2008-2009 Academic Catalog

Financial Information Financial Information 274 Cedarville University 2008–09 Financial Aid Jane Adams Smith Memorial Scholarship Given to students pursuing an undergraduate degree in any academic major under the department of Communication Arts who have also completed at least one year at Cedarville University. The Spiritual Leadership Music Award This award was established by John and Jean LeBlanc in memorial to his father, John D. LeBlanc, to assist music majors. The recipient must be a full-time junior or senior student pursuing an academic major in music. The recipient must also have a minimum GPA of 3.3 and must demonstrate increasing spiritual maturity as a musician. The Taylor Scholarship Award Established in honor of Ruel B. and M. Ethel Taylor by their children and grandchildren, this endowed scholarship award is granted to a full-time junior nursing student in the top ten percent of the nursing class. The recipient demonstrates financial need, is committed to honoring and serving the Lord and Savior Jesus Christ, and is an excellent prospect for a career in nursing. Olen Tilma Small Business Scholarship Given to students pursuing an undergraduate degree in any academic major under the department of business administration with a minimum cumulative GPA of 3.3. The Undergraduate Award for Achievement in Organic Chemistry Given by the Polymer Education Committee of the Division of Polymer Chemistry and Polymeric Materials to the most outstanding chemistry major in organic chemistry with a GPA of 3.4 or higher. The Kristi Lynn Walborn Memorial Scholarship Given to a sophomore or junior music major with an emphasis in voice or in music education with vocal emphasis. Established in memory of Kristi Lynn Walborn. C. Eugene Walker, Ph.D. Psychology Award Given to a junior or senior pursuing a degree in psychology. The student must have a GPA of 3.3 or above, have plans for graduate education in psychology, be involved in a Christian ministry, and participate in research in department of psychology activities. Established by C. Eugene Walker, Ph.D. The Wall Street Journal Award Presented to an outstanding graduate in business administration. The J. D. “Jack”Willetts Scholarship Award Given to a sophomore or junior who excels in preparation for a career in education. Given in memory of the former president of the Cedarville Alumni Association and member of the Class of 1958. The Dr. and Mrs. Duane R. Wood Family Award Granted to a full-time student who will be at least a sophomore with a 3.25 or higher GPA who has evidenced Christian character, leadership on campus, academic achievement, and varsity athletic performance. The Zondervan Greek Award Given to the student having the highest GPA in elementary Greek. Federal Family Education Loan Programs Federal Stafford Student Loan 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 University processes applications electronically through the Great Lakes Higher Education Corporation and its participating lenders. Applications will be mailed directly to the student from the guarantee agency. 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, 2006, is a fixed rate at 6.8%. Freshmen can borrow a maximum of $3,500, sophomores $4,500, and juniors and seniors $5,500. Loan origination and insurance fees totaling 3% of the loan amount will be deducted by the lender. Federal Unsubsidized Stafford Student Loan 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 interest 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. Freshmen and sophomores may borrow an additional $4,000 and juniors and seniors may borrow an additional $5,000 per year. Additional Unsubsidized Stafford Loan A new loan program that was started in the 2008–09 school year which allows students to borrow an additional $2,000 for each academic year. This is in addition to the base Subsidized and Unsubsidized Stafford Loans that are previously described. Eligibility, repayment, cancellation, and deferment criteria are the same as for the original Stafford loans. Federal Parent Loan to Undergraduate Students (PLUS) 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 borrow any amount up to the cost of education less any financial aid the student is receiving. The fixed interest rate is 8.5%. 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 funds. Further information and applications for this program may be obtained by contacting the financial aid office. Students should be aware that funds 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 funds 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 pro-rated 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 University to students who are citizens of the United States and who demonstrate exceptional 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. Students are eligible if they are: (1) a citizen of the United States, in the United States for other than a temporary purpose and intend to become a permanent resident thereof, a permanent resident of the Trust Territory of the Pacific Islands, or the Northern 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, of maintaining good standing in such course of study; and (4) accepted for enrollment as at least a half-time undergraduate student. Continuing students must be in good standing and enrolled as at least a half-time undergraduate. The standard Perkins Loan amount is $1,500. However, the annual amount may be increased as funding allows. Repayment begins nine months after graduation or when a student leaves school for other reasons. One may have up to 10 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 withdraws to explain loan deferment and cancellation provisions for borrowers who continue their education or go into certain fields of teaching or specified military duty.