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Financial Aid FAQs

How certain can I be that I will receive some type of financial aid?

Approximately 90% of our students receive some type of financial aid when including merit and need-based scholarships, grants, loans, and employment.

What is Cedarville's code for the FAFSA?

Be sure to include Cedarville's code number (003025) on the FAFSA form.

What is verification?

Cedarville University has been selected to participate in the Quality Assurance Program, which is supervised by the Department of Education. This provides us the opportunity to select up to 30% of our applicants for the verification process. Verification is simply a process of documenting your FAFSA data. In many cases this verification process helps families receive more financial aid. If you are selected for verification, you cannot receive any of your federal aid until verification is completed.

When will I hear from the financial aid office?

You may view your financial aid awards at any time at Cedarville's helpful Self-Service Financial Aid site.

  • The Financial Aid office begins to process financial aid awards in early February.
  • We notify students of their financial aid package via the student's email account.
  • The Financial Aid office typically processes FAFSA data within two weeks of when you submit it to the Department of Education.
  • Please read, complete, and return online award notices as quickly as possible.

Am I a dependent student?

If you answer "No" to all the questions below, you are considered DEPENDENT. If you answer "yes" to any of these questions, you are considered INDEPENDENT.

  1. Were you born before January 1, 1984?
  2. At the beginning of the 2007-2008 school year, will you be working on a master's or doctorate program (such as an M.A., M.B.A., M.D., J.D., Ph.D., Ed.D., or graduate certificate, etc.)?
  3. As of today, are you married? (Answer "Yes" if you are separated but not divorced.)
  4. Do you have children who receive more than half of their support from you?
  5. Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30, 2008?
  6. Are (a) both of your parents deceased, or (b) are you (or were you until age 18) a ward/dependent of the court?
  7. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
  8. Are you a veteran of the U.S. Armed Forces?

What is a subsidized vs. unsubsidized loan?

Federal Stafford Loans are either subsidized or unsubsidized. Your total award may include subsidized and/or unsubsidized loans for the same enrollment period.

  • A subsidized loan is awarded on the basis of financial need. You will not be charged any interest before you begin repayment or during authorized periods of deferment. The federal government "subsidizes" the interest during the periods.
  • An unsubsidized loan in not awarded on the basis of need. You will be charged interest from the time the loan is disbursed until it is paid in full. If you allow the interest to accumulate, it will be capitalized; that is, the interest will be added to the principal amount of your loan and additional interest will be based upon the higher amount.
  • Federal Stafford Loan annual limits are based on enrollment status (Freshmen $3,500; Sophomores $4,500; Juniors $5,500; Seniors $5,500).

What is a 529 plan?

A 529 plan is a college savings plan which operates as a qualified tuition program under section 529 of the Internal Revenue Code. Parents, grandparents, and other interested parties may lock in today's tuition rates, and the program will pay out future college tuition at any of the state's eligible colleges or universities (or an equal payment to private and out-of-state institutions). Amounts of tuition (units) may be purchased through a one-time lump sum purchase or monthly installment payments. The program pools the money and makes long-range investments so that the earnings meet or exceed college tuition increases in the state.

Are there tax benefits related to education?

You may be eligible for tax benefits that can save you additional money when paying for education. Examples include the Hope Credit, Lifetime Learning Credit, Student Loan Interest Deductions, Tuition and Fees Deductions, the Coverdell ESA, Qualified Tuition Programs (QTP), Early IRA Distributions, and Education Savings Bond Programs. Generally, you may not claim more than one benefit for the same education experience.

Read Tax Benefits for Education [pdf] for complete information.