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Loans

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Federal Student Loans

Federal Direct Loans are often the first borrowing option because they typically offer fixed interest rates, flexible repayment options and borrower protections that private loans may not provide. Eligibility is determined through the Free Application for Federal Student Aid (FAFSA).

Direct Subsidized Loans

Available to eligible undergraduate students who demonstrate financial need. While you’re enrolled at least half-time, the federal government pays the interest on the loan.

Direct Unsubsidized Loans

Available to eligible undergraduate and graduate students regardless of financial need. Interest begins accruing when the loan is disbursed.

Federal Direct Subsidized & Unsubsidized Loans

Federal Direct Subsidized and Unsubsidized Loans (sometimes called Stafford Loans) are available to eligible undergraduate and graduate students. Eligibility is determined by your FAFSA information, academic level and dependency status. Federal Direct Loans have fixed interest rates established annually by the U.S. Department of Education, and most enter repayment six months after you graduate, leave school or drop below half-time enrollment.

How Much Can I Borrow?

The amount you may borrow each academic year depends on your academic level and dependency status.

Dependent Undergraduate Students

Academic Level	Combined Annual Loan Limit	Maximum Subsidized
Freshman	$5,500	$3,500
Sophomore	$6,500	$4,500
Junior	$7,500	$5,500
Senior	$7,500	$5,500

Independent Undergraduate Students

Academic Level	Combined Annual Loan Limit	Maximum Subsidized
Freshman	$9,500	$3,500
Sophomore	$10,500	$4,500
Junior	$12,500	$5,500
Senior	$12,500	$5,500

Student Type	Maximum Annual Direct Unsubsidized Loan
Graduate Students	$20,500

Lifetime Federal Loan Limits

These are the maximum total amounts you may borrow through Federal Direct Loans during your education.

Student Type	Lifetime Federal Loan Limit
Undergraduate (Dependent)	$31,000 (maximum $23,000 subsidized)
Undergraduate (Independent)	$57,500 (maximum $23,000 subsidized)
Graduate	$138,500 (maximum $65,000 subsidized)

Interest Rates & Feeds

Federal Direct Loan interest rates and origination fees are set annually by the U.S. Department of Education. Check current rates and fees before borrowing.

View Current Federal Loan Rates & Fees→

Receiving Your Federal Direct Loan

Federal Direct Loans are generally awarded for the academic year, with funds typically disbursed in equal installments based on your enrollment period. Loan funds are applied directly to your student account by Cornerstone University’s Accounting & Finance Office.

To receive a Federal Direct Loan at Cornerstone University, you must:

Be admitted to Cornerstone University.
Complete the FAFSA (if your program participates in federal financial aid) and have your results sent to Cornerstone University.
Receive and review your financial aid offer from Student Financial Services.
Accept your Federal Direct Loan through your financial aid portal.
Complete Entrance Counseling if you are a first-time federal student loan borrower.
Complete your Master Promissory Note (MPN) before your loan can be disbursed.

Plus Loans

Federal PLUS Loans help cover educational expenses not met by other financial aid.

Parent PLUS Loans—Available to parents of dependent undergraduate students.
Graduate PLUS Loans—Available to graduate, doctoral and seminary students.

Credit approval is required for all PLUS Loans. Eligible borrowers may generally borrow up to the student’s cost of attendance minus other financial aid received.

Interest rates and origination fees are established annually by the U.S. Department of Education.

Apply for a PLUS Loan

Additional Loans

Private (Alternative) Loans

Private education loans can help cover educational expenses after federal, state and institutional financial aid has been exhausted. These loans are offered by private lenders and typically require a credit check. Many borrowers also need a cosigner.

Because loan terms, interest rates and borrower benefits vary by lender, compare your options carefully before applying.

Compare Private Lenders (ElmSelect)

Compare Loan Rates (Credible)

Applying for a Private Loan

After you’re approved by your lender, Cornerstone will receive notification and certify your loan. Approved loan funds are applied directly to your student account.

You may choose any eligible private lender. If you select a lender that is not included in Cornerstone’s comparison resources, please contact Student Financial Services so we can obtain the information needed to process your loan.

If you have questions about private loans or selecting a lender, contact Student Financial Services at 616.222.1424.

Code of Conduct & Lender Selection

Cornerstone University follows all federal requirements governing student loan activities. Student Financial Services staff operate under a Code of Conduct that prohibits conflicts of interest, revenue-sharing arrangements and lender incentives while ensuring students and families remain free to choose any eligible lender.

Cornerstone periodically reviews lender resources to help students compare private loan options based on service, borrower benefits and accessibility. Students are always free to select any eligible lender that best meets their needs.

CU Code of Conduct & Lender Selection Policy (PDF)→

Exit Counseling

Students who graduate, withdraw or drop below half-time enrollment must complete federally required Exit Counseling for their Federal Direct Loans. This online process reviews your repayment responsibilities and updates your contact information.

Link: Complete Exit Counseling→

Making Smart Borrowing Decisions

Student loans can make your education possible, but they should be part of a thoughtful financial plan. Before borrowing, take time to understand your options and consider these best practices:

Complete the FAFSA (if your program participates in federal financial aid) using Cornerstone University’s school code 002266.
Explore scholarships and grants that do not have to be repaid before considering loan options.
Review your financial aid offer to understand all available funding.
Borrow only what you need to help cover your educational expenses.

Every dollar you borrow today is an investment in your future. Taking time to understand your options now can help you make informed financial decisions during your education and after graduation.

Let Us Help

Financing your education can feel overwhelming, but you don’t have to navigate it alone. Our Student Financial Services team is here to answer your questions, explain your borrowing options and help you make informed financial decisions.

Whether you’re reviewing your financial aid offer, comparing loan options or looking for ways to reduce what you borrow through scholarships, grants and other financial aid, we’re here to help.

Phone: 616.222.1424
Email: financial.aid@cornerstone.edu

Explore Scholarships & Grants

Frequently Asked Questions

Do I need to complete the FAFSA to receive federal student loans?

Yes. Federal student loan eligibility is determined through the FAFSA. If your program participates in federal financial aid, use Cornerstone University’s FAFSA school code 002266.

What's the difference between subsidized and unsubsidized student loans?

Subsidized loans are available to eligible undergraduate students who demonstrate financial need, and the federal government pays the interest while you’re enrolled at least half-time. Unsubsidized loans are available regardless of financial need, but interest begins accruing when the loan is disbursed.

Can I choose my own private lender?

Yes. You may choose any eligible private lender. If you select a lender that is not included in Cornerstone’s comparison resources, Student Financial Services will work with you to process your loan.

Should I choose federal or private student loans?

In most cases, students should maximize scholarships and grants before considering federal student loans. Private education loans are typically best used after other financial aid options have been explored because federal loans generally offer more flexible repayment options and borrower protections.

How much can I borrow?

Federal loan limits vary based on your academic level, dependency status and financial aid eligibility. Private loan amounts are determined by your lender and your remaining educational expenses. See How Much Can I Borrow? above for current annual and lifetime federal loan limits.

When do I begin repaying my student loans?

Most federal Direct Loans enter repayment six months after you graduate, leave school or drop below half-time enrollment. Repayment terms for private education loans vary by lender.

Where can I find current federal loan interest rates?

Federal loan interest rates and origination fees are established annually by the U.S. Department of Education. Visit StudentAid.gov for the most current information.

Cornerstone University

Contact

P:: 616.949.5300
E:: info@cornerstone.edu

Address

1001 East Beltline Ave NE
Grand Rapids, MI 49525

Hours

MON - FRI: 8 a.m. - 5 p.m.
SAT & SUN: Closed

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