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Financial Aid for AU Online Bachelor's Degree-Seeking Students

Federal Financial Aid for AU Online Bachelor's Degree-Seeking Students

Pell Grant: A federally funded grant based on need determined by the Free Application for Federal Student Aid (FAFSA). Awards are based on the EFC as determined by the FAFSA as well as the amount of hours the student enrolls. Maximum award is $5,645 for the 2013-2014 school year.

Federal Supplemental Educational Opportunity Grant (FSEOG): A federally funded source of gift aid awarded to students with the most need. Funding is very limited. The Financial Aid Office makes award selections.

Perkins Loan: A federally funded program that is offered to students who demonstrate great need. Students must have at least 2.0 cumulative GPA. Since funding is limited, not all qualified students can be offered this loan. Repayment (at least $40 per month) and interest (at 5%) are deferred until 9 months after the student ceases to be enrolled on at least a half-time basis at any institution. Maximum award is $4,000 per year.

Stafford Loan: There are two types of Federal Stafford Loans - subsidized and unsubsidized. Subsidized loans are need based and eligibility is determined upon receipt of the FAFSA application. Interest on subsidized loans is paid by the government until after graduation or upon falling below half time enrollment. Unsubsidized loans accrue interest from the point of disbursement. We encourage our students to pay the interest while they are in school. There are no penalties for early payments on your loan. Repayment begins six months after the student ceases to be enrolled at least half time. Students who enroll at least half-time (6 hours), file the FAFSA, and are not currently in default on another student loan may qualify, regardless of their credit. Maximum amounts are determined by grade level. Amounts can range from $3,500 to $12,500 per year.

South Carolina State Financial Aid for AU Online Bachelor's Degree-Seeking Students

SC State Tuition Grant: Funds are awarded to eligible South Carolina residents who attend full-time. The State Grant agency determines eligibility through the Free Application for Federal student Aid (FAFSA) and assumes that applicants have met the State Grant requirements for satisfactory academic progress. Returning students must have earned 24 credit hours during their last year of full time enrollment or 80% of all previous part-time hours attempted. The Federal Processor must receive the FAFSA by June 30 of each year to be considered for the State Grant.

Loan Approval Process

Direct Lending

On March 25, 2010, both the House and the Senate passed H.R. 4872, the Health Care and Education Affordability Reconciliation Act of 2010, which includes major reforms to health care and student financial aid.

This legislation eliminates new lending under the Federal Family Education Loan Program (FFELP) beginning July 1, 2010, and provides the Department of Education with the sole responsibility of providing student loans through the Direct Loan program. Loan limits and eligibility requirements for the Direct Loan program are the same as the FFELP loan program. For more information, see the enclosed brochure.

All students will now be required to secure student loan funds from the Direct Loan program by going to www.studentloans.gov, completing the Entrance Counseling, and signing the Master Promissory Note (MPN).

Direct Loans have a fixed interest rate and aggregate loan limits. These will be reflected on the website. Students must apply for Direct Loans, complete the Entrance Counseling, and sign the Master Promissory Note (MPN) at www.studentloans.gov before loans can be processed. Upperclassmen or previous borrowers will now be required to go to www.studentloans.gov to complete Entrance Counseling and sign a new Master Promissory Note (MPN).

Direct Loan Funds Are Divided Equally Between Fall & Spring Semester

Note: If a student is enrolled in courses that do not count toward his/her degree, they (the courses) cannot be used to count towards the enrollment status unless the courses are noncredit or remedial courses. This means a student cannot be awarded and receive aid for classes that do not count towards his/her degree or certificate.

Steps to Applying for Student Loans

(See options for loans below)

Step 1: Complete the Free Application for Federal Student Aid (FAFSA) being sure to list Anderson University (FAFSA Code: 003418).

Step 2 IMPORTANT: Complete the online entrance counseling at www.studentloans.gov. Please complete this step before going to Step 3. Your loans cannot be processed if you do not complete the entrance counseling.

