  If a parent is denied a Parent Plus loan, the student may be eligible for an additional Stafford Unsubsidized loan.


FEDERAL PERKINS LOAN PROGRAM
The Federal Perkins Loan is a need-based federal loan with a fixed 5% interest rate.  Loans may be awarded up to $4000 per year, however funds are very limited.  Students with demonstrated financial need as determined by the FAFSA who are majoring in nursing and education are given first consideration for this loan. 


FEDERAL GRAD PLUS LOAN PROGRAM
This Federal Education loan is designed for credit-worthy graduate students who still have need after the student has received the Stafford loan.  The total of all aid (including Stafford and Grad Plus loans) cannot exceed the cost of attendance.  The interest rate for 2008-09 is a fixed 8.5%.  Bethel College requires students to obtain pre-approval for this loan. 


FEDERAL COLLEGE WORK-STUDY PROGRAM
Federal Work-study is assigned to students who have federal need as determined by the FAFSA.  They will usually be assigned a job on campus.  The pay is minimum wage, and the student is paid every two weeks.  The student may choose to apply their work-study checks to their Business Office account as payment.  Please note that this is NOT a scholarship or grant.  The student must WORK the assigned hours to receive the amount awarded.  


VOCATIONAL REHABILITATION GRANTS
These grants are made through the State Department of Human Services.  The student should contact their local Division of Vocational Rehabilitation Services in their home county for more information.