2000-2001 Academic Catalog

204 Financial Information A portion of Title IV grant or loan funds, but not FWS funds, must be returned to the Title IV programs upon a Title IV recipient's withdrawal from the school. Withdrawal date The day the student withdraws is the date (determined by the school): *the student began the withdrawal process prescribed by the school *the student othe1wise provided the school with official notifica– tion of the intent to withdraw; or *for the student who does not begin the school's withdrawal process or notify the school of the intent to withdraw, the mid– point of the period of enrollment for which Title IV assistance was disbursed (unless the institution can document a later date.) If the school determines the student did not begin the withdrawal process or notify the school of the intent to withdraw due to illness, accident, grievous personal loss or other such circumstances beyond the student's control, then the school may dete1mine the appropriate withdrawal date. Percentage ofthe paymentperiod orperiod ofenrollment completed The percentage of the period of enrollment for which assistance was awarded that was completed is determined: *in the case of a program that is measured in credit hours, by dividing the total number of calendar days comprising the period of enrollment for which assistance is awarded into the number of calendar days completed in that period as of the day the student withdrew. Calculation ofTitle IVassista11ce earned To calculate the amount of Title IV assistance earned by a student, the school must first determine the percentage of Title IV assistance the student earned. Up through the 60 percent point of time, the percentage of assistance earned is equal to the percentage of the period of enrollment for which it was awarded that was completed as of the day the student withdrew. If the student withdrawal occurs after the 60 percent point, then the percent is 100 percent. Calculatio11 ofTitle IVassista11ce not earned The amount of the Title IV grant and loan assistance not earned by the student is calculated by determining the complement of the percentage of assistance the student earned and applying it to the total amount of grant and loan assistance that was disbursed (or that could have been disbursed) to the student, or on the student's behalf, for the period of enrollment as of the day the student withdrew. Difference between amounts earned and amounts received The school will follow the regulations for late disbursement ifthe student received less grant or loan assistance than the amount earned. If the student has received more grant or loan assistance than the amount earned, then the unearned funds shall be returned by the school or the student, or both. Responsibility ofthe school The school shall return the lesser of the unearned amount of Title IV assistance or an amount equal to the total institutional charges the student incurs for the period of enrollment ofwhich the assistance was awarded, multiplied by the unearned percentage of awarded Title IV grant and loan assistance. Responsibility ofthe student Students return unearned Title IV assistance minus the amount the school returns. Order ofreturn ofTitle IVfimds Excess funds returned by the school or student are credited to outstanding Title IV loan balances for the student or made on the student's behalffor which a return of funds is required. Excess funds must be credited to outstanding balances in the following order: 1. Unsubsidized Stafford loans 2. Subsidized Stafford loans 3. Federal Perkins loans 4. FFEL PLUS loans 5. Federal Pell grant 6. Federal SEOG grant Veterans Training Benefits and Dependents Educational Assistance Cedarville University is approved under Title 38, Chapters 30, 31, 32, 35, and 106 U.S. Code for Education ofVeterans and their Depen– dents. Students under Chapters 30, 32, 35, and 106 are required to pay the school for all charges. The Veterans Administration in turn pays them a monthly allowance based upon their training load. Veterans under Chapter 31 are paid a monthly allowance and the Veterans Adminis– tration pays the school for tuition, fees, books, and supplies. Inquiries concerning eligibility should be directed to the Contact Office of a Veterans Administration Regional Office. Students planning to study under one of the education laws should receive approval prior to enrolling. A Veterans Administration training officer will contact the university in the disabled cases to accomplish this requirement for the student. Cedarville University students eligible for veterans benefits should contact the veterans benefits counselor in the Academic Services Office. Deferred Payment Plan for Veterans For Option Deferred Payment Plan for Veterans (under chapters 30, 31, 32, and 35) receiving the Educational Assistance Allowances, consult the Academic Services Office. Payments by veterans receiving their Educational Assistance Allowance checks one month behind will be as follows: Fall Quarter: first payment by 11/5 second payment by 12/6 final payment by 1/5 Winter Qualier: first payment by 2/4 second payment by 3/6 final payment by 4/5 * Spring Quarter: first payment by 4/5 * second payment by 5/5 final payment by 6/5 *Two payments are due 011 the same date. Interest of 1.083% per month will be charged on unpaid balances. A late payment charge of $20 is applicable for accounts unpaid after the payment due date. Veterans receive eight monthly VA checks, which must pay for nine deferred payments on the three-quarter system. Financial Aid When completing the FAFSA, use this Title IV Code for Cedarville University: 003025. General Information Cedarville University offers a variety of financial aid programs to assist students with education-related expenses. Although Cedarville University supports the premise that the prima1y responsibility for financing a college education rests with the student and family, aid programs are available to supplement personal resources. Most ofthe financial aid available at the University is considered to be need-based aid. Students are asked to complete the Free Applica– tion for Federal Student Aid (FAFSA) and submit the form to the Central Processing Center. The FAFSA should be submitted to the central processor by February 10, but not before Januaiy 1 preceding the academic year for which aid is being requested. An analysis of the family's financial data is performed and the results are used to determine the eligibility for need-based assistance. New aid appli– cants may obtain the FAFSA from their high school guidance counselor or from the Cedarville University Financial Aid Office. Students who have submitted a FAFSA application for the previous school year will receive at their home address a renewal FAFSA from the central processor. In addition to need-based aid, the University also offers merit-based aid to students who demonstrate recognized achievement or talent. Merit scholarship categories include academic, leadership, athletic, music, and forensics.