Step 3: Go to www.studentloans.gov and complete the Master Promissory Note (MPN). The MPN is a legally binding agreement to repay your loan to the Department of Education. In most cases, one MPN can be used for loans that you receive over several years of study.

Other Loan Options

Direct PLUS Loans – Direct PLUS Loans are for the parents of dependent students and for graduate/professional students. Interest accrues during enrollment. Parents can apply and complete entrance counseling at www.studentloans.gov

Eligibility Requirements for Direct PLUS Loans

  • You must be the biological or adoptive parent (or, in some cases, the stepparent) of the student for whom you are borrowing.
  • Your child must be a dependent student who is enrolled at least half-time at a school that participates in the Direct Loan Program. Generally, your child is considered dependent if he or she is under 24 years of age, has no dependents, and is not married a veteran, a graduate or professional student, or a ward of the court.
  • You cannot have an adverse credit history (a credit check will be completed).
  • In addition, you and your child must be U. S. citizens or eligible noncitizens, must not be in default on any federal education loans or owe an overpayment on a federal education grant, and must meet other general eligibility requirements for the Federal Student Aid Programs.

Direct PLUS Loan Funds Are Divided Equally Between Fall & Spring Semester

Private Student Loans - Private Education Loans, also known as Alternative Education Loans, should be a last resource for many to help bridge the gap between the actual cost of your education and the limited amount of financial aid from other sources.

Anderson University's Office of Financial Aid Planning will attempt to work with any lender and servicing agency to process a private/alternative education loan for our students. Please be advised that private loans often times have higher interest rates than federal loans and are credit-based. Anderson University recommends that you look at an alternative loan only when all other options have been exhausted, including federal loans. The terms and conditions of alternative loans vary from lender to lender and we encourage all borrowers to review and evaluate each program.

To ensure timely processing of your loan, please monitor your application once submitted. Each lender's process may vary, but each step must be completed before a disbursement is made to Anderson University.

The link below will allow you to research and compare alternative loan products provided by various lenders. We strongly suggest looking at all of your options before making a final decision.

FastChoice – A product of Great Lakes Educational Loan Services, Inc. has a private/alternative education loan selection tool that provides basic information on alternative loans and detailed listings of the various interest rates, borrower benefits, fees, and repayment options. You may choose to use this tool to help educate yourself before making a decision or choose to go directly to a lender of your choice to apply.

Other Financial Aid Programs

Company Reimbursement: Many organizations offer their employees full or partial tuition reimbursement for furthering their education. Please check with your Human Resources Department to see if your organization participates. Contact our Financial Aid Planning Office for more information about how this works at Anderson.

Students who are receiving Company Reimbursement through their employer will need to coordinate with their employer for reimbursement on their tuition expenses incurred for each term or semester. Even if your company is reimbursing you for your tuition and fees you will still need to satisfy your balance prior to start of each term or semester. You may either pay the balance in full by the start of each term or complete the FAFSA in order to borrow Federal student loans. Some documents will be required to be completed for these loan funds. For more information please contact the Financial Aid Planning Office at finaid@andersonuniversity.edu or 864-231-2070.

Veteran Benefits: Anderson University is proud to partner with the U.S. Department of Veteran Affairs in assisting our military veterans in obtaining their education. Check out our  Veteran Benefits flier  to learn how the process works. You can also contact our VA Certifying Official at veteranaffairs@andersonuniversity.edu or 864-231-5742.

Special Circumstances: If your financial situation has changed, or you have experienced unusual circumstances, you can inform us by completing the Special Circumstances Form. Completing this form does not guarantee additional funding, but it does allow our Financial Aid Planning Office to better understand your situation and distribute your financial aid more appropriately.

FAFSA Federal School Code: 003418
Financial Aid Planning Office, Anderson University
316 Boulevard, Box 1142, Anderson, SC 29621 (864) 231-2070 finaid@andersonuniversity.edu

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