Common Questions about Financial Aid
How do I apply for financial aid at Cornerstone University?
How is financial need determined?
What if there is information that I feel should be considered when determining my financial aid eligibility but is not requested on the FAFSA?
How will I know if I have qualified to receive any federal, state, or institutional financial aid?
Where can I get help in filing for financial aid?
Is there a separate application for Michigan Tuition Grant and/or Michigan Competitive Scholarship programs?
Will merit scholarships affect the amount of other aid I can receive?
What do I need to do to get a student loan?
How will I know how much my bill is for the year?
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How do I apply for financial aid at Cornerstone University?
Complete either an electronic or paper Free Application for Federal Student Aid (FAFSA). Make sure you list Cornerstone University (Title IV Code "002266") in step 6. Within four weeks, you will receive your Student Aid Report (SAR). Review all of the information. If all of the information is correct, keep the SAR for your records. If there are corrections to be made, make any necessary corrections on Part 2 then sign at the end of Part 2. Note: You should only make corrections. Do not update any information. If corrections are made on Part 2, send the entire SAR directly to the Student Financial Services office at Cornerstone University. Any corrections will be made electronically by our office. You will receive an Information Acknowledgment as a result of these revisions.
You may also want to complete a Cornerstone University Institutional Financial Aid Application (IFAA). This form is available online and at the Student Financial Services office of Cornerstone University.
Provide any other information (completed tax returns and schedules, etc.) requested by our office. Your prompt response is necessary to avoid delays in processing.
How is financial need determined?
Financial need is defined as the cost of education minus the amount the family is expected to contribute (note: if you are a "dependent" student according to financial aid regulations, both the student and parent resources are considered). The standardized FAFSA is used to determine the relative ability of your family to pay for college expenses. The federal, state, and institutional awards are based on an anticipated or expected family contribution (EFC). Each award program has its own unique guidelines for awarding its need-based grants, scholarships, loan and/or work opportunities.
What if there is information that I feel should be considered when determining my financial aid eligibility but is not requested on the FAFSA?
The IFAA provides you with the opportunity to communicate such information to the Student Financial Services office at Cornerstone University. Please complete this form and return it to the university. If additional information is needed to consider your unusual circumstances, it will be requested. Examples of unusual circumstances would be unreimbursed medical expenses, change in family income, etc.
How will I know if I have qualified to receive any federal, state, or institutional financial aid?
After you have submitted all requested information, the Student Financial Services office will evaluate the information using federal, state, and institutional guidelines. Following this assessment and once you are approved for admission, you will be notified by Cornerstone University of the type(s) and amount(s) of financial aid for which you qualify. Upon receiving your financial aid award letter you should return a signed copy to the Student Financial Services office indicating which awards you are accepting.
Where can I get help in filing for financial aid?
You have several options if you need help during the application process. Most high school guidance counselors are familiar with the FAFSA and are willing to assist. The Federal Student Aid Programs will help you in completing the FAFSA and interpreting the Student Aid Report (SAR). They can be reached at 1-800-4-FED-AID (1-800-433-3243). The Michigan Higher Education Assistance Authority (517-373-3394 or 888-447-2687) can assist in answering questions related to the Michigan Tuition Grant, Michigan Competitive Scholarship, and Michigan Promise Award. If you need additional assistance call the Cornerstone University Student Financial Services office at (616) 222-1424 or 1-800-787-9778.
Is there a separate application for Michigan Tuition Grant and/or Michigan Competitive Scholarship programs?
No. However, there are specific questions on the FAFSA which must be accurately completed for Michigan residents to be considered for state funds. Make sure you complete all questions on the FAFSA form. Also, list Cornerstone University as your first college choice. By completing these questions correctly, your FAFSA information will automatically be sent to the Michigan Department of Education. All requests for additional information from the Michigan Department of Education should be promptly submitted. Failure to do this will cause a cancellation of your award. State deadlines for priority consideration are listed on page 1 of the FAFSA. If your FAFSA results are received by the Michigan Department of Education after June 30, you will not be considered for a state award.
Will merit scholarships affect the amount of other aid I can receive?
Perhaps. Because it helps to meet your financial need, all other aid (including institutional merit scholarships, private awards from a church, school, organization, etc.) must be considered when awarding need-based funds. In some cases this will cause a reduction or elimination of need-based aid.
What do I need to do to get a student loan?
Federal Stafford loans are available to students regardless of financial need. Determination is made according to the information provided on your FAFSA and your grade level. You will need to complete a separate loan application if you choose to borrow federal funds. Applications can be accessed and processed online. A paper application can be completed and processed in the Student Financial Services office of Cornerstone University.
How will I know how much my bill is for the year?
Your financial aid award letter will ESTIMATE your balance (direct educational costs minus financial aid) for the coming year. This is only an estimate and is based on the enrollment information available at the time of awarding. During the summer, our office will send you a billing statement for the fall semester. Spring semester billing statements are sent out in December. This statement will include charges for the semester, financial aid you have accepted, and payment options. Fall tuition bills are due August 1 and Spring tuition bills are due January 1.
