Financial Aid

Here you’ll find a list of the different types of aid available. For more detailed information based on your specific situation, please call us directly at 1.844.621.0900.

Loans

The federal government offers many grants and low-interest loan opportunities for college students. Learn about these and other federal student aid from the U.S. Department of Education. Students who have received funds from the Federal Direct Loan program are required to complete loan exit counseling before the student ceases at least half-time enrollment.

Federal Direct Loan Subsidized/Unsubsidized (dependent student)

Eligibility: Subsidized – need; Unsubsidized – non-need
Value: $5,500 first year; $6,500 second year; $7,500 each year after first two years;
Subsidized Lifetime Limit: $23,000 maximum undergraduate
Total Lifetime Limit: $31,000 maximum undergraduate
Applying: Submit FAFSA and Loan Request Form from SAU Office of Financial Aid
Renewal: Complete the FAFSA annually

Federal Direct Loan Subsidized/Unsubsidized (independent student)

Eligibility: Subsidized – need; Unsubsidized – non-need
Value: $9,500 first year; $10,500 second year; $12,500 each year after first two years;
Subsidized Lifetime Limit: $23,000 maximum undergraduate
Total Lifetime Limit: $57,500 maximum undergraduate
Applying: Submit FAFSA and Loan Request Form from SAU Office of Financial Aid
Renewal: Complete the FAFSA annually

Federal Direct Loan Unsubsidized (Graduate student)

Eligibility: Unsubsidized – non-need
Value: $20,500 each year
Total Lifetime Limit: $138,500 maximum undergraduate and graduate combined
Applying: Submit FAFSA and Loan Request Form from SAU Office of Financial Aid
Renewal: Complete the FAFSA annually

Federal Direct Loan Terms Subsidized/Unsubsidized

Term: 10 Years
Grace period: 6 months (For Loans Originated after July 1, 2012 Subsidized Loans will no longer be subsidized during the Grace Period.)
Undergraduate Interest Rate: 4.29%
Graduate Interest Rate: 5.84%
Fees: 1.068%

Federal Parent Loan for Undergraduate Student (PLUS)

Eligibility: Parents of dependent undergraduate students
Value: Cost of education per child minus other financial aid; unlimited maximum
Applying: Submit application with Direct Loan Processor; must pass credit check
Interest Rate: 6.84%
Fees: 4.272% until October 1, 2016
Renewal: Apply annually

Graduate PLUS Loan

Eligibility: Graduate level students
Value: Cost of education minus other financial aid; unlimited maximum
Applying: Submit application with Direct Loan Processor; must pass credit check
Interest Rate: 6.84%
Fees: 4.272% until October 1, 2016
Renewal: Apply annually

Aid from Your Employer

Many employers offer tuition assistance programs. Talk to your human resources representative to learn about aid that could be available to you.

Private Alternative Loans

Private loans are available through private lenders. It is recommended that you first complete the federal aid process to determine if you qualify for a federal loan, which often has more favorable terms than a private loan. To review some private alternative loan options, click here. Please note that you are welcome to select lenders not shown on the link above, and you have the right to do so under federal rules. If you select a lender not on this list, you will need to provide to SAU the information necessary to process a loan with the lender.

Tax Benefits

The federal government provides a number of tax incentives related to higher education costs. The National Association of Student Financial Aid Administrators (NASFAA) has provided a summary of the available incentives here. Even if you have already completed your taxes, you are encouraged to review the incentives to determine if you qualify. If you have questions regarding the incentives, please contact your tax advisor.

Loan Reporting

Federal Direct, PLUS, and Perkins Loans will be submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. The web address for NSLDS is NSLDS.ED.GOV.

SAU’s Code of Conduct Regarding Student Loans

Learn about Spring Arbor University’s code of conduct commitment as it relates to student loans. Read the Code of Contact Related to Student Loan Activities.