Types of Financial Aid
You’ll be pleasantly surprised at the amount and types of financial aid available for Concordia students. From loans and grants to scholarships and work study, there’s something for nearly everybody. We encourage all students to complete a FAFSA annually. A FAFSA is not required if you are only applying for merit-based scholarship.
A loan is just what it sounds like—money that you borrow from a bank or the government and have to pay back. Subsidized loans do not require borrowers to make interest payments if still attending school, while unsubsidized loans do require interest payments. Some loans require an eligible co-signer. You must begin repaying your loans six months after you graduate.
Grants are “gifts” of money—they’re sometimes called “gift assistance”—and do not have to be paid back. Depending on your financial need, you may receive grants through Concordia, the State of Minnesota and the federal government. Renewal is based on continued financial need.
We offer two types of scholarships – financial need-based scholarships and merit-based scholarships. Renewal of the need-based awards is dependent on continued financial need and academic achievement. The merit-based scholarships include the Regents' Scholarship, the Presidential Distinction Scholarship, the Music Scholarship and many others. You may also apply for and receive scholarships from external organizations. Any awards must be reported to the Financial Aid Office.
Work study assistance is basically a job on campus or at the America Reads program in Fargo-Moorhead. We or America Reads pay you an hourly wage. You use those wages to pay for your college expenses. All students are eligible to work on campus regardless of financial need.
If you have questions about your own financial aid award packet, contact us for more information.
