1975-1976 Academic Catalog

24 Cedarville College There are specialized loan funds available to students who meet the proper qualifications such as the McChesney Memorial Loan Fund for residents of Greene County, Ohio, the Bancroft Loan Fund for missionary candidates, the Polly Leunk Memorial Fund, the JDC Memorial Fund, the Miter Loan Fund, and others. A very limited amount of money is available to students with special needs through the college Student Aid Fund. Other education loan programs may be available through local banks or specif– ic organizations. High school guidance counselors can give you information concerning these. Farm children can arrange educational loans through their local Production Credit Association office. The Director of Financial Aid can supply information concerning the above loans as to banks servicing these loans and specialized qualifications. Student Employment Although not able to guarantee employment, Cedarville College assists needy students by recommending them for part-time employment, both on the campus and in surrounding communities. The college has students employed in various part-time jobs on campus. These opportunities include work such as campus maintenance, cafeteria, housekeep– ing, laboratory, library, and office assistants. Part-time work is important not only for financial assistance but also for pro– viding practical job training for the student. The experience gained from these jobs is useful when the student leaves the college to apply for full-time employ– ment. Although part-time student employment is not restricted to upperclassmen, freshmen should work only in the case of necessity. At least the first quarter of the freshman year should be devoted to study and to adjustment to college life. Students who must work more than 20 hours a week should not plan to carry a full load of classroom work. National Direct Student Loans Under authorization of the National Defense Education Act, Cedarville Col– lege has created a National Direct Student Loan Fund in cooperation with the federal government. Under the provisions of this act a qualified student may borrow in any one year a sum not exceeding $1,500 and during his entire course he may borrow a sum not exceeding $5,000. Eligibility. In general, the same conditions of eligibility that govern the regular student aid program at Cedarville College apply to the National Direct Student Loan Fund. The most essential condition of an applicant's eligibility for a Nation– al Direct Student Loan is that he be in need of the required loan in order to pursue his course of study during the period for which the application is made. Terms. The National Defense Education Act provides that the borrower must sign a promissory note for his loan. The repayment period and the interest do not begin until nine months after the student ends his studies. Loans bear interest at the rate of three per cent per year and repayment of the principal may be extended over a period of ten years, except that a minimum monthly payment of $30 is required. Repayment may be deferred up to a total of three years while a borrower is serving in the Armed Forces, with the Peace Corps, or as a Volunteer in Service to America (VISTA). Repayment is deferred for as long as a borrower is enrolled at an institution of higher education and is carrying at least a half-time academic work load.