1982-1983 Academic Catalog

Student Loans Loans are available to Cedarville College students through the United Student Aid Funds, Inc., federal-guaranteed programs, and most state-guaranteed loan programs. All of these loan pro– grams are arranged through local banks, savings and loan as.socia– tions, credit unions, pension funds, and insurance compames for specified interest rates and are repayable st~rting t~e seventh month after graduation. Listing of the college m the Directory of Higher Education published by the United States Department of Education makes available the payment of interest by the federal government on loans secured through banks under the various state, federal, or private loan programs. National Direct Student Loans are available through the college to students who are citizens of the United States and who can dem– onstrate financial need to meet educational expenses. Detailed in– formation and application forms are available from the director of financial aid. There are special loan funds available to students who .meet the proper qualifications such as the McChe.sney Memonal Loan Fund for residents of Greene County, Ohio, the Bancroft Loan Fund for missionary candidates, the Polly LeunkMemorial 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 specific organizations. High school guidance counsel~rs can provide information concerning these pro~rams. Farm c~ll­ dren can arrange educational loans through their local Production Credit Association Office. The director of financial aid can supply additional information concerning the above loans. National Direct Student Loans The National Direct Student Loan Progran (NDSL) was estab– lished to help students pursue their courses of study at their chosen institutions of higher education. A student is eligible ifhe is: (1) a 135 national of the United States, in the United States for other than a temporary purpose and intends to become a ~ermanent resid.e?t thereof, a permanent resident of the Trust Terntory of the Pac1f1c Islands, or the Northern Mariana Islands; (2) in need of the amount of the loan to pursue a course of study at an eligible in– stitution; (3) capable, in the opinion of the institution, of main– taining good standing in such course of study; and (4) accepted for enrollment as at least a half-time undergraduate student. Continu– ing students must be in good standing and enrolled as at least a half-time undergraduate. The statute governing the NDSL program does not restrict the amount which may be granted per academic year. However, the aggregate of all loans for all years from the NDSL funds may not exceed: (1) $10,000 in the case of any graduate or professional student, including any loans from such funds made to such person before he or she became a graduate or professional student; (2) $6000 in the case of a student who has successfully completed two academic years of a program of education leading to a bachelor's degree, but who has not completed the work necessary for such a degree, including any loans from such made to that person before he or she became such a student; and (3) $3000 in the case of any student who has not completed two academic years of a program of education leading to a bachelor's degree Repayment begins six months after graduation or when a stu– dent leaves school for other reasons. One may have up to 10 years to pay back the loan. This would depend on the aggregate amount borrowed. During the repayment period, the borrower will be as– sessed five percent interest on the unpaid balance of the loan prin- cipal. . . No payments are required for up to three years while one is serving in the Armed Forces, Peace Corps, Vista, or other areas of special service. . The financial aid director will explain to the student applicant about loan cancellation provisions for borrowers who go into cer– tain fields of teaching or specified military duty.