Loans
Loans are available for all of our students and families. Some loans will be part of the need-based financial aid package you receive from Concordia, while others are available regardless of your demonstrated financial need. All loans except private require the FAFSA.Attention returning students: Read an important note on loan information.
Types of Loans
Federal Subsidized Stafford Loan: Need-based
Federal Perkins Loan: Need-based
Federal Unsubsidized Stafford Loan: Non-need-based
Federal PLUS Loan: Non-need-based
SELF Loan: Non-need-based
Private Loans: Non-need-based
Loans must be repaid in full, including interest and fees. Student loans have long repayment periods that generally do not begin until six months after you have left school. Interest rates, origination fees and discounts vary depending on the type of loan and lender.
Selecting a Lender
One important decision you must make when borrowing is selecting a lender. We strongly recommend using the same lender for your entire loan needs whether you are using a federal or alternative loan program.
Concordia has identified a group of lenders who haven proven to the college that they provide outstanding customer service and competitive borrower benefits. We have listed these lenders on our website in two different lists: Stafford and private. We anticipate that these lenders will remain in the student loan programs so that loan funding options will be readily available to students.
You can choose lenders on this list or lenders who are not on the list - the list is meant as a guide for you.
Getting Started
You will be required to sign a Master Promissory Note (MPN) detailing the terms of repayment for each loan program you use. Generally, MPNs can be signed online and are required for first-time borrowers. In addition to the MPN, most loan programs also require first-time borrowers to complete an online entrance counseling session. These independent sessions take approximately 15 minutes.
Receiving Your Money
Loan proceeds are generally applied to your account in two equal semester disbursements. If your loan funds exceed Concordia charges, excess will be disbursed to you from the Business Office. This is common for students paying off-campus living expenses.
Managing Your Loans
Before you graduate or drop below half-time attendance, you are required by federal regulation to complete an exit counseling session. The Financial Aid Office will notify you of sessions prior to graduation. The sessions help you to learn about managing your student loans after college.
International Students
International students are not eligible for federal loans, but can use SELF or CitiAssist private loans to help finance their education.
Financial Aid
