Cornerstone University

MBA

• Admission Requirements
• Courses
• Graduation Requirements
• Tuition
  • Financial Aid
  • Payment Options
  • Payment Policies
• Global Experience
  • China
  • South Africa

Financial Aid

Purpose of Financial Aid

Financial aid is available to assist students who can benefit from further education but cannot do so without additional financial resources. It is important to keep in mind that the primary responsibility for financing a college education rests with the student and the student’s family. The Cornerstone University Student Financial Services Office is committed to assisting students in receiving the maximum amount of financial assistance for which they qualify under federal and state programs.

All students wishing to receive financial assistance through federal and/or state aid programs must file the Free Application for Federal Student Aid (FAFSA). All students should also complete a Cornerstone University Institutional Financial Aid Application (IFAA). Students must complete the required financial aid forms each year. If needed, 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 requested information is received, the Student Financial Services office makes an evaluation to determine student aid eligibility. Notification is sent to students informing them of their awards.

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 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 interest rate is 6.8 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 six months after the student graduates or ceases to be enrolled at least half time.

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 or have made any satisfactory arrangements to repay any defaulted loan, and 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.

Satisfactory Academic Progress (SAP)

To remain eligible for financial aid a student must have maintained Satisfactory Academic Progress (SAP) in accordance with the following guidelines:

• The student must maintain a minimum of a 3.0 cumulative grade point average (GPA) in order to receive financial aid.
• In order to continue 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.
• A student who receives financial aid is required to maintain the following completion ratio (including transfer credits and credits earned at Cornerstone University).

SAP is evaluated at the end of each enrollment block, as designated on the cohort calendar. If a student does not meet the Satisfactory Academic Progress standards, he/she will be placed on probation for the next course block. If he/she does not attain the standards at the end of the next block, he/she will be placed on financial aid suspension, and will not be eligible for any additional aid until meeting these standards again.

If a student suffers unusual circumstances, he/she must submit an appeal letter to the Dean of Professional and 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 incompletes have been satisfactorily completed. These credits may then be counted toward the student’s total hours completed.

For financial aid purposes, any 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 having been enrolled, and is found to not be complying with the Satisfactory Academic Progress standards, he/she will not be eligible for any aid until such time as he/she is meeting those standards.

Federal regulations for non-term programs require that financial aid may be paid only for courses that are successfully completed. If a course is not completed for some reason (course withdrawal, leave of absence, incomplete or failing grade), federal financial aid awards may be reduced or future disbursements may be delayed.