2016-2017 Undergraduate Academic Catalog

Federal Parent PLUS Loans Federal PLUS loan funds are available for creditworthy parents to borrow on behalf of their dependent 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 up to the cost of education less any financial aid the student is receiving. The U.S. School of Education, who serves as the lender, generally deducts origination fees that are determined annually. Repayment begins within 60 days following the final disbursement of the loan. 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. 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 percent interest on the unpaid balance of the loan principle. 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 handled 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 Financial Aid. 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 Career Services 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. See cedarville.edu/UG_SAP_Policy for complete information related to Satisfactory Academic Progress. Student Rights 1. You have the right to know what financial aid programs are available at your school. 2. You have the right to know the deadlines for submitting applications for each of the financial aid programs available. 3. You have the right to know how financial aid will be distributed, how decisions on that distribution are made, and the basis for these decisions. 4. You have the right to know how your financial need was determined. This includes how costs for tuition and fees, room and board, travel, books and supplies, personal and miscellaneous expenses, etc., are considered in your budget. 5. You have the right to know what resources (such as parental contribution, other financial aid, your assets, etc.) were considered in the calculation of your need. 6. You have the right to know how much of your financial need as determined by the institution has been met. 7. You have the right to request an explanation of the various programs in your student aid package. 8. You have the right to know your school’s refund policy. Student Responsibilities 1. You must complete all application forms accurately and submit them on time to the right place. 2. You must provide correct information. In most instances, misreporting information on financial aid application forms is a violation of law and may be considered a criminal offense that could result in indictment under the U.S. Criminal Code. 3. You must return all additional documentation, verification, corrections, and/or new information requested by either Financial Aid or the agency to which you submitted your application. 4. You are responsible for reading and understanding all forms that you are asked to sign and for keeping copies of them. 5. You must accept responsibility for all agreements that you sign. 6. You must perform the work agreed upon in accepting a University employment award. 7. You must be aware of and comply with the deadlines for application or reapplication for aid. 8. You should be aware of your school’s refund procedures. All schools must provide information to prospective students about the school’s programs and performance. You should consider this information carefully before deciding to attend a school. Page 290 2016–17 Undergraduate Academic Catalog Financial Information Federal Perkins Loans