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Loan Information for Graduate and Adult Programs

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:

NOTE: Only degree-seeking students, who are enrolled at least half-time (4 credit hours per term), are eligible to receive federal financial aid. Non-degree students, such as those enrolled certificate programs, are not eligible for financial aid.

FAQs on Loans (Types, Fees, Limits, etc.) » Loan Interest Rates »

A Graduate Unsubsidized Direct Loan is a fixed-rate loan available to degree-seeking graduate or professional students attending Cedarville at least half-time.

This loan is available for up to $20,500 (the maximum annual amount). Eligibility and annual funding level is determined by:

  • submitting a valid FAFSA for the academic year
  • enrollment in a qualified graduate or professional program
  • the student's Cost of Attendance

Unsubsidized: This means the student is charged interest from the date the loan funds are disbursed to their student account until the loan is paid off. Note the following:

  • the student may pay the interest while enrolled in school; or
  • the student can allow the interest to accrue; any unpaid interest, at the time the loan goes into repayment, is capitalized and added to the loan principal amount; and no penalty is incurred for early repayment.

To obtain access to this loan, complete all of the following steps. For assistance with Steps 3 and 4 below, view Detailed Instructions for Graduate Entrance Counseling and Student MPN.

1 Complete the FAFSA

Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.

  • A student cannot receive a federal direct loan unless they complete the FAFSA process.
  • The FAFSA will also review a student's eligibility for this federal loan program.

2 eAward Notification

To record your 'loan decision' (either 'Accept' or 'Reject'), login to MyFinancialAid and select "View your eAward."

  • Review the direct loans which are part of your financial aid package and record your decision.
  • Make sure you complete the entire process:

    • Record you loan decision(s), scroll to the bottom, and click 'continue;'
    • Review the 'Information Statements,' scroll to the bottom, indicate your 'Agreement' with the terms and conditions; and
    • Click the 'Confirm eAward' button).
    • This is the point when your decisions are recorded and will be reported to the financial aid office the following day for processing (allow 2-3 business days for your loan decisions to be processed; at that time you will be able to see the changes on your eAward).

Questions: See FAQ for more information.

3 Graduate Entrance Counseling

All first-time borrowers at the graduate/professional level must complete Graduate Entrance Counseling.

  • Graduate/Professional students must complete Graduate Entrance Counseling as a "Graduate or Professional Student" at www.studentloans.gov (Note: Entrance Counseling completed as an undergraduate does not meet this requirement).
  • Students who completed Graduate Entrance Counseling for a direct loan in a prior year have met this federal requirement.
  • Transfer graduate/professional students who received graduate direct loan funds at another college should notify the financial aid office. This requirement is considered met as long as Cedarville is able to confirm the prior Graduate Entrance Counseling.

4 Student Master Promissory Note

All first-time borrowers must complete a Student Master Promissory Note (SMPN) to obtain a direct loan.

  • Graduate/Professional students must complete a SMPN if you never borrowed from the Direct Loan Program before; you would also be required to complete a new SMPN if your previous SMPN expired.
  • Students who received direct loan funds in a prior year have met this federal requirement.
  • Transfer graduate/professional students who received direct loan funds at another college should notify the financial aid office. This requirement is considered met as long as Cedarville is able to confirm the prior SMPN.

The Graduate PLUS Loan is an option available to graduate or professional students to help pay their education expenses. The annual limit on a Graduate PLUS Loan is equal to the cost of attendance minus any other financial aid the student receives. For example, if the cost of attendance is $35,500 and the student receives $20,500 in other financial aid, the student can request up to $15,000.

Note 1: In addition to the FAFSA and eAward, the graduate/professional student must also complete steps 3-6 below when applying for a Graduate PLUS loan.

Note 2: Steps 1, 2, 3 and 6 must be completed every year, while steps 4 and 5 are a one time requirement (unless the graduate student is required to obtain an 'Endorser' for their Grad PLUS loan).

1 Complete the FAFSA

The student must complete the Free Application for Federal Student Aid (FAFSA) to determine eligibility.

2 eAward Notification

To record your 'loan decision' (either 'Accept' or 'Reject'), login to MyFinancialAid and select "View your eAward."

