Financial Information
The cost of tuition and fees vary per program. Please contact the individual program for more information. Housing is considered primarily for undergraduate students; however, arrangements can be made on a case-by-case basis by contacting the Director of Residence Life.Tuition, room, board and fees are listed for the entire year but are due in two installments. Price increases during the academic year are not anticipated; however, the College reserves the right to make them should unforeseen circumstances make it necessary.
Besides covering tuition, room, board and student activity events, the comprehensive fee entitles you to free admission to most campus concerts, athletic contests, plays, lectures, and other campus events. The student activity fee pays for a year’s subscription to The Concordian newspaper and student activities programming.
Financial Arrangements
Advance payments: A nonrefundable $35 application fee must accompany the application for admission by new students, excluding students who are readmitted.
Prepayment: Tuition and fees are due the beginning of each semester. When financial aid or other adjustments are expected, those adjustments may be deducted from the balance. Please do not delay payments while waiting for adjustments. Interest will be charged on unpaid balances that are outstanding 30 days or more. Students should not expect to be registered for the next semester if fees are not paid in full.
Insurance: A group health insurance plan is available for both married students and for single students who are not covered by some other policy. Students as well as staff members may wish to provide their own insurance coverage on all personal property, because the College cannot be responsible for any losses.
Withdrawals and Refunds
Refunds upon withdrawal: Should students, for whatever reason, withdraw from Concordia during a semester or summer term, a refund of tuition and room and board, if applicable, is calculated. The amount of refund is determined by how much of the term has elapsed. If students are a recipient of student financial assistance, that assistance will be reduced as a result of withdrawal.
Federal legislation determines the amount of refund for recipients of federal Title IV student assistance. It is the purpose of this section to inform students of the financial implications of withdrawal.If a student is the recipient of federal Title IV student assistance, if a student withdraws from school on or before the 60-percent point in the term, then a percentage of Title IV federal financial aid shall be returned by the school and possibly by the student. The amount of Title IV aid to be returned is equal to the total Title IV aid disbursed for the term multiplied by the percentage of the term not attended.
Any refund amount must then be applied first to the federal aid programs in the following prescribed order:
1. Federal Unsubsidized Stafford LoanAny remaining refund will then be returned to other institutional, state or private student assistance that has been received. Any refund in excess of student aid will be returned to the student only after account balances in the Business Office have been paid.
2. Federal Subsidized Stafford Loan
3. Federal Perkins Loan
4. Federal PLUS Loan
5. Other federal Title IV aid programs
Specific examples of refund calculations are available upon request from the Financial Aid Office.
In the event the financial aid exceeds the direct costs in the Business Office and the student receives a cash credit balance, withdrawal will result in repayment of a portion of that credit balance. The portion to be repaid is determined by multiplying the cash payment by remaining weeks in the semester divided by total weeks in the semester.
Refunds for reduced load: If a student finds it necessary to drop a course during the semester, obtain a drop-add form from the Office of the Registrar. The completed form must be submitted by the deadlines on the academic calendar. If the student status changes, tuition refunds through the seventh week of the semester will be granted effective on the date the drop-add form is returned to the Office of the Registrar.
Dropping below full-time status may have an impact on the financial aid received.Appeals on refunds: Any questions or problems related to refunds should be directed to the controller, whose office is located in the Business Office.
Terms of statement: In order to receive any credit balance, complete settlement of your bill must be made. Financial Aid Loans are the primary source of financial aid to graduate students.
How to Apply for Financial Aid
To apply for all forms of need-based financial aid you complete two forms — the Free Application for Federal Student Aid (FAFSA) and the Concordia College Supplemental Financial Aid Applications.
The FAFSA can be completed any time after January 1 for the following academic year beginning fall semester. Students are strongly encouraged to complete your federal tax returns before completing the FAFSA. Returning students are encouraged to complete it prior to April 15. The FAFSA can be completed online at the following site: www.fafsa.ed.gov.
The Concordia College Supplemental Financial Aid Application is available from the Financial Aid Office or on the Financial Aid Office Web site.
Financial aid is awarded on a rolling basis as soon as the tuition is set for the following year. An Award Letter is sent to students once financial aid has been awarded. It is necessary to complete the FAFSA every year.
The financial aid package is awarded on the basis of financial information contained in the FAFSA. Aid received from any source that was not originally considered in the aid package may affect the amount received. Students are required to notify the Financial Aid Office of all such aid received from any source. Because the financial aid package is based on information from the previous tax year, changes in the financial status of the student’s family may also affect financial aid.
