Financing your MBA
Students have several ways to finance their education in the MBA program: 1) pay out of pocket per semester/sign up for a payment plan, 2) complete a Company Reimbursement Agreement with Anderson University and the student's employer (Note: Completion of a Company Reimbursement Agreement is only available if the employer agrees to pay 100% of tuition and fees and pays the university directly.) or 3) Borrow from the Federal Direct Unsubsidized Stafford Loan program.
Determining your Eligibility for Aid
A minimum of half-time enrollment is required each semester to be considered for federal loans.
The MBA program consists of 7 sessions throughout the academic year. Enrollment is set to 3 credit hours (1 course) per session. The example below shows how the MBA academic calendar is structured.
- Sessions 1 – 3 (Fall semester/9 hours)
- Sessions 4 – 6 (Spring semester/9 hours)
- Session 7 (Summer semester/3 hours)
The definition of full time for the MBA program is 9 credit hours within the semester, and half-time enrollment is defined as 6 credit hours within the semester. Students not enrolled at least half time (6 credit hours) in an upcoming semester, such as summer, are ineligible for federal loans that semester.
Once you have determined what your anticipated course load will be for the upcoming semester, plan accordingly by verifying aid eligibility and budgeting funds.
Applying for a Student Loan
Students must do the following to be awarded Federal Unsubsidized loan funds:
- Complete an annual FAFSA application online at www.fafsa.ed.gov.
- Complete a Master Promissory Note (MPN) and Loan Entrance Counseling Session online at www.studentloans.gov. These forms as well as the FAFSA will be sent to the university electronically upon completion.
If you will not be enrolled at least half time (6 credit hours) in an upcoming semester, you may need to intentionally borrow excess funds from a prior semester to cover those charges. Since you would then have a credit balance from the excess loan funds, those funds may be used to cover your upcoming charges in one of two ways:
Keeping Loan Funds in your Account
You may leave these excess funds on your student account to cover the anticipated upcoming charges. You may do this by completing a Title IV Authorization Form. This form may be submitted to Anderson Central by email at email@example.com, by fax at 864-231-2008, or by mail at Anderson University, Office of Financial Aid Planning, 316 Boulevard, Anderson, SC 29621. Students also may submit the form in person at the Anderson Central office on campus. Completion of the Title IV Authorization Form will permit AU to leave a credit balance on your account to apply towards your future, expected balance.
Receiving a Loan Refund and Personally Paying the Next Semester's Charges
If you do not complete a Title IV Authorization Form and have a credit balance, you will be issued a refund check and be responsible for paying charges from the semester in which you're enrolled less than half time.
For More Information
Anderson University's Office of Financial Aid Planning is open on campus Mondays through Thursdays from 8:30 am to 5 pm and on Fridays from 8:30 am to 4:30 pm. To contact the office, email firstname.lastname@example.org or email@example.com, call 864-231-2070, or fax to 864-231-2008.