Financial Aid
All students wishing to receive financial assistance through federal and/or state aid programs must file the Free Application for Federal Student Aid (FAFSA) Application. All students should also complete a Cornerstone University Institutional Financial Aid Application (IFAA).
Quick Links
- Helpful Hints when completing the FAFSA
- Family Educational Rights and Privacy Act Release Form (FERPA)
- Verification Forms
Loan Options
- Federal Loans
- Alternative Loans
- Stafford Master Promisory Note
- Stafford Loan Entrance Counseling
- Stafford Loan Exit Counseling
Students must complete the required financial aid forms each year. These forms are available from the Student Financial Services Office.
It is important that all requested information is submitted to the Student Financial Services Office in a timely manner. Failure to do so will create delays. Once all of the requested information is received, the Student Financial Services Office will make an evaluation to determine student aid eligibility. Notification is sent to students informing them of their awards, if any.
Contact Information
Student Financial Services Office
Ketcham Building
1001 E. Beltline NE, Grand Rapids, MI 49525
Phone: 616-222-1424
Fax: 616-222-1400
E-mail: secfin@cornerstone.edu
Hours: 8:00 a.m. - 5:00 p.m. EST.
8:00 a.m. - 5:00 p.m. EST.
8:00 a.m. - 5:00 p.m. EST.Last Name A - K
Carol Carpenter, Assoc. Director
Carol_S_Carpenter@cornerstone.edu
(616) 254-1650, Ext. 1928
Last Name L - Z
Jennifer Slater, Financial Aid Specialist
Jennifer_Slater@cornerstone.edu
(616) 254-1650, Ext. 1930
Requirements to Receive Federal Financial Aid
Statement of Educational Purpose - To receive financial aid, a student must be enrolled as a degree-seeking student. A student must sign a statement indicating that all federal financial aid will be used for expenses related to study at Cornerstone University.
Statement of Refund and Default - To receive federal financial aid a student must not owe a refund on any federal grant or loan. A student must not be in default on any loan unless he or she has made satisfactory arrangements to repay any defaulted loan, and must have not borrowed in excess of the loan limits under federal programs at any institution.
Selective Service Registration - Prior to receiving federal financial aid each year, male students born after December 31, 1959, are required to comply with Selective Service registration regulations.
To Remain Eligible for Financial Aid
A student must have maintained Satisfactory Academic Progress in accordance with the following guidelines:
- A undergraduate student must meet the appropriate cumulative grade point requirement for his/her classification.
1-25 credits completed, 1.5 GPA
26-57 credits completed, 1.7 GPA
58-ABOVE credits completed, 2.0 GPA
- Graduate students must maintain a minimum of a 2.0 cumulative grade point average in order to receive financial aid.
- A student must be progressing at a rate that would allow for completion of his/her program within a period not greater than 150% of the normal program length. In keeping with this requirement, any student who has completed 180 or more credit hours, including transfer credits and credits earned at Cornerstone, will not be eligible for any further financial aid.
- A student who receives financial aid is required to complete the following percentage of hours (including transfer credits and credits earned at Cornerstone):
| Undergraduate | ||
| Cumulative Hours | Minimum Percent Attempted |
|
| 1-25 | 65% | |
| 26-57 | 70% | |
| 58+ | 75% | |
| Graduate | ||
| Cumulative Hours Attempted | Minimum Percent Completed | |
| 1-24 | 65% | |
| 25-48 | 70% | |
| 49+ | 75% | |
SAP is evaluated at the end of each enrollment block, as designated on the cohort calendar. A student will not be evaluated if he/she has not attempted at least 9 credit hours. If a student does not meet the Satisfactory Progress standards, he/she will be placed on probation for the next course block. If he/she does not attain the standard at the end of the next block, he/she will be placed on financial aid suspension, and will not be eligible for additional aid until meeting these standards again.
Appeal Process
If a student suffers unusual circumstances, he/she must submit an appeal letter to the Dean of Professional & Graduate Studies by the date indicated in the suspension letter. After consideration by the Dean, with the assistance of the Academic Appeals Committee, a determination of eligibility will be made. If the student is granted financial aid eligibility, he/she must meet the conditions outlined by the Dean for this eligibility to continue. A student may continue his/her enrollment and receive aid that he/she is entitled to for that period until the decision of the Academic Appeals Committee is reached and communicated to the student.
If a student is allowed to continue enrollment without meeting these requirements, or if the student is readmitted after suspension, he/she will not be eligible for any type of financial aid until the proper level of progress is attained. Financial aid eligibility will then be determined based on the availability of funds at that time and the student's eligibility for aid. It is the student's responsibility to notify the Student Financial Services Office when class incompletes have been satisfactorily completed. These credits may then be counted toward the student's total hours completed.
For financial aid purposes, a completed class that can be repeated for a change of grade may be repeated only once.
These standards apply for all students, whether or not they have applied for or received financial aid in the past. If a student applies for aid after having been enrolled, and is found not to be complying with the satisfactory progress standards, he/she will not be eligible for any aid until such time as he/she is meeting those standards.
Federal Financial Aid Programs
Eligibility for federal student financial aid is determined through the submission of the Free Application for Federal Student Aid (FAFSA). Students may view the institution's federal financial aid policies and procedures in the Student Financial Services Office.
Federal Pell Grant -This federal program provides grants to undergraduate students with exceptional financial need. The grant amount is based upon the information provided on the FAFSA each year.
Federal Stafford Loan Program - This federally insured loan program is available to all students. The maximum loan eligibility each year is based on total credit hours earned and dependency status. The current interest rate is variable and caps at 8.25 percent. For those who qualify for a subsidized (need based) loan, the government pays the interest while the student is in school. The student is responsible for the interest while in school with the unsubsidized loan. Repayment of both principal and interest begins 6 months after the student graduates or ceases to be enrolled at least half-time.
Federal Supplemental Educational Opportunity Grant - This limited grant is awarded to Pell eligible undergraduate students who demonstrate exceptional need based upon the information provided on the FAFSA.
State Financial Aid Programs
Persons who are legal residents of the state of Michigan as determined by the Michigan Department of Education may receive aid from state programs. Eligibility for state student financial aid is determined through the submission of the Free Application for Federal Student Aid (FAFSA). The current state application deadline for priority consideration is March 1. Consideration is made on applications received prior to July 15 and is based on the availability of funds. Michigan Tuition Grants - Gift aid is available to Michigan residents attending an independent non-profit Michigan college. Awards are based on financial need.
Michigan Competitive Scholarship - Gift aid is available to Michigan residents with a qualifying ACT score attending a Michigan college. Awards are based on financial need. A student may not receive the Michigan Tuition Grant and the Michigan Competitive Scholarship for the same enrollment period.
