Federal Financial Aid For AU Online Graduate Degree-Seeking Students
Graduate degree-seeking students are only eligible to receive Federal loans. Eligibility is determined by completion of the Free Application for Federal Student Aid (FAFSA).
Unsubsidized Direct Loan: 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, 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.
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
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 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 864-231-2070.
FAFSA Federal School Code: 003418
Financial Aid Planning Office, Anderson University
316 Boulevard, Box 1142, Anderson, SC 29621 (864) 231-2070 finaid@andersonuniversity.edu