1994-1995 Academic Catalog

198 Financial Information F deral Fa1nily ducatioo Loan Program Fe<leral t<{f!ord tufienr Loan fund are available to dependent and independent undergraduate cudent . Reque t for loan .1~si tanee fron1 1.hi , progran1 n1ay be rnade through the FAFSA. Cedar, ille College proce .. e~application electronically through the Great Lake Higher Education Corporation and it participating lender . ppl ication \\ i II be n1ailed directly to the tudent from Great Lake . The federal government will ub idize (pay) the intere t on loan \.Vhile the tudent i in chool and during a ix month grace period following withdrawaJ or graduation if the student ha den1on crated financial need as determined by the F F calculation . The incere t rate, a of July 1, 1994 is a , ariable rate not co exceed 8.25 %. Fre hrnen can borrow up to a maximum of 26-5. ophomore - $3500, junior and eniors - 5500. Loan origination and in urance fees totaling 4 % of the loan amount \viii be deducted by the lender. Federal Unsubsidi~ed Stafford Student Loan fund are available to . cudenr \\ ho do not qualify for all or part of the ub iclized Stafford Loan on a need ba i . The annual loan limit are the ame, as rated above, for the ub idized, un ub iclized or any combination of the rv..o program . In thi program, all the term are the same a the ub idized tafford, however, the federal government does not cover the incere t expen e while the tudent is in school or during the six month grace period . The tudent doe have the option to defer payment during in- chool and grace period , however, the inrere t continue co accrue. Independent students are eligible to borrow additional fund through the Un ubsidized Stafford as of July 1, 1994. Fre tunen and ophomore tudent may borrow an additional $4000 and junior and eniors can borrow an additional 55000 per year. Federal Parent Loan to Undergraduate Students (PLUS) fund are available to credit-worthy parent to borrow on behalf of their rodent . Thi loan program i not ba ed on financial need and may be u ed to replace all or part of the expected family contribu– tion. Parent may borrow any amount up to the cost of education le any fmancial aid the tudent i receiving. The intere t rate is a variable rate and will not exceed 9 %. The lender will deduct 4 % of the loan amount to cover the origination and insurance fee . Repayment doe begin within 60 day following dj bur ement of the loan proceed . Further information and application for this program may be obtained by contacting the Financial Aid Office . Student hould be aware that fund awarded from these program are con idered to be awarded fo r the entire loan period reque ted by the borrower . Should the tudent withdraw before the end of the loan period, a proportionate refund of the loan proceeds may be returned to the lender . In addition, if a student is enrolled for le than a full academic year immediately prececling graduation, the annual loan limit may be prorated ba ed on the number of credits remaining to complete the program of study . Specific que tions relating co the federal regulation outl ined above may be directed to the Financial Aid Office . Teacher Education Loans Teacher education n1ajors may qualify for a $5000 loan through their tate tudent a i tance agency and the Ohio Student Aid Commi ion. Specific eligibility requirements are maintained . Teacher education loan may be forgiven due to teaching service. High chool guidance coun elor can provide applications and information concerning thi loan program. Federal Perkins Loans Federal Perkin Loans are avai lable through the College to rodent who are citizen of the United States and who can demon trace fLnanciaJ need to meet educational expen e . Detailed infonnarion and application form are available from the director of financial aid . The Federal Perkin Loan Fund was e tabli hed to help student pursue their cour. e of rudy at their chosen in titution of higher education . A student is el igible if he is: ( 1) a national of the United States. in the l,ni ted State for other than a temporary purpo e and intend ro become a permanent re ident thereof, a permanent resident of the Trust Territory of the Pacific Island . or the Northern Mariana Islands; (2) in need of the amount of the loan to pur ue a cour e of tudy at an eligible institution; (3) capable, in the opinion of the in titution, of maintaining good standing in such cour e of study; and (4) accepted for enrollment as at least a half– time undergraduate rodent. Continuing students mu t be in good randing and enrolled a at least a half-time undergraduate. The tatute governing the Federal Perkins Loan Fund does not re trict the amount which may be granted per academic year. However, the aggregate of all loans for all years from the FPLF may not exceed: $15,000 in the ca e of any undergraduate student. Repayment begins nine months after graduation or when a student leave school for other rea ons. 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 assessed five percent interest on the unpaid balance of the loan principle . Exit interviews wi ll be conducted for graduate and others at the conclusion of each quarter to explain loan deferment and cancella– tion provision for borrowers who continue their education or go into certain field of teaching or speci fied military duty . Student Employment Federal Work Study This federal ly-funded program is designed to provide work opportunities for college student . Students in this program may qualify for up to thirteen hours a week during the academic year, providing they how a demonstrated need from then federal need analysi (i.e., the FAFSA). All work assignments are made by the Financial Aid Office. Actual hi ring is done by the deparunent upervisors who will employ the students. As with campus employment, actual job placement, number of hours worked, and total dollar amount earned cannot be guaranteed by the Financial Aid Office . Campus Employment Although not abJe to guarantee actual job placement, the number of hours worked, or total dollar amount earned, Cedarville College ass ists needy students by recommending them for part-time employment. Students are employed in various part-time jobs on campus such a maintenance, cafeteria, housekeeping, and others. Part-time work is important not only for financial assistance but al o for provicling the tudent with the opportunity to develop di cipline in managing his or her time and responsibilitjes. Valuable ocializing skills can al o be learned where students work in groups. Part-time student employment is not restricted to upperclassmen, and is encouraged at all level . The one exception is for tudent in the Acadenuc Development Program who must have special permi sion from the Coordinator of Academic Progress to work during their freshman year. Off-Campus Employment Because of the College's reputation for attracting quality students, many area employers contact the Placement Office to employ student on a part-time basis. Sometimes student obtain work related to their fields of study and gain valuable experience a well as income. Though no formal restrictions pertain to this employ– ment , students are encouraged to li1nit their working hour co approximately twenty hours per week to insure ufficient time LO study. •