1986-1987 Academic Catalog

lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllillllllllllllllllllllllllllllllllllllllllllllllllllllll Fi 11 anc i a I Aid 159 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, depending upon the aggregate amount bor– rowed. During the repayment period, the borrower will be as– sessed five percent interest on the unpaid balance of the loan principal. 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 director of financial aid will explain to the student appli– cant about loan cancellation provisions for borrowers who go into certain fields of teaching or specified military duty. Cedarville College Student Loans 1. The Bancroft Loan Fund was established to assist mission– ary students. Loans are available without interest to eligible students who are planning to serve in some aspect of mis– sionary service. 2. The James Bucholtz Memorial Loan Fund was estab– lished by the parents in memory of their son. The maximum loan available is $1000 to eligible students. 3. The Jo Anne Buschmann Memorial Loan Fund was es– tablished by the parents in memory of their daughter. The maximum loan available is $1000 to eligible students who demonstrate academic achievement, special need, and dedi– cated Christian service. 4. The Jonathan Edward Clater Memorial Loan Fund was established by the direction of Mr. Clater. This fund is for eligible students whose education would be interrupted be– cause of special financial crisis. 5. The Fullerton Music Student Loan Fund is for eligible music majors chosen by the music department and the finan– cial aid office. No interest is charged during the Joan period. 6. The Gale Memorial Loan Fund was established by Mr. Ralph B. Gale, a former faculty member in honor of his wife. Its purpose is to help eligible, needy students on a short term basis. 7. The Kemp Loan Fund was established by a former finan– cial aid office secretary. The funds are available on request for eligible students over a period of 15-30 days. 8. The M.K. Loan Fund has been established by interested alumni missionary friends to assist children of missionary parents who meet the guidelines and who, without this help, would have difficulty meeting their educational expenses. 9. The Polly Leunk Memorial Loan Fund is for students who are unable to obtain funds through other sources. The maximum loan available to eligible students is $500. I0. The Frances McChesney Memorial Loan Fund was estab– lished by the Cedarville College alumni prior to 1952. Funds are loaned to any eligible, deserving Greene County student attending Cedarville College. 11. The Miter Loan Fund was established by a donor friend of Cedarville College who is interested in helping eligible, needy students. 12. The Science Loan Fund was established by the science de– partment to provide aid to eligible science majors who dem– onstrate financial aid. 13. The Student Body Loan and Grant Fund was etablished by the Class of 1972. This unique loan fund has two pur– poses: first, to provide loan funds to eligible, needy students at a nominal interest rate; and second, to allocate all earned interest to a grant program available to students who meet the qualifying criteria. 14. The Student Emergency Fund was established for the ex– press purpose of providing help to students who are faced with emergencies that were not anticipated, i.e., illness or death in the immediate family, etc. All assistance is on a short term Joan basis. Information on all loan opportunities may be obtainedfrom the financial aid office. Standards of Satisfactory Academic Progress for Recipients of Financial Aid Policy: Financial aid recipients at Cedarville College are required to achieve satisfactory academic progress to be eligible to continue to receive fed– eral financial assistance. The purpose of this policy is to define the requirements for satisfactory academic progress as it pertains to recipients of Title IV federal aid programs.