Spectral energy distributions are presented for 94 young stars surrounded by disks in the Serpens Molecular Cloud, based on photometry and Spitzer IRS spectra. Taking a distance to the cloud of 415 pc rather than 259 pc, the distribution of ages is shifted to lower values, in the 1-3 Myr range, with a tail up to 10 Myr. The mass distribution spans 0.2-1.2 Msun, with median mass of 0.7 Msun. The distribution of fractional disk luminosities in Serpens resembles that of the young Taurus Molecular Cloud, with most disks consistent with optically thick, passively irradiated disks in a variety of disk geometries (Ldisk/Lstar ~ 0.1). In contrast, the distributions for the older Upper Scorpius and Eta Chamaeleontis clusters are dominated by optically thin lower luminosity disks (Ldisk/Lstar ~ 0.02). This evolution in fractional disk luminosities is concurrent with that of disk fractions. The actively accreting and non-accreting stars (based on Ha data) in Serpens show very similar distributions in fractional disk luminosities, differing only in the brighter tail dominated by strongly accreting stars. In contrast with a sample of Herbig Ae/Be stars, the T Tauri stars in Serpens do not have a clear separation in fractional disk luminosities for different disk geometries: both flared and flat disks present wider, overlapping distributions. This result is consistent with previous suggestions of a faster evolution for disks around Herbig Ae/Be stars. Furthermore, the results for the mineralogy of the dust in the disk surface do not show any correlation to either stellar and disk characteristics or mean cluster age in the 1-10 Myr range probed here. A possible explanation for the lack of correlation is that the processes affecting the dust within disks have short timescales, happening repeatedly, making it difficult to distinguish long lasting evolutionary effects. [abridged]

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