Students in class listening to professor

Grants, Loans, Tax Credits

As you begin planning for college, sticker prices can be a bit scary. Bethany is proud to deliver a high quality education, without breaking the bank. Did you know 99% of students receive financial aid?

Along with Bethany’s variety of great scholarships; grants, loans, and education tax credits are helpful things to be aware of. These resources can help ease some of the financial stress, and allow you to keep your focus on your college experience.

Grants

There are five grants that may be available to you to help fund your education at Bethany:

Federal Pell Grants are funded by the U.S. government and eligibility is determined based on information provided on the FAFSA.

Federal Supplemental Education Opportunity Grants (SEOG) are given to students who demonstrate high need. Bethany selects the recipients of these grants based on the information provided on the FAFSA.

Minnesota State Grants are given to Minnesota residents who demonstrate financial need, based on FAFSA information.

Endowed Funds Grants are provided by the generous donations of Bethany alumni and friends. These are given on the basis of financial need.

Regent Grants are also available to students who demonstrate need. This program provides grants in varying amounts to students depending on their need, and the funds that are available.

Loans

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.

There are different types of loans for which you may be eligible, each with their own advantages and limitations as outlined below. Student loan promissory notes and disclosure statements should be kept in a safe place until all loans are paid in full.

Bethany Lutheran College will not charge any fees of any kind to student or parent borrowers for origination activities or the provision of any information necessary for a student or parent to receive a loan.

Education Tax Credits

A number of tax benefits are available for those paying for higher education for themselves and/or dependents, and for those currently repaying student loans. For further information on the types of credits and deductions you may be able to make, read IRS Publication 970, Tax Benefits for Higher Education.

If you attended Bethany during the last year, the Business Office will send you a form 1098T near the end of January. This document provides some of the information to be used when determining if you can take any of these credits and deductions. You may contact the Business Office for specific questions or clarification of information provided on the forms, but Bethany cannot provide legal or tax advice.

Having the opportunity to go to a small Christian school where one could be involved in multiple different activities was wonderful. I learned the importance of choosing a career path, while nurturing other passions at the same time.

But wait, there’s more!

Grants, loans, and education tax credits are just one way of making your Bethany education more affordable. See if you qualify for scholarships or work-study programs.

Have Questions?

We’re here to answer your financial aid questions. Contact us today!