Financial Aid
General Financial Information
- Federal, state, and institutional need-based gift aid eligibility is primarily based on the information provided on the Free Application for Federal Student Aid (FAFSA).
- Financial aid is typically disbursed in two equal installments at the beginning of each semester, shortly after the end of drop/add week.
- Title IV credit balances will be refunded to students within 14 days of the creation of the credit balance.
Frequently Asked Questions
How do I apply for financial aid at Cornerstone University?
Complete either an electronic or paper Free Application for Federal Student Aid (FAFSA).
Also, 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 e.g., completed tax returns and schedules requested by Student Financial Services 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.
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.
Will merit scholarships affect the amount of other aid I can receive?
All other aid (including institutional merit scholarships, private awards from a church, school, organization, and so forth) must be considered when awarding need-based funds. In some cases this can 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.