A loan is financial aid that must be repaid with interest. Loans are offered based on financial need assessment as determined by the Free Application for Federal Student Aid (FAFSA). Any student may obtain a federal direct loan; however, the type of loan will be determined by the student's need assessment. Cedarville University participates in the following loan programs:
Federal Direct Stafford loans are fixed-rate, low interest loans available to undergraduate students attending Cedarville at least half-time. These loans are the most common source of college loan funding.
- Direct Stafford Loans have annual loan limits based on a student's enrollment status:
Freshmen $5,500 (up to $3,500 may be subsidized)
Sophomores $6,500 (up to $4,500 may be subsidized)
Juniors $7,500 (up to $5,500 may be subsidized)
Seniors $7,500 (up to $5,500 may be subsidized)
- See Interest Rate Table for Stafford Loan rates through the 2011-12 year
Complete the Free Application for Federal Student Aid - www.fafsa.ed.gov
- A student cannot receive a Direct Stafford Loan unless they complete the FAFSA process.
Accept the Direct Stafford Loan(s) at MyFinancialAid.
- Most students have the option of obtaining at least two Direct Stafford Loans; in some cases a student could have as many as three or even four different Direct Stafford Loans.
- Carefully review the Direct Stafford Loans which you are eligible to receive and accept or reject each Direct Stafford Loan on at MyFinancialAid.
All first-time borrowers must complete Entrance Counseling to obtain a Direct Stafford Loan.
- Students who completed Entrance Counseling for a Direct Stafford Loan in a prior year do not need to redo Entrance Counseling.
- Transfer students should notify the Financial Aid Office if they received Direct Stafford Loan funds at another college in a prior semester or year. Transfer students do not need to redo Entrance Counseling as long as Cedarville can confirm this at COD's website.
All first-time borrowers must complete the Master Promissory Note to obtain a Direct Stafford Loan.
- Students who completed a Master Promissory Note and received Federal Direct Stafford Loan funds in a prior year do not need to complete another Master Promissory Note.
- Transfer students should notify the Financial Aid Office if they received Direct Stafford Loan funds at another college in a prior semester or year. Transfer students with a valid MPN do not need to complete another MPN to process their student loans at Cedarville.
The Direct Parent PLUS loan is an option available to parents of dependent students to help pay their child's education expenses. The annual limit on a Parent PLUS Loan is equal to the student's cost of attendance minus any other financial aid the student receives. For example, if the cost of attendance is $28,000 and the student receives $18,000 in other financial aid, the student's parent can request up to $10,000. The interest rate on Parent PLUS loans is currently fixed at 7.9%.
Please note that when applying for a Parent PLUS loan, the same parent must complete each of the required application and authorization steps (PLUS Request, MPN and Authorization).
New for 2011-12 year: A Parent PLUS Loan cannot be obtained unless the student completes the Free Application for Federal Student Aid (FAFSA).
The parent must complete the PLUS Request Process via the Department of Education’s website. This application triggers a credit check, and will let the parent know almost instantly if they have been approved for the PLUS loan.
If the parent has been approved by completing step 1, they must then complete the Master Promissory Note, which is also located on the Department of Education’s website.
The parent must also complete the Parent Authorization Form with Cedarville to specify the details of their plans to obtain a Parent PLUS loan.
Finally, the student or parent may accept the loan at MyFinancialAid.
Alternative loans are private loans (not part of the federal government programs) that are obtained through a lending institution.
Select a lender and complete their online application.
After your online application is processed, the lender will contact Cedarville for certification.
Loan funds will be disbursed upon loan approval.
The Federal Perkins loan is awarded to students who demonstrate the highest financial need; traditionally to Pell Grant recipients. The Perkins Loan is similar to the Subsidized Stafford Loan in that the loan is interest free while the student is enrolled and interest does not start to accrue until after the grace period (9 months). The standard Perkins Loan amount is $1,500. Interest rate is currently fixed at 5%.
Complete the Free Application for Federal Student Aid
Accept your Perkins Loan at MyFinancialAid.
- Once you accept your Perkins Loan, the status will be updated to "Pending" until you complete Step 3 below.
Sign your Master Promissory Note in the Financial Aid Office by September 1.
- Students who do not sign their Perkins Master Promissory Note by Sept. 1 will lose their opportunity to obtain the Perkins Loan for the duration of the academic year.
The Federal Nursing Loan is awarded to nursing majors who are in their sophomore, junior, or senior year and who demonstrate financial need. The Nursing Loan is similar to the Perkins and Subsidized Stafford Loan in that the loan is interest-free while the student is enrolled, and interest does not start to accrue until after the grace period (nine months). The standard nursing loan amount is $2,500 for sophomores and $4,000 for juniors and seniors (freshmen are not eligible for this loan). Interest rate is currently fixed at 5%.
Complete the Free Application for Federal Student Aid
Accept your Nursing Loan at MyFinancialAid.
- Once you accept your Nursing Loan, the status will be updated to "Pending" until you complete Step 3 below.
Sign your Master Promissory Note in the Financial Aid Office by September 1.
- Students who do not sign their Nursing Master Promissory Note by Sept. 1 will lose their opportunity to obtain the Nursing Loan for the duration of the academic year.
The Charles E. Schell Foundation, Fifth Third Bank Trustee loan is for juniors and seniors with demonstrated financial need who are citizens of Ohio, Kentucky, and West Virginia; between the ages of 18 thru 25; loyal to the United States and its institutions including the Army, Navy, Air Force, and Marines; honest, upright, intelligent, and of practical appearance; and maintaining a minimum 2.0 GPA on a 4.0 scale.
An exit interview will be required for recipients of this loan.
Complete the Free Application for Federal Student Aid
Fill out the online application.
Accept your loan at MyFinancialAid.
Sign promissory note annually in the Financial Aid Office when you arrive on campus in August.