Graduate Students: How to Apply for Financial Aid
Financial aid, in the form of loans, may be eligible to those students who qualify. Loans are available to help with tuition, room, board and fees during the summer, and tuition and fees only during the academic year.
Eligibility for loan programs will be based on the FAFSA (Free Application for Federal Student Aid) http://www.fafsa.ed.gov/ There are no institutional grants or scholarships available for the masters program.
Concordia College treats summer term as a "trailer" to the previous academic year. If you are beginning your Masters program in the summer you will need to complete the FAFSA for the school year that just ended. For example: if you are beginning your program in summer of 2009, you will need to complete a FAFSA for 2008-2009. This FAFSA would be based on your 2007 taxes. The FAFSA must be complete prior to June 30th, 2009 to be eligible for federal loans for the 2009 summer term. Federal loans can not be processed after the term ends!
If you are not eligible for Federal loans, have missed the FAFSA deadline for summer, or choose not complete a FAFSA, your only loan option would be an Alternative/Private loan. To view the Alternative/Private loan lenders we most commonly work with, please view our Alternative/Private loan lender list https://www.eac-easci.org/alt/show_fees.cfm?s_id=00234600 Terms and interest rates vary based on the Alternative/Private loan program. Most Alternative/Private loans have a variable interest rate and is based on your credit. You may be required to obtain a co-signer if you do not meet the lenders eligibility requirements on your own.
Federal Stafford Loans
Need-based: The subsidized Stafford Loan is need-based, while the unsubsidized loan is non-need-based.
Per Year Maximum: Graduate/Professional $20,500
Cumulative Maximum: Graduate/professional $138,500
Origination Fee: 2%
Interest Rate: The in-school interest rates for subsidized Stafford loans vary depending on the year. For 2008-09, the interest rate is 6%. For 2009-10, the interest rate is 5.6% The interest rate on unsubsidized Stafford loans is set at 6.8%. The federal government pays the interest for subsidized loans. Students are responsible for paying the interest on unsubsidized amounts.
Repayment: Repayment begins six months after leaving school or dropping less than ½ time. There is a $50 minimum payment with a maximum length of 10 years.
Who is Eligible: All students may apply for a Federal Stafford Loan as long as they have not exceeded the maximum cumulative loan amount of $138,000. Your FAFSA results will determine whether you qualify for the subsidized and/or the unsubsidized Stafford Loan.
How to Apply: In order to be considered for a Stafford Loan, students must complete the FAFSA. You will automatically be considered for the Stafford loans once the FAFSA has been received and your eligibility for the Stafford Loan will be included in your award letter. For 2009-10, it is necessary for you to accept the Stafford Loan before the Financial Aid Office will process it.
First-Time Borrower: If you are a first-time borrower, you will also be required to complete an online Promissory note and an entrance counseling session (http://mappingyourfuture.org/oslc/counseling/index.cfm?act=intro&OslcTypeID=1) before funds can be disbursed. You must have a PIN from the Department of Education to electronically sign the Master Promissory Note.
Repeat Borrower: If you have been awarded a Stafford Loan, you will need to accept your Stafford Loan before it will be processed. This is new for 2009-2010. Further information will be given to you with your award letter.
Masters of World Language Students
Get your financial aid application started today with these easy steps:
1. Apply for admission to Concordia College
http://www.cord.edu/Academics/Graduate/apply1.php
2. Register for a Department of Education PIN, which will enable you to electronically sign your FAFSA: Free Application for Federal Student Aid.
3. Submit your completed FAFSA after Jan. 1 and print a copy for your records. Designate Concordia College (code #002346) as the data recipient.
4. Keep a copy of your Federal Income Tax Return.
5. Go to the Financial Aid Student Portal to review your information and check the status of your application for 2008-09. For 2009-10 you will be accessing this information via C-Port.
6. Respond to all requests for additional information.
7. Review your Award Letter and contact the Office of Financial Aid with any questions.
You must apply for financial aid each year you attend Concordia.
Costs/Financial Aid
