The information provided here is intended to show you alternative resources to fund your education in the event that your Federal Grants, Scholarships and Personal Finance Contributions do not cover your cost of attendance at Southern Adventist University. Remember, our student finance counselors are available to personally guide you in figuring out which loans are available to you.
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The most common source of college loan funds, Federal Direct Loans, are fixed-rate, low-interest loans available to students attending Southern at least half time (6 credit hours) and enrolled in a program that leads to a degree or certificate. To apply for a Direct Loan, you must first complete and submit the Free Application for Federal Student Aid (FAFSA). The information from your FAFSA will determine how much student aid you are eligible to receive. Direct Loans are generally included as part of your financial aid package.
Subsidized Stafford loans are need-based. The government pays the interest on these loans while you are attending college, during a six-month grace period immediately preceding repayment, and during any authorized deferments.
Step 2: Complete Entrance Counseling. The first time you take out a loan, you’ll need to complete Stafford entrance counseling before your loan proceeds can be released.
The FAFSA will apply you for both loans, and qualified students will see the loan as part of their financial aid award. For additional information please contact your student finance counselor once your FAFSA has been processed.
Private / Alternative loans are available to meet educational expenses when federal, private, and personal resources have been exhausted.
Typically, with private/alternative loans:
Exit Counseling is required when you graduate, leave school, or drop below half-time enrollment. Exit Counseling provides important information you need to prepare to repay your federal student loan(s). Exit Counseling MUST be completed for each school at the termination of your enrollment period or when you "leave"; even if you are transferring to another school.
You will need the following information to complete exit counseling: your driver license number, the name, addresses and phone numbers for three references (one relative and two not related to you), and contact information, if available, for your employer or expected employer. Loans you took while attending other schools are included on this report also. You may also click on the “number” for each loan to view lender contact information. If you have further questions, you may also call the Department of Education at 1.800.557.7394. We recommend that you remain with your current lender if you are considering consolidating your loans.
Institutional, Perkins, and Nursing Loans
** NOTE: Please remember that you will need to complete exit counseling for each type of loan you have (Federal, Perkins, Nursing and/or SAU Institutional).
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