Loans
Five types of loans for college costs at Concordia are available:
1. Federal Perkins Loan: This loan, which lends money at a 5 percent interest rate, is offered on the basis of financial need. Loan maximums for graduate students are $6,000 annually with a lifetime maximum of $40,000. However, if funds are available, the loans are generally capped at $2,500 per year. The loans are interest-free while the student remains enrolled in college. Repayment begins nine months after enrollment ceases with a minimum repayment of $40 per month and may be extended up to 10 years for larger aggregate loan amounts. In addition to having a low interest rate, a Perkins Loan also has cancellation provisions for certain types of teaching, military, law enforcement, Peace Corps and volunteer service.
2. Federal Stafford Loan program: This program provides loans at a fixed interest rate of 6.8 percent. Students demonstrating need, according to federal guidelines, may borrow through any lending institution that is willing to extend the loan. Under this program, the federal government will pay the interest until you begin repayment, which starts six months after enrollment ceases. Students who do not demonstrate financial need may obtain an unsubsidized Federal Stafford Loan and will be required to make interest payments while enrolled in college. The maximum amount for this loan is $8,500 for subsidized and $10,000 for unsubsidized Stafford Loans with a maximum total debt of $138,500.
3. Federal Parent Loan for Undergraduate Students (PLUS): Graduate students can borrow from the PLUS loan programs. The interest rate is fixed at 8.5 percent and the maximum is the cost of attendance minus other financial aid.
4. Student Educational Loan Fund: SELF is a state program controlled by the Minnesota Office of Higher Education. All students attending a Minnesota school are potentially eligible provided they have a credit-worthy cosigner who is a U.S. citizen. Graduate students can borrow up to $9,000 per year with a maximum total debt of $40,000. The interest charged is normally at a rate lower than most commercial loans. The interest is payable on a quarterly basis while in school. Principal and interest payments begin after leaving school.
5. Private loans: Many commercial lenders offer private loan programs. Generally, these loans require a cosigner and have higher interest rates.
Alternative Loan Options - Masters of World Language Instruction
Here is a list of Alternative Loan lenders that have Alternative Loan Programs that you would be eligible for in this Masters of World Language Instruction Program. You must meet the individual lenders credit-worthy criteria to qualify on your own. You may be required to obtain a co-signer. You have the option to borrow from any lender you wish. If you wish to complete an application with a lender that is not on this list, please contact the Financial Aid Office at 218-299-3010 to get additional information for you to verify with the lender you choose to determine if this Masters program would be eligible to qualify for their loan. (As of this time, Concordia College, is unable to process any Federal Loans.)
Citibank CitiAssist Loan (800-967-2400)
Interest Rate: Prime minus 0.50% to Prime + 4.00% depending on credit
No fees
Repayment period up to 20 years
0.50% interest rate saving after 48 consecutive monthly on-time payments
0.25 interest rate reduction for auto-debit payments
Co-signer release option may be available after 48 months of on-time payments (Contact lender for specifics)
Apply online at www.studentloan.citibank.com/slcsite/fr_apnow.htm
U.S. Bank No Fee Education Loan (800-242-1200)
No Fees
Low variable interest Rate = Prime + 0%, Prime + 1.95% or Prime + 3.95% depending on credit
Repayment begins 6 months after graduation (while attending at least half-time)
No cosigner required as long as you have sufficient credit history already established.
0.50% interest rate reduction for auto-debit payments
Apply online at www.usbank.com/NoFeeApp
Bremer Alternative Loan (800-217-4988)
Interest Rate: Prime +1% - 3% depending on credit; adjusted monthly
Fees: 0.00 – 5.00 depending on credit
Repayment up to 15 years
0.25% interest rate reduction for auto-debit payments
Co-signer release option may be available after 48 consecutive on-time monthly payments (contact lender for specifics)
Apply online at www.slfc.com
Student Capital SCALE Loan (877-700-0722)
Must be enrolled at least ½ time in a degree or eligible certificate program
Interest Rates as low as prime + 0%, up to prime + 5% depending on credit
Fees: Origination fee as low as 0% depending on credit
0.50% interest rate reduction for borrowers who choose to make interest payments while in school
Up to 25 years to repay, depending on the loan balance
0.25% interest rate reduction for auto-debit payments
Apply online at http://www.studentcapital.net//schoolpages/cord.aspx
TCF Signature Loan (800-247-1092 ext 8100)
Interest Rate: Prime -1% to Prime +3% depending on credit
Fees: Disbursement fee 0% to 3% depending on credit
Fees: Repayment fee 0% to 3% depending on credit
Six month grace period
0.50% interest rate reduction for auto-debit payments
Co-signer release option may be available after 48 consecutive on-time monthly payments (contact lender for specifics)
Apply on-line at www.salliemae.com/signature/tcf
Graduate Programs
