Private Student Loans

Private Student Loans, also called Alternative Loans, are a last resource for students who are not eligible for other financial aid or who may need additional funds to meet education expenses. Private loans should be considered only when all other options have been exhausted, including federal student loans or other federal financial aid options for which you might qualify. Private loans typically have higher interest rates than federal student loans, are credit-based, and do not always offer the same benefits as federal student loans. The U.S. Department of Education provides a comparison chart at https://studentaid.ed.gov/sa/types/loans/federal-vs-private to review the differences between federal and private loans. The terms and conditions of alternative loans vary from lender to lender and are typically less favorable than Title IV federal student loans. The maximum private loan amount a student can borrow is determined by the Cost of Attendance minus other financial aid. Never borrow more than you believe you will be able to repay.

Students are responsible for finding the company through which they want to obtain a Private Loan. To research and apply, students can seek loan options through Banks, Credit Unions, and other various Student Loan Servicers. Students can also use FastChoice – a student loan search tool provided by Great Lakes Educational Loan Services, Inc. You may choose to use this tool to help educate yourself before making a decision or choose to go directly to a lender of your choice to apply. FastChoice provides information to help students research and compare private student loan options. The lenders presented in this tool are lenders from which Anderson University students have borrowed within the last three years. Anderson University does not have a preferred lender list and cannot recommend any one lender over another.

Work Study Program

To participate in the Federal Work-Study Program, students must be enrolled half time in a degree-seeking program, complete a FAFSA, and qualify based on financial need. Students who do not meet the financial need requirement may be able to participate in the AU Work-Study Program. Students are responsible for securing their own work study jobs.

Veteran Education Benefits

Anderson University is proud to partner with the U.S. Department of Veteran Affairs in assisting our military veterans in obtaining their education. Veterans and the children of veterans should consider whether they qualify for Veteran Education Benefits.

Financial Assistance for Study Abroad

Students may be able to use financial aid for enrollment in a study abroad program approved for credit by Anderson University. For more information please go to our webpage at https://www.andersonuniversity.edu/study-abroad/financial-aid.

Company Reimbursement

Many organizations offer their employees full or partial tuition reimbursement for furthering their education. Talk to your employer’s Human Resources Department to see if your organization offers tuition reimbursement benefits. For more information about how company reimbursement works see Anderson Central Services or contact the Anderson Central Office. 

All authorization letters should be emailed to andersonuniversity@backpackpay.com. Click here to proceed.

Vocational Rehabilitation

Persons with physical disabilities which are vocational handicaps are eligible for financial aid from a State Department of Vocational Rehabilitation. Information may be obtained from the Vocational Rehabilitation Department in the student’s home state.  All authorization letters should be emailed to andersonuniversity@backpackpay.com. Click here to proceed.

529 College Savings Plans 

Anderson University uses Backpack to receive 529 payments electronically. The platform is free to use, and payments are directly integrated with our Cashier’s Office, so we’re notified the moment your transfer is initiated. 

When families request payments through a 529 plan’s website, the funds are typically mailed as paper checks to the school. Checks can introduce delays, errors, and added manual work for both families and university staff. Studies show that nearly 1 in 3 families using paper checks for tuition will face a payment issue at some point. 

To avoid any issues, we ask that all families using a 529 plan use Backpack to submit their tuition payments electronically. Click here to proceed.