Rushing students walking by the clock outside of the SSC

Loan Information for Undergraduate Programs

  1. Undergraduate Students
  2. Graduate Students
  3. Pharmacy Students
  4. Forms and Resources
  5. MyFinancialAid
  6. Contact Us

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

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 eligible 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:


Student Direct Loans

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:

1 Student Completes 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 determine a student's eligibility for the federal loan program.

2 Student Records their eAward Loan Decisions

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 Student Completes 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 Completes the Subsidized/Unsubsidized Master Promissory Note

All first-time student borrowers must complete a Subsidized/Unsubsidized Master Promissory Note (MPN) 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 your prior borrowing.

Parent PLUS

The Direct PLUS 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 $40,000 and the student receives $22,000 in other financial aid, the student's parent can request up to $18,000. 

Repayment Options: When the parent borrower completes the PLUS Application (step 3 below), there is a question regarding deferment of the loan.

  • If the parent answers yes to this question, another question is added asking if you want to defer for six months. If the parent answers yes to both questions, the loan will not enter repayment until six months after the student graduates or is no longer enrolled at least half-time.
  • If the parent answers no to the first deferment question, the loan will 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 Student Completes the FAFSA

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

2 Student Records their eAward Decisions

The student records their 'loan decisions' (either 'Accept' or 'Reject') by logging in at MyFinancialAid. The student then clicks 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 your 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 Parent Applies for a PLUS Loan

Beginning April 1st for the upcoming academic year, the parent borrower is required to login at www.studentloans.gov using their parent FSA ID to Apply for a Direct PLUS Loan each time they decide to borrow. Once logged in, select 'Apply for a Direct PLUS Loan,' then select the 'Direct PLUS Loan Application for Parents.'

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

4 Parent Completes the PLUS Master Promissory Note

If the parent receives an 'Accepted' credit decision when completing step 3, the same parent must also complete the PLUS 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 Completes Cedarville's 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 requested Parent PLUS loan.

Private Educational Loans

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

  • NOTE: A PVL is not part of the federal direct loan program.
  • Cedarville University will process Private Educational Loans from any lender you choose.

To obtain a PVL the student must:

1 Select a Lender & Complete the Private Education Loan 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 a PVL using FASTChoice.

2 Loan Certification and Approval

After the student's online PVL 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 PVL is certified and approved.

Nursing

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 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 Student Completes the FAFSA

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

2 Student Records their eAward Decisions

The student records their decision to either "Accept" or "Reject" the Nursing Loan offer at MyFinancialAid.

  • If the Nursing Loan is "Accepted," the status will be updated to "Pending" until the student completes Step 3 below.

3 Student Completes Paperwork with UAS and SignMyLoan

Students who accept their Nursing Loan will:

  • Receive an eAward email from Cedarville's financial aid office.
  • Receive an email from SignMyLoan directing them to their website to complete required Nursing Loan documents. Access to the SignMyLoan website will be available beginning in July for the upcoming academic year.

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

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

  • Nursing Loan Entrance Counseling
  • Nursing Loan Master Promissory Note
  • Nursing Loan Disclosure
  • Other loan related documents which may be required

Schell

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 Student Completes the FAFSA

The student completes the Free Application for Federal Student Aid (FAFSA): www.fafsa.gov

2 Student Completes the Online Application

The student completes the online application for the Schell Loan.

3 Student Records their eAward Decisions

The student must "Accept" the Schell Loan offer at MyFinancialAid.

4 Student Completes Required Paperwork

The student must sign their Master Promissory Note at the Financial Aid Office.