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Loan Information for Undergraduate 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:

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

Undergraduate student direct loans are fixed-rate loans available to degree-seeking students attending Cedarville at least half-time. To access student direct loan funding as part of your educational payment plan, the student must complete all of the following steps:

For assistance with Steps 3 and 4 below, view Detailed Instructions for Undergraduate 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 Decision

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 Undergraduate Entrance Counseling

All first-time borrowers must complete Undergraduate Entrance Counseling to obtain a student direct loan.

  • Undergraduate students: make sure you select the option to complete entrance counseling as an Undergraduate Student. 
  • Students who completed Undergraduate Entrance Counseling in a prior year have met this federal requirement.
  • Transfer students: If you received student direct loan funds at another college, then this requirement is considered met as long as Cedarville is able to confirm the prior Undergraduate Entrance Counseling.

4 Student Master Promissory Note

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

  • In most cases, students who received direct loan funds in a prior year have met this federal requirement.
  • Transfer students: If you received student direct loan funds at another college, then this requirement is considered met as long as Cedarville is able to confirm the prior SMPN.

The Parent PLUS direct loan is an option available to parents of dependent undergraduate students (as determined by the FAFSA) to help pay their child's college 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 $32,000 and the student receives $18,000 in other financial aid, the student's parent can request up to $14,000. Repayment: Parent PLUS loans enter repayment as soon as the annual loan amount is fully disbursed.

Note 1: The same parent must complete steps 3-5 below when applying for a Parent PLUS loan.

Note 2: Step 1 is required each year; while Steps 2, 3, and 5 must be completed for each PLUS loan. Step 4 is generally a one time process.

1 Complete the FAFSA

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

2 eAward Decision

To record your 'loan decision' (either 'Accept' or 'Reject'), login to MyFinancialAid and click the "View your eAward" button contained in the eAward information block.

  • Review the direct loans which are part of your financial aid package and record your decision for each.
  • 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. Note: At this point your decision(s) is recorded; however, it will not update on your eAward immediately. Your decision will be reported to the financial aid office for processing (allow 2-3 business days).

Questions: See FAQ for more information.

3 Apply for a PLUS Loan

The parent borrower is required to login at www.studentloans.gov using their parent 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 Parent Borrowers.'

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

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

4 Parent Master Promissory Note

If the parent receives an 'Accepted' credit decision when completing step 3, they must then complete the Parent Master Promissory Note at www.studentloans.gov.

Note: A Parent PLUS Master Promissory Note is both parent and student specific and is normally good for 10 years.

5 Parent PLUS Authorization Form

The same parent must also complete Cedarville's Parent PLUS Authorization Form to specify the student, loan amount, and loan term(s) for their Parent 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.

NOTE: Due to ongoing regulatory changes to the Perkins Loan Program, the 2015–16 Perkins Loan is no longer available as a "new loan option" for any student who does not already have this loan awarded and disbursed to their student account before October 1, 2015.

The Federal Perkins loan is awarded to students who demonstrate the highest financial need as long as funding allows (funding is limited, so students should complete their FAFSA as soon as possible each year). Traditionally Perkins Loans are awarded to the neediest Pell Grant recipients. 

The Perkins Loan, similar to the subsidized direct loan, is interest free while the student is enrolled at least half-time. Interest does not start to accrue until after the loan grace period (9 months) is used. The standard Perkins Loan amount is $3,000 per year and the interest rate is currently fixed at 5%.

1 Complete the FAFSA

Complete the Free Application for Federal Student Aid (FAFSA): www.fafsa.gov

2 eAward Decision

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.

3 Complete Paperwork with UAS and SignMyLoan

Students who accept their Perkins Loan will receive an email from Cedarville's financial aid office referring them to complete required loan documents. The email will contain a link to the appropriate webpage.

NOTE: Cedarville partners with University Accounting Services, Inc. (UAS), to process the Perkins Loan Program. The 'SignMyLoan' webpage is a legitimate website and should be used to fulfill the required steps to obtain your Perkins Loan.

Using SignMyLoan, a student can complete the following required documents:

  • Perkins Loan Entrance Counseling
  • Perkins Loan Master Promissory Note
  • Perkins Loan Disclosure

Access to the SignMyLoan website is made available beginning in June for the upcoming 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 the Subsidized Stafford Loan in that the loan is interest-free while the student is enrolled at least half-time. Interest does not start to accrue until after the grace period (9 months). The standard Nursing Loan amount is $3,300 for sophomores and $5,200 for juniors and seniors (freshmen students are not eligible for this loan). The interest rate is currently fixed at 5%.

1 Complete the FAFSA

Complete the Free Application for Federal Student Aid (FAFSA): www.fafsa.gov

2 eAward Notification

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.

3 Complete Paperwork

Students who have accepted a Nursing Loan will receive an email from SignMyLoan directing them to their website to complete a Master Promissory Note, Entrance Counseling and Loan Disclosure Documents. Access to the SignMyLoan website will be available beginning in June for the upcoming academic year.

The Charles E. Schell Foundation, Fifth Third Bank Trustee loan is for junior and senior students with demonstrated financial need who are:

  • citizens who are residents of Ohio, Kentucky, or 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
  • maintain a minimum university Cum GPA of 2.0 or higher

An exit interview will be required for recipients of this loan.

1 Complete the FAFSA

Complete the Free Application for Federal Student Aid (FAFSA): www.fafsa.gov

2 Online Application

Fill out the online application for the Schell Loan.

3 eAward Notification

Accept the Schell Loan at MyFinancialAid.

4 Complete Paperwork

Sign the Master Promissory Note annually in the Financial Aid Office when you arrive on campus in August, or at other times as requested by the financial aid office.