Applying for Financial Aid
Financial aid is important, even crucial, for many students. We understand that, which is why we do all we can to help you find the financial aid you'll need to afford school. But, before you do anything fill out the 
FAFSA (Free Application for Federal Student Aid). This will help determine what aid you are eligible for and will put you on the road toward affording grad school.
It usually takes about two hours to fill out, but it is the essential first step to getting aid. After completing the FAFSA, our financial aid office will put together a custom financial aid package which will include federal and state grants and federal and state loan options. We’ve also provided a FAFSA worksheet to help you to gather all of the appropriate information in advance and makes filling out the FAFSA quick and easy.
To learn more about we offer, the state offers and the federal government offers in terms of financial aid, click here. We also provide links to other websites that can shed some light on the subject.
*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.
iGNITE Scholarship
Starting this fall, Spring Arbor University will offer the iGNITE Scholarship for new students who begin their enrollment in one of 13 campus-based undergraduate and graduate-level programs. This scholarship is meant to assist students during these difficult economic times, and to help them fulfill their dreams of getting their degree or going on for more education. This scholarship program is Spring Arbor University’s answer to your concerns about affordability and is an expression of our commitment to partner with the local community. To learn more about the scholarship, click here.
Financial Aid resources
Federal Aid
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
- Interest Rate: 6.8 percent for unsubsidized and 4.5 percent for subsidized.
- Fees: 1 percent
Federal GRAD PLUS Loan
- Eligibility: graduate student
- Cost of education minus other financial aid; unlimited maximum
- Submit FAFSA
- Submit application with Direct Loan Processor; must pass credit check
- 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.
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.
Preferred Lender Information
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.
Tuition Tax Credits
Tuition Tax Credits
- Can apply 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 two 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