2009-2010 Undergraduate Academic Catalog

Financial Information Financial Information 2009–10 Cedarville University 281 Financial Aid 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. Student Employment Federal Work Study This federally-funded program is designed to provide work opportunities for university students. Students in this program may qualify for up to 20 hours of work a week during the academic year, providing they show a demonstrated need based on their FAFSA. 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. Visit www.cedarville.edu/studentemployment for more information. Campus Employment Although unable to guarantee actual job placement, the number of hours worked, or total dollar amount earned, Cedarville University assists needy students by recommending them for part- time employment. Students are employed in various part-time jobs on campus such as maintenance, cafeteria, housekeeping, and others. Part-time student employment is not restricted to upperclassmen and is encouraged at all levels. Off-Campus Employment Because of the University’s reputation for attracting quality students, many area employers contact the career services office to employ students on a part-time basis. Though no formal restrictions pertain to this employment, students are encouraged to limit their working hours to approximately 20 hours per week to ensure sufficient time to study. Standards of Satisfactory Academic Progress for Recipients of Financial Aid Policy Financial aid recipients at Cedarville University are required to achieve satisfactory academic progress to be eligible to continue to receive federal 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. The University recognizes that conditions that create the need for financial assistance may also create other educational needs that require extra time and slower progress in achieving educational goals. Students who, because of exceptional educational needs, must make slower progress than outlined in the policy or who find themselves victims of unusual circumstances, are encouraged to discuss their situations with their academic advisors and the financial aid office. Where legally possible, because of mitigating circumstances, exceptions to this policy can be considered. When the Congress of the United States enacted the Higher Education Amendments of 1976, eligible institutions were directed to define and enforce standards of progress for students receiving federal financial assistance. The programs directly involved at Cedarville University are: 1. Unsubsidized Stafford loans 2. Subsidized Stafford loans 3. Federal Perkins loans 4. FFEL PLUS loans 5. Federal Pell Grant 6. Academic Competitiveness Grant 7. National SMART Grant 8. Federal SEOG Grant Full-Time Students To be eligible for full benefits of Federal Title IV funds, undergraduate recipients of financial aid must enroll for a minimum of 12 credit hours of classes during each semester that aid is received. All students are required to have a cumulative grade point average of 2.0 (C) in order to graduate from Cedarville University. The following academic requirements would be appropriate in achieving this goal by “carrying to completion” the required credit hours. In order to meet academic progress standards, students must complete a minimum number of credit hours based on a percentage of work to be completed and maintain a minimum cumulative grade point average consistent with the requirements for graduation. The following illustrates the academic progress policy: Hours attempted 1-30 31-60 61-90 91-192 Completed (percent) 65% 70% 75% 80% Minimum cumulative GPA 1.70 1.90 2.00 2.00 Satisfactory academic progress means that first-time students must, after a reasonable probationary period not to exceed one semester, have registered the minimum cumulative grade point average each semester thereafter as indicated above. In addition, these students must complete 65% of attempted course work the first academic year, 70% the second year, 75% the third year and 80% the fourth year. Note: Academic progress is measured at the end of each academic term. (Satisfactory progress for summer coursework will be evaluated at the end of the fall semester when fall term academic progress is evaluated.) It is assumed that the majority of students will graduate in the normal time frame. However, no student may continue more than six years as a full time student in order to complete his/her academic program. Regardless of the credit hours a full-time student attempts and received aid for, (which cannot exceed 192) they must complete the percentage of work attempted and have the appropriate cumulative grade point average as stipulated above. Aid recipients who fail to complete the required percentage of work attempted as listed above during the applicable semester and/or do not meet the minimum cumulative grade point requirements each semester will be considered as not making satisfactory academic progress. These students will be subject to having their federal aid discontinued unless there are mitigating circumstances involved that may affect a student’s academic progress. Students who withdraw from all courses during any semester will be encouraged to confer with the financial aid office. If permitted to continue, students who withdraw from all courses during each semester for two consecutive semesters will be considered as not making satisfactory academic progress and will be discontinued from receiving federal financial aid. In conjunction and addition to the academic policy listed in the University catalog, the grading marks F, I, W, WF and WP will not be considered as successful completion of courses attempted. The attempt of these courses will be considered in quantitative (percent completion) analysis of SAP but not the qualitative