  • Review the direct loans which are part of your financial aid package and record your decision.
  • Make sure you complete the entire process:

    • Record you loan decision(s), scroll to the bottom, and click 'continue;'
    • Review the 'Information Statements,' scroll to the bottom, indicate your 'Agreement' with the terms and conditions; and
    • Click the 'Confirm eAward' button).
    • This is the point when your decisions are recorded and will be reported to the financial aid office the following day for processing (allow 2-3 business days for your loan decisions to be processed; at that time you will be able to see the changes on your eAward).

Questions: See FAQ for more information.

3 Apply for a PLUS Loan

Beginning May 1st each academic year, the student borrower is required to login at www.studentloans.gov using their student FSA ID to Apply for a PLUS Loan each time they decide to borrow. Once logged in, select 'Apply for a PLUS Loan,' then select the 'Direct PLUS Loan Request for Graduate/Professional Student Borrowers.'

  • Applying for a PLUS Loan triggers a basic credit check
  • Once the PLUS application is submitted the student borrower will immediately receive a credit decision of either 'Accepted' or 'Declined.'

Note: A credit decision is good for 180 days; therefore, Steps 4, 5 and 6 below should also be completed about the same time. This will allow the loan to be originated before the 'Accepted' credit decision expires.

4 Grad PLUS Master Promissory Note

If the student receives an 'Accepted' credit decision when completing step 3, they must then complete the Graduate PLUS Master Promissory Note, which is also located on the Department of Education’s website.

Note: A Graduate PLUS Master Promissory Note will be good for 10 years once successfully completed. This Graduate PLUS MPN is separate and distinct from the MPN completed for the Graduate Unsubsidized Direct Loan.

5 Graduate Entrance Counseling

All first-time borrowers at the graduate/professional level must complete Graduate Entrance Counseling.

  • Graduate/Professional students must complete Graduate Entrance Counseling as a "Graduate or Professional Student at www.studentloans.gov (Entrance Counseling completed as an undergraduate does not meet this requirement).
  • Graduate Entrance Counseling completed for the Graduate Unsubsidized Direct Loan meets this requirement also.
  • Students who completed Graduate Entrance Counseling for a direct loan in a prior year have met this federal requirement.
  • Transfer graduate/professional students who received graduate direct loan funds at another college should notify the financial aid office. This requirement is considered met as long as Cedarville is able to confirm the prior Graduate Entrance Counseling.

6 Graduate PLUS Authorization Form

Completed online at Cedarville's webpage, the graduate/professional student must also complete the Graduate PLUS Authorization Form to specify the details (the loan amount and term) of their Graduate PLUS loan.

Private Educational Loans (EDL) are credit-based private loans that are obtained through a lending institution of the borrower's choice. If a student pursues an EDL, they are limited to the cost of attendance minus other aid received.

  • NOTE: An EDL is not part of the federal direct loan program.
  • Cedarville University will process alternative loans from any lender you choose.

To obtain an EDL, the student must:

1Select a Lender & Complete the EDL Application

Using FASTChoice, an online tool provided by Great Lakes Educational Loan Services, Inc., a student can compare and select a lender. They can then complete their online application for an EDL using FASTChoice.

2 Loan Certification and Approval

After the student's online EDL application is submitted and processed, the lender contacts Cedarville's financial aid office to certify the loan.

3 Loan Funds Disbursed

The loan funds will disburse to the student's account once the EDL is certified and approved.

Plan to pay your balance by the due date listed on your student statement.

Students may pay their University bills using cash, money orders, personal checks, certified checks, or on Visa, Mastercard, and Discover credit/debit cards with a 2.5% convenience fee. You can pay your bill online, in person at the Cashiers Office, or by phone by calling 937-766-7830.

For payment by mail, make checks payable to "Cedarville University." Include your student ID number on your check to insure proper credit to your account. For your own protection, please do not mail cash. Send payments by mail to:

Cedarville University
ATTN: Cashiers Office
251 N Main St.
Cedarville, OH 45314

You can view your student statement or student account on CedarInfo. If you have questions about your current student statement or student account, please contact the Cashiers Office.