Anderson University

Loans

 
Anderson University's Office of Financial Aid Planning administers a variety of loan programs for students who need financial assistance. Often a part of a financial aid package, loans provide students with an opportunity to invest in their future, typically at interest rates lower than those on the commercial market. Students at the Anderson University who borrow wisely are acquiring marketable skills which will enable them to repay their loans.

Educational loans are the largest financial resource available to students pursuing postsecondary education. Student loan programs allow students to borrow money at low interest rates, with no collateral, and generally no cosigner. Most student loans do not need to be repaid until the student graduates or drops to less-than-half-time status.

Students are reminded that borrowing money for University is a serious financial obligation. In addition to the principal borrowed, interest is generally charged for use of funds. It is important to remember that when you borrow money it must eventually be repaid. When signing a loan promissory note, you enter into a legal, ethical agreement. Legally, you will be required to sign the note promising to repay the loan. Ethically, you are responsible to future borrowers, since collections from old loans are major funding sources for new loans. Think about this commitment carefully when taking out a loan, and consider how much you reasonably can afford to repay. Read more about the borrower's rights and responsibilities here.

Anderson University uses the ELM Resource Loan Process exclusively. ELM Resources is an alliance of lenders who have created the student loan industry's first ATM-scale data switch and interactive Internet client software. As a nonprofit company, ELM provides Anderson University uniform delivery of student loans regardless of which lenders her students choose to use.

ELM is an educational loan processing and management system. Utilizing a centralized database and network, it enables the University, its preferred lenders, guarantors, and servicers to process student loans regardless of which lender or guarantor is involved.

Anderson University exclusively uses ELM's National Disbursement Network (NDN) for the Electronic Fund Transfer (EFT) of loan proceeds. ELM's NDN enables Anderson University to receive all loan funds and handle fund returns through a single disbursing agent. Stafford and PLUS Loans are disbursed by EFT daily. Alternative loans are disbursed by individual check payable to the student. South Carolina Teacher's Loans are also disbursed via EFT.

How to Apply

At Anderson University, eligibility for student loans requires that students apply for financial aid using the Free Application for Federal Student Aid (FAFSA). Once the application process is complete, the Office of Financial Aid sends each student a Financial Aid Award Letter.

Students accept the loan(s) awarded by signing and returning the Award letter. First time borrowers must complete an entrance interview found at www.mapping-your-future.org.

The Master Promissory Note (MPN) is the new method for all students to apply for their Stafford Loans. The initial MPN application, which replaces the Common Stafford Application, may represent the one and only time you are required to complete a loan application.

Parent Borrowers who wish to utilize the Federal Parent Loan for a dependent undergraduate student (PLUS) can apply online.

Click here to view a short list of lenders.