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James M. Grier Website Launched

Jun 27, 2008

Dr. James M. Grier, Distinguished Professor of Philosophical Theology has developed a new website located …
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Pastors' Masters Golf Invitational

Jun 18, 2008

Every year the Pastors' Masters has been a time of refreshment and rejuvenation for another week of …
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Student Loans

Federal Stafford Loan Program

Eligibility for the Federal Stafford Loan is determined through the submission of the Free Application for Federal Student Aid (FAFSA). This federally insured loan program is available to all degree seeking students enrolled at least half-time (5 hours) at Grand Rapids Theological Seminary. A students' maximum loan eligibility is calculated each year using the FAFSA. The interest rate is variable and caps at 8.25 percent. The program consists of both a government subsidized need-based loan and an unsubsidized loan. For those who qualify for a subsidized (need-based) loan, the government pays the interest while the student is in school and maintains at least half-time enrollment. With the unsubsidized loan the student is responsible for the interest while in school. Repayment of both principal and interest begins six months after the student ceases at least half-time enrollment, or graduates. Students are encouraged to secure the Free Application for Federal Student Aid and Federal Stafford Loan Applications at the Cornerstone Student Financial Services Office.

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 and have made satisfactory arrangements to repay any defaulted federal loan, and also 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

Students must make satisfactory academic progress as defined by Cornerstone University to be eligible for financial aid. There will be a pro-rated adjustment in the academic progress criteria for part-time students.

Note: All students must maintain a 2.5 GPA to remain eligible for financial aid.

In order to continue to receive financial aid, a student must be progressing at a rate that would allow for completion of their program within a period not greater than 150% of the normal program length.

Hours Completed Requirements:

 1-24  75%
 25-48  79%
 49+  89%



 

Satisfactory academic progress for the purpose of financial aid is evaluated at the end of each academic year. Copies of the complete policy are available at the Student Financial Services Office.

Bol Loan Fund

The Bol Loan provides small non-interest loans to seminarians preparing for the chaplaincy in the Armed Forces of the United States. Written inquiry should be directed to the Director of Graduate Admissions.

Emergency Revolving Loan Fund

This loan fund offers to students small non-interest loans for short-term emergency needs. Inquiry and application for the loan should be pursued through the Dean.

General Information

Verification

Approximately 30 percent of those seeking Federal Stafford Student Loans will be required to participate in the verification process. Verification is a process whereby the validity of the data reported is confirmed through the submission and review of specific documents. For those selected for verification, the certification of the Stafford Student Loan Application is administered upon the completion of this process.

Federal Student Loan Deferment

Deferment for Stafford Student Loans are available to most students enrolled for graduate study. Approval of a Stafford Student Loan deferment will necessitate student enrollment of at least six credits per semester (classified as at least half-time). The Stafford Student Loan Deferment Form should be processed through the Cornerstone University Student Financial Services Office. The loan deferment form cannot be certified by the Student Financial Services Office until after the student has registered for classes.

Veterans' Benefits

Grand Rapids Theological Seminary cooperates with the U.S. Department of Veterans Affairs in processing benefits for the education of honorably discharged service members. Veterans who wish to use the benefits should obtain the necessary forms and instructions from the nearest office of Veterans Affairs or the Cornerstone Student Financial Services Office. It should be understood that students receiving these benefits will be reimbursed directly by the Department of Veterans Affairs. Veterans should plan to pay their bills in accordance with the seminary payment schedule. The grade-point average of veterans will be monitored at the end of each semester. Veterans who are placed on academic probation and fail to come off probation within two additional semesters will be reported to the Department of Veterans Affairs. This action may result in termination of benefits by the Department of Veterans Affairs. If benefits are terminated the veteran may reapply to the seminary for reinstatement of the benefits after the probationary status has been removed. Veterans entering as transfer students will be provided a written statement of the number of credits accepted in transfer and the number of required credits remaining to complete the program. The Cornerstone University Student Financial Services Office will also provide a copy of this information to the Department of Veterans Affairs. This information will be provided to the student prior to submission of the enrollment certification for veterans' benefits and will be based on the student's stated educational goals. This transfer credit evaluation may be subject to change should the student decide to change degree program or major/concentration.