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 by visiting www.studentaid.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 SAU Code of Conduct Related to Student Loan Activities
Federal Perkins Loan
- Eligibility: Financial need
- Value: The maximum PERK is $4,000 per year and $20,000 for all years combined
- Applying: Submit FAFSA
- Renewal policy: Submit FAFSA annually
- Loan Terms: Term: 10 Years Grace period: 9 months Interest Rate: 5 percent
Federal Stafford 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; $23,000 maximum undergraduate
- Applying: Submit FAFSA and Loan Request Form from SAU Office of Financial Aid
- Renewal: Apply annually
Federal Stafford 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; $46,000 maximum undergraduate
- Applying: Submit FAFSA and Loan Request Form from SAU Office of Financial Aid
- Renewal: Apply annually
Federal Stafford Loan Terms Subsidized/Unsubsidized
- Term: 10 Years
- Grace period: 6 months (For Loans Originated after July 1, 2012 Subusidized Loans will no longer be subsidized during the Grace Period.)
- Interest Rate: 6.8 percent
- Fees: 1 percent
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
- 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
- Renewal: Apply annually
Private Alternative Loans
- Private Loans are available through private lenders
- It is recommended that students first complete the federal aid process to determine if they qualify for a federal loan which often has more favorable terms than a private loan
- To review some alternative loan options, click Alternative Loan Options
- Students are welcome to select lenders not shown on the list and have the right to do so under federal rules. If you select a lender not on our list, you will need to provide to SAU the information necessary to process a loan with the lender. To determine what information is needed, please contact the Financial Aid office at financialaid@arbor.edu or 800.968.0011.
Also, Spring Arbor University is committed to ensuring that our students have access to student loans from lenders who:
- Offer competitive rates and benefits
- Provide proven quality customer service to the student and to SAU
- Work with a business model using Great Lakes Higher Education Corporation for the guarantee of loans.
The lenders currently on our list have been selected based on the criteria listed above. In the case of a lender not previously on the list, the lender has demonstrated competitive benefits for our students and works with the Great Lakes business model.
A comparison of the lender benefits and rates will be available as you proceed through the lender selection process.
Students are welcome to select lenders not shown on the list and have the right to do so under federal rules. If you select a lender not on our list, you will need to provide to SAU the information necessary to process a loan with the lender. To determine what information is needed, please contact the Financial Aid office at financialaid@arbor.edu or 800.968.0011.
Loan Reporting
- Stafford, 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.