Loans Overview
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 loan; however, the type of loan will be determined by the student's need assessment. Cedarville University participates in the following loan programs:
» Common Questions on Loan Fees [PDF] 
» Additional Unsubsidized Stafford Loan Funding
Federal 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.
- Stafford Loans have annual loan limits based on a student’s enrollment status:
Freshmen $3,500
Sophomores $4,500
Juniors $5,500
Seniors $5,500 - Additional Unsubsidized Stafford Loan Funding (up to $2,000) is available to all undergraduate students
- See Interest Rate Table for Stafford Loan rates through the 2011-12 year
Complete the Federal Application for Free Student Aid - www.fafsa.ed.gov
- a student cannot receive a Stafford loan unless they complete the FAFSA process
Accept your loan at MyFinancialAid and select a lender.
If you are a first time borrower as a Cedarville student, you must complete the Master Promissory Note.
If you are a first time borrower as a Cedarville student, you must complete Entrance Counseling.
Related Loan Links
Parents may apply for the PLUS loan during the years that their student is eligible for federal aid. The application must be filed by the parent to the lender of his/her choice. The lender will then examine the parent's credit history. The amount of the PLUS loan is figured by subtracting accepted student aid from the cost of attendance. That difference is the maximum amount of the PLUS loan for that year, unless the lender sets a lower limit based on their findings of the parent's credit history. A parent may specify an amount lower than that difference on the Master Promissory Note, if they do not want the full amount for which they are eligible. Interest rates are currently fixed at 8.5%. If a parent is denied a PLUS loan due to credit issues, the student will become eligible for an additional amount of Unsubsidized Stafford Loan funds ($4,000 for freshmen and sophomores; $5,000 for juniors and seniors).
Complete the Parent Request Form and select a lender.
Accept your loan at MyFinancialAid.
If you are a first time borrower, you need to complete the Master Promissory Note.
Related Loan Links
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.
Related Loan Links
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 loan at MyFinancialAid.
- Once you accept your Perkins Loan, the status will be updated to "Pending" until you complete Step 3 below.
Sign promissory note annually in the Financial Aid Office when you arrive on campus in August.
Related Loan Links
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 loan at MyFinancialAid.
- Once you accept your Nursing Loan, the status will be updated to "Pending" until you complete Step 3 below.
Sign promissory note annually in the Financial Aid Office when you arrive on campus in August.
Related Loan Links
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.