Budgeting Tools

Loan Affordability Calculator – An Excel program that lets you quickly determine monthly repayment expenses and the annual income needed to make the monthly repayments.

Student Loan Tool – A loan calculator provided by FinAid that also estimates the size of your monthly loan payments and the annual salary required to manage them.

Crown Financial Ministries – A ministry that offers free budgeting calculators, including the accelerated debt payoff calculator.

Yahoo! Finance – A comprehensive site on banking and budgeting that provides how-to guides, calculators, articles, expert opinion pieces and more

Federal Stafford Loan Program

Graduate Stafford loans are fixed-rate student loans available as either government-subsidized, need-based loans or unsubsidized loans. Repayment begins six months after you cease at least half-time enrollment (five credit hours) or graduate.

Eligibility

• Submit the Free Application for Federal Student Aid to calculate your yearly maximum eligibility.

• Enroll as a degree-seeking student for a minimum of five credit hours per semester.

• Make satisfactory academic progress as determined by GRTS.

• Maintain a 2.5 GPA.

Types of Loans

There are two types of Stafford loans: subsidized and unsubsidized. The type for which you qualify is based on the FAFSA information. The maximum loan eligibility each year is based on total credit hours earned and dependency status. Repayment for the Stafford loan begins six months after you are no longer attending at least six credit hours. New students will need to complete online entrance counseling and a master promissory note.

Subsidized

The federal government pays the loan interest while the student is enrolled at least half-time in a degree seeking program and during a six month grace period after the student leaves school. Qualification for a subsidized loan is determined by the FAFSA. Repayment interest on a subsidized loan is 4.5% for undergraduate students for 2010/2011. Graduate student loans have a fixed rate of 6.8%.

Unsubsidized

Students who do not qualify, in whole or in part, for a subsidized loan can still receive an unsubsidized loan. These loans have a fixed interest rate of 6.8% that accrues while the student is in school.

Students usually receive a Direct Loan for an entire academic year (two semesters); with one half of the total loan amount being disbursed each semester. Fund are automatically credited to the student's account in the Cornerstone University Accounting and Finance Office.

In order to receive a Federal Direct Student Loan at Cornerstone University, you must be able to answer yes to the following statements:

1. You have been admitted to Cornerstone University.
2. You have applied for federal financial aid through the FAFSA form, it has been processed and Cornerstone University has received the results.
3. Your financial aid application has been reviewed by Cornerstone University Student Financial Services Office and a financial aid award notification has been sent to you for the academic year for which you want the loan.
4. You have completed the Direct Loan entrance counseling with Cornerstone University.

If you meet all of the conditions mentioned above, you are now ready to complete your Direct Master Promissory Note. You will be directed to an external website to complete this process.

 Complete the entrance counseling and/or master promissory note.

Verification 

Approximately 30 percent of those seeking Federal Stafford loans must participate in a verification process. Student Loan Network requires these applicants to submit and review specific documents to validate the data they report. Student Loan Network certifies the Stafford loan applications of these applicants after they complete the verification process.

Deferment of Stafford Loans 

Stafford loan deferment is available to most graduate students. To apply for deferment, you must be enrolled for at least five credits and submit the Stafford Student Loan Deferment Form to Cornerstone University’s Student Financial Services Office.

Veteran Benefits

GRTS cooperates with the U.S. Department of Veterans Affairs to provide educational benefits for honorably discharged service members. Contact the nearest VA benefits administration office or student financial services to receive the forms and instructions necessary to apply for veteran educational benefits.

VA will directly reimburse students receiving these benefits. Veterans should plan to pay their bills according to the seminary payment schedule.