1986-1987 Academic Catalog

152 Financial Registration Policy It is the policy of the college that each student's bill is due in full at the beginning of each quarter m· period ofinstmction. To enable each student to pay his/her college bill, financial registration is held the first two days students are required to be on campus. To complete registration, a student must choose one of the following methods of payment: Payment of College Bill l. Payment in Full either prior to or during financial registra– tion. Prompt payment admits the student to classes, the cafeteria, and permits the use of the library. A student register– ing after the close of financial registration will receive a $10 late registration charge. 2. Three-Pay Plan makes it possible for the student to pay his/ her college bill in three payments spread over sixty days. An interest charge of 1 1 /2% per month is made on the unpaid bal– ance. First Payment: At least one-third of the amount the student is required to pay is due at financial registration. This is the amount of the student's bill remaining after financial aid grants and scholarships are deducted. When this payment is made, the student has completed financial registration. Second Payment: At least one-half of the student's remain– ing balance is due within four weeks following financial regis– tration. An interest charge of 1 1 /2% per month will be made on the unpaid balance. Third (final) Payment: The remaining balance owed by the student is due within eight weeks following financial registra– tion. A late payment charge of $10 will be assessed on all students with a balance remaining on their acounts after this deadline. An interest charge of 1 1/2 percent per month will be made on the unpaid balance. Payment Responsibility A student's registration for classes is his/her obligation and commitment to pay for related charges as stated in the college catalog. The use of the Three-Pay Plan constitutes a debt ob– ligation of the student to the college and is payable in terms as stated. Each parent and each student must consider and under– stand the full cost and obligation of the commitment being made. The testimony of Cedarville College is dependent upon the power and grace of our Lord Jesus Christ and upon all those committed to the college. This includes financial obligations as well as spiritual commitments. No student will be allowed to begin the next quar1er, receive grade reports or transcripts, or graduate with an unpaid bal– ance at the college. An interest charge of 1 1/2% monthly will be assessed on all unpaid balances due. 3. Prepayment-Incentive Credit Plan makes it possible for students to prepay their college costs and ear·n a prepayment credit on their accounts. This is optional for any accepted or currently enrolled student. Prepayments can be made monthly, quarterly, or annually. All prepayments are immediately credited to the student's account. At the end of each month, the credit balance in a student's account in excess of $500 which has been on deposit for 30 days, will earn a prepayment credit. The current annual rate is 8%; the current monthly credit allowed is .677%. These earnings will be credited to the account and compounded monthly. This rate is subject to change each year. Students may make cash withdrawals up to $25 anytime from a credit balance on their account. Bookstore purchases can be charged against a credit balance. Any credit balance will be refunded upon request. The student's monthly state– ment will show the amount of prepayment credit earned that month and the total amount of prepayment to date. Veterans Trnining Benefits and Dependents Educational Assistance Cedarville College is approved under Title 38, Chapters 31, 32, 34, 35, and 106 U.S. Code for education of veterans and their dependents. Students under Chapters 32, 34, 35, and 106 are required to pay the school for all charges. The Veterans Administration in tum pays them a monthly allowance based upon their training load. Veterans under Chapter 31 are paid a monthly allowance and the Veterans Administration pays the school for tuition, fees, books, and supplies. Inquiries concerning eligibility should be directed to the Con– tact Office of a Veterans Administration Regional Office. Stu-