The purpose of this policy is to provide a framework and guidelines for establishing and managing the application, selection, and review processes and procedures of the Cornerstone Financial Aid Programme. The Financial Aid Committee is the sole custodians of fund allocations.

Cornerstone provides financial aid from external funders as well as from internal resources as determined from time to time by Management. External funders include individual funders, organisations, trusts, religious institutions, or donors.  Selection criteria may be applied as specified by a particular donor in relation to their grant funds.

Financial Aid Students are not exempt from complying with the Fee Policy.

All students who receive funding from Cornerstone Institute and, if, required by Cornerstone Partners are required to complete the Financial Aid form.

As a private higher education institution, Cornerstone does not receive any financial assistance or subsidy from the government.

This policy is to be read in conjunction with the Fee Policy.

The Financial Aid Committee (FAC) has responsibility for the implementation and ongoing compliance of this policy. The FAC must comprise of at least six of the office bearers below and should ideally consist of all of the following:

• The Financial Manager (Chairperson)
• A Representative from the Registrar’s Office
• The Advancement Officer
• The Financial Officer
• A Representative from the Student Services Department
• The Financial Aid Officer
• A Student Representative Council Member
• The CEO or his/ her representative
• An Alumni Representative
• A Faculty member
• Any other staff members who can make a valuable contribution may be co-opted.

Financial Aid meetings occur no less than four times per year, using an agenda that must include:

• A schedule on the availability and allocation of funds from the Finance Office.
• A funders report
• Allocation of funds (if applicable)

APPEALS

An Appeals Committee will be appointed by Senior Management on a case-by-case basis.

A financial aid applicant who is not allocated funding, or a recipient whose funding is withdrawn, is entitled to lodge an appeal if they consider that their case has not been considered correctly or fairly.

In the case where an applicant has not been successful, the following process should be followed:

(1) They should seek explanatory feedback from the FAC in writing. Feedback from the FAC is expected to be provided to the student within five working days.

(2) If the student is dissatisfied with the explanation provided by the FAC, an appeal against the decision can be made in writing, outlining the grounds of the appeal and addressed to Management. Students may include any material lending support to their case with their appeal.

In the case of a student who wishes to appeal against a decision to have financial aid withdrawn, they must do so in writing to the FAC.  The appeal must be received within ten working days of the date of notification of the decision. Students may include any material lending support to their case with their appeal.  The FAC will escalate the appeal through Senior Management, who will advise on the action steps to be taken. Senior Management will consider the appeal and any decision that is reached will be final.

If an appeal is not lodged within the specified timeframe, the original FAC decision stands. The outcome of an appeal is provided to the student within twenty working days of receipt of the appeal. Students will be notified of any unforeseen delays in finalising consideration of an appeal.

In the case of financial aid that is withdrawn, the funding in question will be suspended until the outcome of the appeal process has been determined. In the event that no appeal against a withdrawal decision is lodged, the withdrawal decision stands and the recipient will not be entitled to re-apply for any further Cornerstone financial aid within the current year. If a withdrawal decision is upheld, the recipient will forfeit the remainder of the FAC funding for that year.

Applicants are considered for financial aid based on the following criteria.

New Applicants (also read the additional criteria for all students)

• The applicant has completed the financial aid application form and submitted all supporting documents before the application closing date.
• The applicant is from RSA.
• The applicant has made the initial payment to Cornerstone as indicated in the fee structure and is compliant with arrangements for the outstanding balance of the tuition fees for the current year.

Current Students (also read the additional criteria for all students)

• The student is not on academic probation
• Students that have failed an academic year or modules may not re-apply for assistance for that same academic year or modules
• The student has settled any outstanding balances of the previous year and made initial payments as indicated in the fee structure by 31st

Additional criteria for all applicants

• The student has signed the agreement and declaration form.
• The student disclosed all necessary information that may influence the awarding of financial aid.
• The student is taking at least 80 credits per year or 40 credits per semester.
• Indication of their own initiative to secure other funding
• The student serves 10 hours per semester of community service to Cornerstone Institute or within their community.
• The student’s compliance with the fee policy is compulsory.
• No financial aid allocation will be made if the student does not comply with the fee policy in all respects. The fee policy supersedes the financial aid policy.

Qualitative criteria for all applicants would include:

• Student’s attitudes and conduct towards their educational journey
• The students’ community involvement and commitment to social justice
• The expected year of graduation
• The financial need of the student
• A financial and academic update

Additional eligibility criteria may be considered as per a donor’s requirements.

• Only completed Financial Aid application forms with all supporting documents will be considered.
• Only South African students may apply for financial aid.
• The initial specified payment as indicated in the fee structure must be paid at registration to activate the approved funding.
• Returning students have to ensure that their student account is up to date before they can be considered for financial aid for the next academic year.
• All financial aid recipients are required to submit an annual Funder Thank-you Letter to the Financial Aid Officer and to update their Personal Profile, to be made available for funders.
• The student must commit to complete the qualification (failing which all monies granted must be repaid) and sign an undertaking accordingly.
• Module failures as well as additional modules taken are not eligible for financial aid.
• Failure of an applicant to disclose information that may influence the awarding of financial aid will result in the cancellation of funds awarded.