Financial Aid - Undergraduate Online
SAU Online is a competitive program for many reasons, not least of which is the commitment we have for helping you identify all the financial aid that may be within your reach. You may apply for financial aid by completing the Free Application for Federal Student Aid [FAFSA] form. You must complete separate loan request forms for any and all Federal Stafford Loans desired.* This is above and beyond the FAFSA form that you are required to submit. Apply in a timely manner and follow up on any aid/loan if you do not receive a response within four to six weeks. Federal guidelines are strict and if all information is not submitted within certain time limits, you may be ineligible for certain types of aid.
Federal School Code -- 002318
(*Master Promissory Note (MPN) must be completed for all first Federal Stafford Loans taken at Spring Arbor University.)
*Financial Aid Adjustments for Loss of Income*
We realize that these are challenging economic times for many families in Michigan and across the U.S., and are committed to doing what we can to assist you with finding all of the financial aid available.
When a FAFSA is completed, financial information is provided from the prior tax year which in this economy is often not reflective of an individual’s or family’s current financial picture. To assist in situations in which the current income may be less than the income on which the FAFSA was based, the government allows schools to use what is considered Professional Judgment to use current financial information. In fact, the U.S. Department of Education recently issued guidance that provides schools with some additional options for individuals who have been receiving unemployment benefits.
If your family has experienced a loss of income, we encourage you to contact your financial aid counselor to review your situation. We cannot guarantee that there will always be additional aid available; however, your financial aid counselor will be happy to review your situation.
Please note that minor changes in income do not typically impact aid eligibility.
Financial Aid resources*
* Most students can order a notebook computer through Spring Arbor University and pay for the computer as part of their financial aid package. Talk to your financial aid counselor for details.
Federal Aid
Federal Pell Grant
- Eligibility: Financial need
- Value: $555 to $5,550 (2010-11)
- Applying: Submit FAFSA
- Renewal policy: Submit FAFSA annually
Federal Supplemental Educational Opportunity Grant [SEOG]
- Pell Grant recipients with exceptional financial need
- Award between $200 to $4,000
- Submit FAFSA annually.
Federal Stafford Loan Subsidized/Unsubsidized (dependent student)
- Eligibility: Subsidized is based on need, unsubsidized is based on non-need
- $2,625 first year; $3,500 second year; $5,500 each year after first two years; $23,00 maximum
- Submit FAFSA and Loan Request Form from SAU financial aid office annually.
Federal Stafford Loan Subsidized/Unsubsidized (independent student)
- Eligibility: Subsidized is based on need, unsubsidized is based on non-need
- $6,625 first year; $7,500 second year; $10,500 each year after first two years; $46,000
- Submit FAFSA and Loan Request Form from SAU financial aid office 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.
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.
State Aid
Michigan Tuition Grant [MTG]
- Eligibility based on: Michigan resident, attending private college in Mich.; financial need; student receiving MTG not eligible to receive MCS
- $2,750 maximum
- Submit FAFSA
Michigan Competitive Scholarship [MCS]
- Eligibility based on: Michigan resident; ACT score and demonstrate need; student receiving MCS not eligible to receive MTG
- $2,750 maximum
- Submit FAFSA
Tuition Tax Credits
Tuition Tax Credits
- Can be applied for if tuition costs were paid for by student/parent loans or cash out of pocket.
- Is better than a deduction.
- Is subtracted directly from your federal income tax on a dollar-for-dollar basis.
- A deduction is subtracted from your income before you calculate your tax. It is much less than a dollar-for-dollar savings.
Hope Tax Credits
- The student is considered dependent for tax filing purposes.
- The student must have enrolled at least half-time in a degree-certification program.
- Maximum credit is $1,500 per year for eligible tax payers.
- Maximum 2 years of eligibility to apply for tax credit.
- There is an income maximum for eligibility in this program. Please check with your tax accountant for further information.
Lifetime Learning Tax Credits
- Student is independent for tax filing purposes.
- Maximum the student can claim for tuition and fees is $10,000 per year.
- The tax credit would be for 20% of the qualified tuition and fees.
Claiming the Tax Credit
The University will send the student IRS Form 1098-T which reports tuition and related expenses paid by the student. The person claiming the tax credit fills out the IRS Form 8863 and submits with federal tax return.
- Call 800.829.3676 to order IRS form and worksheet.
- Call 800.829.1040 for the IRS Help Line.
Additional Financial Aid Web Resources