Chapter 3361:40-13 Financial Aid

3361:40-13-01 Financial aid: short term loans.

(A) A short term loan may be granted for university related student needs.

(B) The repayment date must be the first day of the fourth month from the date of application, and the total amount borrowed must not exceed the amount established by the president.

(C) An administrative service fee shall be assessed for any loan exceeding fifty dollars.

(D) No interest shall be charged if the loan is repaid on or before the assigned due date; if not paid as scheduled, a penalty of three-fourths percent per month (nine per cent annum) will be charged from the due date until paid in full. In addition, a delinquent obligation will be imposed against the student's university records.

(E) The applicant must meet the minimum age requirement of eighteen years of age, set by the state of Ohio.

(F) The applicant must be a registered student with the university of Cincinnati pursuing a degree program and enrolled for a minimum of six credit hours per semester.

(G) A loan should be denied if the applicant has a delinquent obligation owed to the university of Cincinnati or if the applicant has a past due loan.

(H) Repayment of such loans should not be based on income from financial aid currently being received.

(I) The president of the university shall have the authority to develop administrative guidelines and procedures to implement this policy, including such matters as the maximum dollar amount of all short term loans and the administrative service fee assessed such short term loans. The president may delegate the authority granted by this paragraph.

Replaces: 3361:40-13-01

Effective: 6/15/2012
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978,10/1/79, 5/24/1980, 9/28/1981, 12/5/1987, 6/17/1998

3361:40-13-02 Financial aid: long term loans.

(A) A long term loan may be granted for university related student needs.

(B) The borrower, except for a college of medicine student, shall repay his/her loan, plus interest thereon, in quarterly installments over a five-year period (twenty quarters) beginning nine months after graduation, or from the last date of enrollment at the university of Cincinnati. A college of medicine student shall repay his/her loan, plus interest thereon, in quarterly installments over a maximum period of ten years (forty quarters) beginning nine months after graduation, or from the last date of enrollment at the university of Cincinnati. The nine-month period between enrollment and repayment shall be considered a grace period in which no interest shall accrue; however, borrowers shall be encouraged to repay any or all portions of their outstanding loan during this period.

(C) In addition to the nine-month grace period, graduates of the college of medicine in residency training may defer repayment of their loans for up to three years, during which time no interest shall accrue. Graduates who continue in residency training beyond three years, may make minimum quarterly payments of fifty dollars which shall be applied to principal and interest. Such minimum repayment shall be permitted for an additional two years.

(D) If the borrower's grace period elapses, and he/she returns to the university of Cincinnati during the repayment period, payment of principal and interest may be extended by the manager of collections.

(E) The minimum quarterly repayment of principal shall not be less than fifty dollars plus interest. Extension of time may be granted by the manager of collections in cases where the borrower demonstrates inability to meet the quarterly payment.

(F) All applications shall be channeled through the office of student financial aid for an audit of current student aid. The entire application and promissory note shall be completed in full before sending for final approval.

(G) An application fee shall be assessed to all loan applicants.

(H) Simple interest of seven per cent per annum or interest in accordance with donor restrictions shall be charged beginning at the end of the grace period, as stated in paragraph (B) of this rule, and continue until the loan is paid in full. In the event a borrower fails to meet two or more scheduled payments, the entire unpaid balance, including principal and interest due, shall become immediately due and payable, and a delinquent obligation shall be placed against the borrower's university records, unless the borrower has made new arrangements with the university for loan repayment.

(I) The applicant shall be a full-time registered student with the university of Cincinnati and in pursuit of a degree.

(J) A loan shall be denied if the applicant has a delinquent obligation owed to the university of Cincinnati or if the applicant has a past due loan.

(K) The applicant shall meet the minimum age requirements of eighteen years of age, set by the state of Ohio.

(L) The president of the university shall have the authority to develop administrative guidelines and procedures to implement this policy, including such matters as the maximum dollar amount of all long term loans and the application fee assessed for such long term loans. The president may delegate the authority granted by this paragraph.

Replaces: 3361:40-13-02

Effective: 3/13/2000
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978, 9/23/1979, 5/24/1980, 3/1/1983, 2/25/1985, 12/21/1990, 4/24/1992, 6/17/1998

3361:40-13-11 Financial aid: applications and sources.

The university of Cincinnati student financial aid program attempts to provide financial assistance to each student who files a timely application and demonstrates financial need. The student financial aid office administers designated federal, state, university and other agency financial aid programs according to established policies and regulations. These procedures, regulations and applications for financial aid are available in the student financial aid office.

Amends: Rule 3361:40-13-11 of the Administrative Code.

Replaces: 3361:40-13-11

Effective: 2/25/1985
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978

3361:40-13-12 Financial aid: verification of applicant's information.

(A) Students (and parents of dependent students) must certify that all information provided on financial aid forms is true and complete to the best of their knowledge, and agree to give proof of the information if required to do so by the university of Cincinnati and/or the U.S. department of education. Required documentation may include, but is not limited to, copies of federal and state tax returns.

(B) Students will be notified of any changes in their financial aid award which may result from the verification process.

Replaces: Former Rule 3361:40-13-12 of the Administrative Code

Replaces: 3361:40-13-12

Effective: 4/20/1998
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978, 2/25/1985

3361:40-13-13 Financial aid: authorization of aid.

Responsibility.

Financial aid awards are made by the student financial aid office, or the individual college offices. Financial aid may take the form of loans, grants, scholarships, remissions, deferred tuition payment and support from outside sponsors. The student financial aid office is responsible for issuing credits and/or check to students for their authorized financial aid.

Amends: Rule 3361:40-13-13 of the Administrative Code.

Replaces: 3361:40-13-13

Effective: 2/25/1985
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978, 6/12/1978, 5/24/1980

3361:40-13-14 Financial aid: expense money.

(A) When a student's financial aid (includes grants and loans) is greater than the amount needed to pay university tuition and fees, any remaining aid funds shall be disbursed to the student in accordance with this rule and in compliance with federal regulations.

(B) All students who are eligible to receive aid funds for educational related expenses shall receive up to one hundred percent of the credit balance amount recorded on their account in an initial disbursement. The timing and distribution of credit balance refunds shall be approved by the vice president for finance.

(C) Any portion of financial aid remaining after the initial disbursement described in paragraph (B) of this rule shall be dispersed during the term subject to adjustments based on the student's enrollment status prior to disbursement.

Effective: 8/31/2015
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/78, 02/08/1982, 02/25/1985, 08/28/1987, 05/02/1994, 04/20/1998, 06/15/2012

3361:40-13-15 Financial aid: standards of satisfactory academic progress (including M.D. majors in the college of medicine).

The university of Cincinnati student financial aid office shall establish and maintain a policy that complies with regulations issued by the U.S. department of education and the state of Ohio relating to satisfactory academic progress and student eligibility for financial aid. The university of Cincinnati student financial aid office shall, in addition, monitor student records to ensure compliance with that policy. The policy shall be distributed annually to aid applicants by that office and shall be published on the student financial aid web site or through some other medium that is readily accessible to the students and the public. The text and effective date of each amendment to the academic progress policy shall be maintained by the student financial aid office in an archive for a period of not less than ten years.

Replaces: 3361:40-13-15

Effective: 2/11/2011
Promulgated Under: 111.15
Statutory Authority: 3361
Rule Amplifies: 3361
Prior Effective Dates: 3/16/1978, 10/20/1979, 2/25/1985, 6/17/1998