2011-2012 Undergraduate Academic Catalog

Page 302 2011–12 Undergraduate Catalog Introduction Admissions Academic Information Academic Departments Course Descriptions Financial Information Appendix Index 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 7.9%. The lender will deduct 4% 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. 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 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, dining hall, 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. Federal PLUS Loans 5. Federal Pell Grant 6. Federal SEOG Grant