1999-2000 Academic Catalog

Rev. and Mrs. Earl V Willetts Endowed Grant Fund Given to students in good standing. Provided by the Willetts family. G. Marvin Wright Memorial Scholarship Given to a full-time student who maintains a GPA of 3.0 or above and is engaged in a student ministry through the Christian Ministries Department. Gladys York Memorial Scholarship Given to a student from Calvary Baptist Church in Parkertown, NJ who is recommended by the pastor. Loan Funds Detailed information concerning all loans including eligibility, application procedures, and repayment schedules is available from the Financial Aid Office. Several types ofloans are available. Cedarville College Student Loans The Bancroft Loan Fund Established to assist students who are planning to serve in some aspect of missionary service. The James Bucholtz Memorial Loan Fund Established by the parents in memory of their son to assist eligible students. The Jo Anne Buschmann Memorial Loan Fund Established by the parents in memory of their daughter to assist eligible students. The Jonathan Edward Clater Memorial Loan Fund Established by Mr. Clater to assist students whose education would be intenupted by a financial crisis. The Fullerton Music Student Loan Fund Established to assist music majors. The Gale Memorial Loan Fund Established by Mr. Ralph B. Gale to help eligible, needy students on a short-term basis. The Kemp Loan Fund Established by a former Financial Aid Office secretary for eligible students to use over a period of 15-30 days. The MK. Loan and Grant Fund 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. Nursing Student Loan Program Established to assist students pursuing a course of study leading to a baccalaureate degree in nursing. The Polly Leunk Memorial Loan Fund Established to assist students who are unable to obtain funds through other sources. The Frances McChesney Memorial Loan Fund Established by the Cedarville College alumni prior to 1952 to assist any eligible, deserving Greene County student. The Miter Loan Fund Established by a friend of the College to assist eligible students. The Science Loan Fund Established by the Science Department to assist science majors who demonstrate financial need. The Student Body Loan and Grant Fund Established by the Class of 1972 to provide loan and grant funds to eligible students. The Student Emergency Fund Established to provide short term loans to help students facing unanticipated emergencies. Federal Family Education Loan Programs Federal Stafford Student Loan funds are available to dependent and independent undergraduate students. Requests for loan assistance from this program may be made through the FAFSA. Cedarville College processes applications electronically through the Great Lakes Higher Education Corporation and its participating lenders. Applica– tions will be mailed directly to the student from Great Lakes. The federal government will subsidize (pay) the interest on loans while the student is in school and during a six month grace period following withdrawal or graduation if the student has demonstrated financial need as determined by the FAFSA calculations. The interest rate, as of July 1, 1994, is a variable rate not to exceed 8.25%. Freshmen can borrow a maximum of $2,625, sophomores-$3 ,500, juniors and seniors-$5500. Loan origination and insurance fees totaling 3% ofthe loan amount will be deducted by the lender. Federal Unsubsidized Stafford Student Loan funds are available to students who do not qualify for all or part of the need-based subsidized Stafford Loan. The annual loan limits are the same, as stated above, for the subsidized, unsubsidized, or any combination of the two programs. In this program, all the terms are the same as the subsidized Stafford; however, the federal government does not cover , the interest expenses while the student is in school or during the six- month grace period. The student does have the option to defer payments during in-school and grace periods; however, the interest continues to accrue. Independent students are eligible to borrow additional funds through the Unsubsidized Stafford as of July 1, 1994. Freshmen and sophomores may borrow an additional $4,000 and juniors and seniors can borrow an additional $5,000 per year. Federal Parent Loan to Undergraduate Students (PLUS) funds are available for creditworthy parents to borrow on behalf of their students. This loan program is not based on financial need and may be used to replace all or part of the expected family contribution. Parents may b01Tow any amount up to the cost of education less any financial aid the student is receiving. The interest rate is a variable rate and will not exceed 9%. The lender will deduct 3% of the loan amount to cover the origination and insurance fee. Repayment does begin within 60 days following full disbursement of the loan proceeds. Fmiher information and applications for this program may be obtained by contacting the Financial Aid Office. Students should be aware that ftmds awarded from these programs are considered to be awarded for the entire loan period requested by the borrower. Should the student 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 less than a full academic year immediately preceding graduation, the annual loan limit may be prorated based on the number of credits remaining to complete the program of study. Specific questions relating to the federal regulations outlined above may be directed to the Financial Aid Office. Federal Perkins Loans Federal Perkins Loans are available through the College to students who are citizens of the United States and who demonstrate excep– tional financial need. Funds are awarded to Federal Pell Grant recipients first. Other applicants are awarded pending availability of funds. The Federal Perkins Loan Fund was established to help students pursue their courses of study at their chosen institutions of higher education. A student is eligible ifhe is: (1) a national of the United States, in the United States for other than a temporary purpose and intends to become a permanent resident thereof, a permanent resident of the Trust Territ01y of the Pacific Islands, or the No1ihern Mariana Islands; (2) in need of the amount of the loan to pursue a course of study at an eligible institution; (3) capable, in the opinion of the institution, ofmaintaining good standing in such course of study; and (4) accepted for enrolhnent as at least a halftime undergraduate student. Continuing students must be in good standing and enrolled as at least a halftime undergraduate. The statute governing the Federal Perkins Loan Fund does not restrict 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 case of any undergraduate student. Repayment begins nine months after graduation or when a student leaves school for other reasons. One may have up to I0 years to pay back the loan, depending upon the aggregate amount borrowed. During the repayment period, the borrower will be assessed 5% interest on the unpaid balance of the loan principle. Exit interviews will be conducted for graduates and others at the conclusion of each quaiier to explain loan deferment and cancellation provisions for borrowers who continue their education or go into ce1iain fields of teaching or specified military duty. Student Federal Work Study This federally-funded program is designed to provide work opp01iu– nities for college students. Students in this program may qualify for up to 13 hours a week during the academic year, providing they show a demonstrated need from their federal need analysis (i.e., the FAFSA). All work assignments are made by the Financial Aid Office. Actual hiring is done by the department supervisors 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. Community service positions are also available in this program.