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Student Loan Processing


As Anderson University transitions to the William D. Ford Federal Direct Loan Program we have attempted to answer your questions. Read our Q and A on Direct Loans.

Federal Direct Loan: Undergraduate and Graduate

Eligibility
Your financial aid award letter will state your eligibility for both the Subsidized and Unsubsidized Direct Loan. Visit the Loans section for more information on loan interest rates, maximum amounts, and terms.

PROCESSING YOUR LOAN:

First-time Borrowers

Repeat Borrowers

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Federal Perkins Loan

Eligibility
Your financial aid award letter will state your eligibility for the Perkins Loan. Visit the Loans section for more information on loan interest rates, maximum amounts, and terms.

PROCESSING YOUR LOAN:

First-time Borrowers

  • If you do not wish to borrow, or wish to borrow a lesser amount, please contact the Office of Student Financial Services at 1-800-421-1026 or e-mail us.
  • Before receiving your loan funds you will need to sign and complete a Master Promissory Note (MPN) and participate in an Entrance Loan Counseling session, both of which will be done on line. You will first receive an email from SignMyLoan indicating that the MPN for the Perkins Loan that AU is making available to you is ready for you to sign.  Link to SignMyLoan and follow the on line instructions for signing your MPN.

Repeat Borrowers

  • Under the terms of your Master Promissory Note you do not have to sign a new note each year.  However, you will need to accept the loan by logging in to SignMyLoan.com.
  • If you do not wish to borrow or wish to borrow a lesser amount contact the Office of Student Financial Services at 1-800-421-1026 or e-mail us.

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Federal Direct PLUS Loan

Eligibility
Only the parent of a dependent student can borrow, on behalf of the student, a PLUS Loan. Visit the Loans section for more information on loan interest rates, maximum amounts, and terms.

PROCESS:

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Federal Direct Grad PLUS Loan

Eligibility
Graduate students enrolled at least half time can borrow an amount equal to the cost of education less other financial aid. Visit the Loans section for more information on loan interest rates, maximum amounts, and terms.

PROCESS:

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Private Educational Loans

Eligibility
Anderson University strongly encourages you to exhaust all federal grant and loan options prior to applying for a Private Educational Loan by completing the FAFSA.

Private loans are those defined as loans that come from a bank, credit union, or other nongovernmental source. A private educational loan is a student loan but usually requires a credit worthy co-signer (usually the parent).

Although Anderson University will process loans from any lender you choose, we have provided you with a link to a list of lenders our students have used in the past. Click on this link to view these lenders and start the Private Educational Loan application process.

These loans are not regulated by the federal government and have adjustable interest rates. The terms of the loans will vary from lender to lender, and the interest rate may be significantly higher than that of Federal Direct Loans (Student, Parent PLUS and Graduate PLUS).

Anderson University does not promote specific lenders. You should thoroughly research all options before making your decision.

Due to requirements in the Truth in Lending Act, a lender must obtain a self-certification signed by the applicant before disbursing a private education loan. If you have not provided a signed copy of the applicant self-certification form to your lender, click here to obtain a copy of the form.

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